Backing out of purchase agreement | GTAMotorcycle.com

Backing out of purchase agreement

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dtm252535

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So I put a $1000 deposit on a new 2017 r3 at one of the bike shows earlier this year, was a good deal at the time, but now see i can get it for substantially less elsewhere...I know it may be frowned upon, but at the end of the day it’s my money and i don’t intend to pay a dime more than I have to.




For anyone familiar with the process, what are my options for getting out of the current purchase agreement? I haven’t picked the bike up yet or anything.


Thanks!
 
I wonder if starting by asking for better price from them would be an option? I have no experience in this, but think that may be a logical place to start.
How much cheaper is the bike now elsewhere? If you lose the $1k (not sure if you will) then are you still ahead?

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You signed a contract, you were happy and so was the seller with the price.

Unless the dealer/seller has a heart of gold(unlikely) you won't be able to get out of the deal without losing your deposit.
 
The way I see a deposit, is you are paying a portion of something so they will hold it for you, guaranteeing that you will finish the transaction later. If I lay down a deposit, and change my mind, I don't expect to see that money again. Likewise If I'm selling something, and you give me a deposit, I'm telling everybody else that it's sold, and if you change your mind then it sucks to be you, because you cost me possible sales.

I agree with the previous guys, try to work with them, otherwise no, you should not expect to see your deposit again.
 
Vehicle contacts are notoriously solid agreements. I would try to negotiate the price or get them to throw some gear into the deal.
 
Jayv said:
You signed a contract, you were happy and so was the seller with the price.

Unless the dealer/seller has a heart of gold(unlikely) you won't be able to get out of the deal without losing your deposit.
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Wrong.

you can back out(I have in the past, twice) and get your full refund back.

Let em know your no longer interested in buying the bike and would like your money back(any reason, insurance, wife freaked out, bank turned you down or dont even have to give them a reason)
 
bigpoppa said:
Wrong.

you can back out(I have in the past, twice) and get your full refund back.

Let em know your no longer interested in buying the bike and would like your money back(any reason, insurance, wife freaked out, bank turned you down or dont even have to give them a reason)
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You had a signed purchase agreement at the time?

This isn't the same as going to a dealership and putting down a deposit with a verbal promise to come back and close the deal. (which ive done before)
 
Evoex said:
You had a signed purchase agreement at the time?

This isn't the same as going to a dealership and putting down a deposit with a verbal promise to come back and close the deal. (which ive done before)
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Was a while ago, but almost certain I signed agreements, paperwork, etc.

Once because I changed my mind on a bike,
another time because a dealership was treating me like ****(before I made the full payment)

This was at 2 separate dealerships
 
See if Yamaha is offering dealer incentives to unload 2017's, and this dealer is nice enough to apply them to your purchase, All the balls are in their court. Be nice and hope for the best.

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dtm252535 said:
So I put a $1000 deposit on a new 2017 r3 at one of the bike shows earlier this year, was a good deal at the time, but now see i can get it for substantially less elsewhere...I know it may be frowned upon, but at the end of the day it’s my money and i don’t intend to pay a dime more than I have to.




For anyone familiar with the process, what are my options for getting out of the current purchase agreement? I haven’t picked the bike up yet or anything.


Thanks!
Click to expand...

What is earlier this year? There are time limits on cooling off periods if they exist for this situation.

If the deal was inked at a show is there any cooling off period as it wasn't at the dealership?

How would the OP like it if he was the seller?
 
nobbie48 said:
What is earlier this year? There are time limits on cooling off periods if they exist for this situation.

If the deal was inked at a show is there any cooling off period as it wasn't at the dealership?

How would the OP like it if he was the seller?
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There is no cool off period on motor vehicle agreements.
 
I can see that pissing me off too but unless things have already got nasty between you and the dealer why dont you sit down and have a talk with the manager see what he can do. I dont think you will be able to get back the deposit but you can try. Let us know how you made out.
I just baught a 17 Ninja and only put down $500, Im wondering why Yamaha asked for such a big deposit but now I know why.
Good luck buddy
 
You’ve just learned a valuable lesson about contracts. Go see the dealer, make a case without emotion and see what can be done.
 
Here's a life lesson: Honor agreements that you have made.

ALL of them. Every single one.

Your handshake seals the deal. Every time.
 
Evoex said:
You had a signed purchase agreement at the time?

This isn't the same as going to a dealership and putting down a deposit with a verbal promise to come back and close the deal. (which ive done before)
Click to expand...


I agree with this.

I also "put a deposit" down on a bike at the show.
They took a deposit, for a zero miles 2016 R1200RS.
The reason why I didn't complete the transaction was they said 2016/17/18 are exactly the same, and I specifically asked about ABS pro and they said yes however searching online, there are few difference between the models.
They never actually put my credit card through. I would still consider that dealership for my next bike purchase because of the experience.

With that said, you should work with the dealership that you made an agreement with, maybe let them understand that by working with you on the price, you would still return to them for your next purchase (which is probably soon if its a 300cc).

MLadin has a point about rebate, maybe they have more room for discount now too as well. Doesn't hurt to try.
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