Leased a motorcylce on a bike mall, loan was later denied. HOW AM I SUPPOSED TO PAY FOR IT?

Question

The dumb people at the bike mall let me go home with the a bike the same day; they supposedly got me a loan from a bank to pay for it. I recieved a letter from the bank 2 weeks later saying that the loan requested was denied. I didn't cheat at all in the whole process and my credit score is 700. Are they going to charge me the total of the bike in cash, because I don't have the money...

Answer 1

I would think they would just have it returned. They are the ones that let you take off in it. you could fight it in court if you have a witness or documentation.

Answer 2

You need to read over the contact you signed and see if it gives you an out if the loan is not approved. You also need to take the Bike back to the store immediately and see what they say.

They also might try to convince you that they can convert your "lease" to a "purchase" with more money. Do not give up without a fight. Take them back the bike. Tell them the deal is off because they were responsible for making sure your loan was approved. Tell them you will contact the Better Business Bureau and your state Attorney General if they balk at taking back the bike. If they agree to take back the bike MAKE SURE YOU GET IN WRITING THAT YOU NOW OWE NOTHING ON THE BIKE, or unfortunately, in many cases, you will have a mess on your hands. You will be unable to make the payments, they will mark the bike down as a repo, ruin your credit and still make you pay for the depreciation on the bike.

Also tell them you want to see the financial institutions they applied to and the letters of denial of credit. If you really want this bike, you might want to contact banks and credit unions on your own to see if you can finance the bike.

Answer 3

The best thing to do is to contact the dealer and find out what they want to do first. Now did they try many diffrent banks to finance you? Are you sure the letter you got is from the bank that is financing you? The reson I asked is because my ex had a similar experience and it turned out they had applied with a few diffrent banks and as is per law the other banks were sending him letters stating why he was denied.

If it is the bank however then you can either seek to find your own source for the loan or talk to the dealer about alternative financing solutions. Really past that it depends on what the dealership decides to accept fault in preapprovong you before an actual approval or if their was some falsafication by you or them unintentionally.

Answer 4

shop funds or build credit. start up with a mastercard based on your monetary institution saving you business employer is in all probability committing a criminal offense. He has to handle taxes AND pay added costs just to hire you. funds is Off books and unlawful , in case you're an "self reliant contractor" you paintings for your self and could be paid via the interest. you have Many many regulations to stick to to construct credit , start up with a monetary institution your saving is collateral . then you borrow against the saving and pay lower back on time consult with a community banker, no longer between the great banks like monetary institution owns u . s . a . of america and so on. I wager you're a youngster,. you should be taught extra approximately employer and finance. take a class or a minimum of study books

Answer 5

Your question is not clear. You first say you leased a bike (never heard of that!) and then say your loan was denied. Which is it??

Answer 6

Study the word stupidity.

Answer 7

Why did you get a LOAN for a LEASE?

Answer 8

THEY WERE UNABLE TO GET THE LOAN SO JUST RETURN IT.............

Answer 9

You dont have to pay, they will want it back!!! USAUSAUSAUSA! hehehe

Answer 10

Welcome to the USA