Yamaha Motorcyle Scam
We bought our FZ6 in Nov. of 2007. I went in to look for a used bike but was told that they couldn't help me get a used bike rangeing in the price of $5000 to $6000. I was getting ready to leave when they told me they could help me get a new bike if I wanted and that it would only be a couple thousand more. I agreed to look and 15 min. later they came back ready to sign the papers. From here I asked why they could get the money for a new bike being more than the used bike I was looking at. They gave me a whole run around about how they used a different BANK that would offer it to me but that BANK didn't finance any used bikes.
When I tried to leave the dealership to think about the offer the guy started being very pushy about the offer he had made. It was a Sat morning aso he used that the BANK was closing and if I wanted it before Tue. I would have to do it within the hour. He also told me that I could pick out a jacket and gloves at NO cost to me that it would go with the bike FREE. After talking to my wife for a few min. I agreed to go ahead with the deal.
We went in and he explained that the bike would be finaced through HSBC Bank and that the interest would be 8.99% with a payment of $129 a month for 2 years. After the two year period the payment would increse. I agreed that it was fine because my wife is a banker and understands the ballon loans.
The bike was supposed to only cost around $7000 but after all of the dealers fees and taxes and tages, assembly fees, labor fees it came out to be around $12000. But it was a new bike of the showroom floor so this is to be expected. So we agreed to the price.
In the mean time my wife looked over the application for credit and the bank information, on the bill of sale to make sure we were not missing something. (She is a bank teller and deals with many loans everyday, so she know the scams to look for). After she was sure that there were no scams that it was a bank we signed all the papers got my FREE jacket and gloves and took the bike home.
When Dec. 2007 came around we got no bill for the bike. We called the dealer to find out why or where to send a payment to and they told us that the loan had been processed wrong and was being fixed and should be to us within the next month. At this time we asked if there would be a late fee or any back interest that is not getting paid and they told us NO NO it was our fault so we are fixing it.
In Jan. 2008 still no bill called again and they assured us it was taken care of. When we asked for a number to call the BANK they said that they contacted them and that the bill was on the way and not due until FEB. 10. The first week of Feb. still no bill, called for a third time to get BANK info to send the payment they said that they would call them and get back to us. They never called we called them back two days later and no one was there to help us. This went on for two weeks before we finally got a bill from HSBC CREDIT CARD.
When we got the bill it said that we were late paying our bill that the interest that was supposed to be 8.99% was 18.99% , and that the payment was only $89 not $129. On top of this the total for the balance was only alittle over $7000 when it was supposed to be $12000. We called the CREDIT CARD company and they told us to call the dealer. We called the dealer and they told us it was being fixed and the guy that did our paper work was no longer with the company. In the mean time I sent in the payment that was due.
When we got the second bill the interest was fixed it was 8.99% the payment was fixed to $129 and the amount was up to the $12,000 we signed for. But they had chraged us back interest for 3 months on the full amount of $12000 and late fees. Again we called the dealership and they said that they couldn't help us anymore.
To make a long story shorter than it already is they only ended up giving us a credit line of 11,000 and charged 12,000 without our knowlege of the lower credit line. In the bill of sale everything said BANK not CREDIT CARD or we would have never used them. We were charged $400 in back interest and another $100 in late fees. We ended up getting charged also for the jacket and gloves almost $400, and the guy that made the scam happen is no longer at the dealer so no one else will deal with it. Now my credit is going in the hole every month because of being backwards in credit and the credit card company will not raise my limit to meet the loan balance.
I know many people will say that it was my fault for not reading the paper work or asking questions but the fact is that my wife went over all the paper work in the office and, has gone over all the paper work again at home, and her boss a loan professional has gone over them with her and there is no where that it said credit card, just HSBC BANK, and no where that gave a credit limit that comes with a credit card.
In the end this bike has cost me not only around $1000 more than signed for but it has also lowered my credit score but almost 100 points and will not go back up until the loan is paid down over $1200 and that is not easy when money is tight and the interest is $80 of the $129 payment a month.
I have read other stories of the same problem with the same company is there any one that can help us. I have tried to get a lawer but no one wants to help. This company sohould not be robbing people of thier money like this nor should they be ruining someones credit that pays all thier bills on time every month and resposible with thier money.
If you can help please contact me.