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Submitted 271 days ago...

dallasvh

dallasvh

New User (1)

I bought a motorcycle

I bought a 2009 motorcycle from a dealership. I put $4000 down and the bank approved the remaining $5000. after signing ALL the papers myself and the dealership they called me a few days later to say there was a problem with my loan.
I was told at signing that i could choose between the length of my loan i chose 5 years to keep my payments down. now the dealership has told me that the bank will only finance a 3 year loan. they want me to re sign all the paper work for 3 years. do i have to? can i hold them to the first agreement we both signed? please help!

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Answer 1 / 1 - Submitted 81 days ago...

gordopolis

gordopolis

Beginner (17)

It's likely that somewhere in the paperwork that you signed there was a disclaimer that stated the term agreement was based upon bank approval. If the financial institution supplying the loan won't approve you for the 5 year loan there's not much the dealer can do to change it. Try speaking directly to a loan officer at the bank. If you can add a co-signer to the loan or inform them of additional income that was not included on the original application it may change the outcome.

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I bought a motorcycle

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