My husband bought a motorcycle in Bethel, OH. We put money down, the dealership did the contract we gave them our ACH info for them to auto withdraw the payments, we were told were we approved. 2 weeks later after they replaced the tires, shocks, they delivered the bike to us 2 hrs away in KY. The bike has been registered, we have the title. Now the finance company contacts him 2 months later and says he isn't financed, they want to change the contract from 4 years to 3 years and add me his wife on the loan which we don't want to do or bring the bike back. I didn't' think they could do that, its been 2 months. We have read the contract pretty close and it there are not any time frames that they can do this, we cant change the contract how should they be able to?
You are exactly right. If you signed a contract that stated the terms of the transaction, then those are the terms. They cannot force you to change them, or take back the bike unless you fail to comply with the terms of the contract in other respects (like if you stop paying the charges). So, you should probably have an attorney double check the contract and if he or she agrees, then just ignore these calls from the company and keep paying like normal.
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Without being able to review what you signed, impossible to say for sure, but it's not uncommon for dealers to finance their own sales (so they're actually the finance company) or to use outside financing, which can take a long time, and the sale can be CONTINGENT on them obtaining financing, with their right to change the terms of sale if they're unable to secure the financing the originally said they could get you.
You do have the option of bringing the bike back and paying for the 2 months of use, so you do have some leverage here since I presume this isn't your sole means of transportation. So knowing they want to renegotiate, you can take this opportunity to ask for better terms also.
But the only way to know for sure what your contract allows is to take it to a consumer lawyer to get it reviewed.
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