Cancelling insurance.

P

PsychoBandito

New member
So I recently bought a KTM Duke.

Long story short, they padded the payments with loan insurance, and I have yet to find anything in my paperwork saying it was there. I only found it mentioned on the break down of payments which I did not need to sign, it is not on the sales contract.

$7000 Bike, $3000 loan insurance.
anyone deal with cancelling this stuff? I will be calling in the morning, but don't want to be up all night stressing about it.
 
How is your insurance work ?

If you pay faster are you saving unused insurance portion ?

If yes you have to pay the loan...maybe try to get another personal loan or try to re-finance without insurance....
 
Can somebody explain to me what this is ? Is it the dealership charging you this? or the bank they work with?
 
Probablement la banque qui finance l'achat et le dealer reçoit une cote. Dans ce cas une belle commission.

Envoyé de mon SM-N920W8 en utilisant Tapatalk
 
is this with the insurer or the finance supplier?

because you must've signed a deal with the total, right?
 
I figured it out. Went back to the dealer.

It was not on the contract. They put it in "complimentary" because everyone should be protected...

I will also be reporting them to the opc, because they have a "prep fee" of 1000$ on used bikes that is not advertised in the price, so the real price ends up being 8k.

QuadPro / Axion motor sport.
 
Did they tell you about the prep fee? Also what the hell do they do for 1000$? I would understand something like 250$ for oils and adjustments and a complete check up.... But unless they're changing parts I don't see where they can justify that price. So are you cancelling the transaction?


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tommyz24 said:
Did they tell you about the prep fee? Also what the hell do they do for 1000$? I would understand something like 250$ for oils and adjustments and a complete check up.... But unless they're changing parts I don't see where they can justify that price. So are you cancelling the transaction?


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Stealership, 'nuff said
 
PsychoBandito said:
I figured it out. Went back to the dealer.

It was not on the contract. They put it in "complimentary" because everyone should be protected...

I will also be reporting them to the opc, because they have a "prep fee" of 1000$ on used bikes that is not advertised in the price, so the real price ends up being 8k.

QuadPro / Axion motor sport.
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Ahahahaha... Knew it was QuadPro... This is how they make their money and when I wanted to buy a Quad for my nefew they never wanted to sell it because we werre not financing and we had to buy 500$ of accessories or "no deal".
 
PsychoBandito said:
So I recently bought a KTM Duke.

Long story short, they padded the payments with loan insurance, and I have yet to find anything in my paperwork saying it was there. I only found it mentioned on the break down of payments which I did not need to sign, it is not on the sales contract.

$7000 Bike, $3000 loan insurance.
anyone deal with cancelling this stuff? I will be calling in the morning, but don't want to be up all night stressing about it.
Click to expand...

So 7000+1000+3000+insurance is your total obligation?
 
I have currently cancelled the extended warranty they made me take, by simply pointing out in the contract I was given that I had 30 days to cancel.

I then used the same stipulation in the insurance contract to cancel the insurance policy.

I have just spoken with the O.P.C. who were extremely helpful and said that because the prep fee was not included in the advertised price, it is illegal and must be paid back within 10 days, or court proceedings will happen.

Being the cautious type, I luckily copied the ad, with the reference number to the inventory matching the one on the contract.

The opc will also be opening an investigation into the business.

Looks like I'll be walking away with a Duke with 3000km for 7k.
 
Good on you for actually taking actions. Most people come here for advices and dont do shit!
 
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Matt_mg said:
Wow that's even worse than moto folie...
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Yeah, they tried to sneak in some sort of loan insurance I wasn't told about in the paperwork on delivery day...

Those insurance companies have the dealers hooked on kickbacks so badly they'll do anything for a fix.
 
kahos said:
Yeah, they tried to sneak in some sort of loan insurance I wasn't told about in the paperwork on delivery day...

Those insurance companies have the dealers hooked on kickbacks so badly they'll do anything for a fix.
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That's basically what happened to me. Either way, I have opened an official complaint. We'll see how it goes, but basically, every person they've ever done this to has the right to that money returned.
 
PsychoBandito said:
That's basically what happened to me. Either way, I have opened an official complaint. We'll see how it goes, but basically, every person they've ever done this to has the right to that money returned.
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I was fortunate enough to notice and call them out on it before I signed.

They tripped my spidey sense the previous day when the finance lady tried to misrepresent the amount I owe on my mortgage to make sure I was approved.

The sales staff get a bad rep but the finance people are the worst in my opinion.

I'm glad you managed to cancel that BS before it was too late.

It'd be nice if the government made an example out of one of these business so the others have an extra incentive to play fair.
 
I'm hoping my experience helps other people get their money back. When you search for quadpro in the opc database, this whole thing will come up now.
 
Honestly I don't think it will be an easy win (the 1000$ prep back), but good luck. Right now, almost 50% of the motorcycle dealers don't display all included prices, so if there was a class action for a refund against that, many would probably go bankrupt. These practices are dishonest and illegal, but I wouldn't call them hidden fees since the seller will usually let you know about them and its clear on the contract.
 
PsychoBandito said:
It's actually a super easy win.

http://m.opc.gouv.qc.ca/en/consumer...gnements-et-publicite-trompeuse/annonce-prix/

The law is clear as day. If it goes to court, what is there defence.
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I wish you the best but if its so easy to claim $1000, I don't get how they still do it, I can't believe that nobody tried among the thousands bikes sold every year.



I'd rather get a copy of the ad and sue them before buying if they don't honor the ad price.

Otherwise, it's one of the best laws adopted in the last few years
 
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