Posts
109
Joined
12/31/2024
Location
Lugoff, SC
US
Edited Date/Time
8/16/2025 6:53pm
Long story short, I bought a new bike, financed thru a major bank and first payment was due a month ago. I called the bank the week prior 3 times and they show nothing on my accounts for a bike loan but did see my other accounts. Bike shop says they have nothing more than I which is a financing sheet. No account, contact info etc.
My credit report shows an hard enquiry but that's it. I live in a title free state for off road dirt bikes so the title is irrelevant.
I think I've done my due diligence. If the send me a statement I'll pay of course but I literally told the bank you financed my motorcycle but with no records on their end, there is nothing they or I can do so??,
|
What bank is that? I would like a free bike too!
It may be lost now but they will find it so don't get to comfortable.
I expect they will but if they don't, it's probably a bike I'll never sell.
I won't say, but they are a big one.
The Shop
DeCal Works Huge Plastic Inventory of UFO and Polisport kits.
Luxon 4-Post Bar Mounts
$189.95 - $239.95
Free shipping: VITALMX
Delete this thread and put the monthly payments aside in case they start up. If they don't, congrats on the free bike 🍻
I'm thinking that when they finally catch up they are going to want all the back payments and interest. I hope they they don't try to hang late penalties on you.
“Bike shop says they have nothing more than I which is a financing sheet. No account, contact info etc”
I’d assume the dealer has something more: the money the bank sent them for the bike. Once they have that they are basically done with the bank. If they didn’t receive the money they would want the bike back. The bank will figure it out. I’d think they’d want the missed payments and nothing more since you’ve made several attempts to get it straightened out. If they try to charge anything more, fight it - it’s their fault.
I'd email the bank and not call/talk anymore. Keep a paper trail that you attempted to resolve it.
Maybe hit that same bank up for a new truck.
By the looks of his profile pic, he doesn't need a new truck, or house for that matter. Maybe a plane or yacht something?
A couple things, if the dealership set up the financing for you then...
It could have been rejected or not accepted at the aggreed terms, which means they are still shopping for a lender.
Or, your note was immediately sold to another lender, this can happen several times over the term of the loan.
But, they may also be backed up and your loan has not been processed yet, I wouldn't discount lost in the mail....haha.
With all the financial turmoil right now a lot of weird stuff is going on right now and expect it to get progressively worse over the next 4 years.
Definitely not a plane or yacht money around her. Blue collar worker but thanks for noticing my truck. It is badass.
I'd call the bank again, ask about the loan, and get the name of the person you talked to. Have more paper trail about trying to resolve the situation so you can defend yourself in good faith. You may need it to straighten out your credit report later. (I hope not.)
I remember Kawasaki/Synchrony Bank took almost 2 months even send me a statement. I called the dealer to make sure my address was correct and everything was good.
I am confused- You say the first payment was due a month ago..How do you know a payment is due if you have no statement? Where are you seeing the due date?
A couple of possibilities here. If the Lender found a reason to not fund the loan( loan approval conditions were not met ,etc) would explain why they have no record of your account as there actually isn’t one yet ; also means the dealer never got their money so eventually the Dealerships controller will see missing money in their CIT (contracts in transit account) and track it down to your non-funded contract . I’m pretty certain it’s a Dealership issue and not the lender . That being said , I have had 2 contracts in the past 5 months that the USPS lost and never located AFTER they arrived in Memphis ,which is the central processing hub for most of the major banks in the country . Even with tracking numbers ,the doc locations were never pinpointed and I had to Re-contract the customers. The onus is still on the Dealership in this case , because they never got paid on the contract if the lender never received it.
Someone mentioned above that maybe the dealership was shopping or trying to contract with an alternate lender because of a non~funding issue with the original lender ,and even though it’s a possibility,if that was happening the Dealership F&I department would be in touch with you to keep you in the loop and obviously would need you to sign all new paperwork. No Dealership in the world would wait 30+ days to get funded on a contract . If it were me, I’d call the store and force the Finance guy/girl to give you a direct answer — if nothing else that call and their subsequent research may uncover the fact that they never got paid on your contract. But don’t blow you monthly payment money on something else,because you will definitely not be getting a freebie unfortunately lol.
I expect that it will get caught up but it's been 60 days plus since I purchased it so I'd think the dealer has been paid. 2.99% financing was approved.
The financing form that I signed was kinda vague but it did have the bank name, motorcycle, dealer, 1st payment due date and my info on it. There was not an assigned account number no different than the furniture agreement that I purchased the previous month. In that case, the bank contacted me and provided the account info for payment.
Pit Row
Hurry back and finance a sxs, jets skis, couple more bikes and a boat w that same bank. 😂
Account numbers will not get assigned until the lender accepts/ finalizes and funds the dealer, so it’s common not to see an account number on a contract. Lenders will only identify you by your SS# until the account is created. Also , If the store is not run properly,and the Finance dept is exceptionally inefficient, it’s entirely possible that they haven’t got paid on your contract and not realize it . That’s unlikely but certainly more conceivable than the lender “forgetting “ to send out your payment book/coupon/ statement AND not having records of you in their system. In 41 years of doing financing and probably personally writing 25,000 + third party contracts, I have never had a lender lose a customers funded contract and therefore never collecting their payments.. Contact the store and get them off their asses and get you answers . . I get calls from customers when they don’t have their payment books 2 weeks after buying lol.
If the dealer hasn’t gotten paid and they don’t realize it, that would be pretty bad. But yes, in my work with businesses of that sort (doing year ends, usually review engagements), I see bookkeeping mistakes in my clients’ books more often than I see bank errors. But bank errors certainly happen, and if that’s what’s happened here, then the dealer hasn’t nothing to do with the situation. You’d think when the dealer looked into it they’d notice if they hadn’t gotten paid. Wouldn’t their first thought be: did we get paid?
I audit my CIT account on a daily basis , but I’m old school and pretty f***** good at what I do. It is a shame,but The current level of competency of some retail sales stores are severely lacking. I see that on a daily basis, I’m putting finance deals together where the customer has tried at 4,5 and sometimes 6 different dealerships in the weeks prior of coming to us . If these Finance departments can’t get these deals put together and it takes me less than 30 minutes to get an acceptable approval,then I certainly dont have confidence that they can get a “trouble” contract out of Funding purgatory and into the dealerships bank account. I still say it’s much more likely to be on the Dealers finance department than it would be on a “major” ( OP’s description) lender losing his paperwork. All dealerships send their applications to multiple lenders via DealerTrack, RouteOne or one or two other services. Once that info is in there , any deal/customer can be tracked by the “application” number by both the Dealer and Lender and the status of the application can be pinpointed ~~~ whether it’s Rejected, Approved as called, or Conditionally approved . Once the contract is received by the lender ,that same application number can be brought up in the system to check the progress. Can be “ docs received “ then to “pending “ then,if clean, to either “booked”, “funded” or “ finalized “ at that point the account number is assigned. If there is a funding issue , it will get put back into “pending” , “under review “ or “ returned to seller “ But the point is, there is absolutely zero reason the finance department can’t give the customer an answer. They aren’t even trying apparently
Thank you for that excellent explanation!
No worries. Just bugs me when people need to go thru these gyrations because of the laziness and indifference of the same people that actually made a couple bucks off the transaction. Not how I was raised nor is it the way we do business. But probably why we’ve been in biz for 40 years lol.
I have no valuable input but I’m invested now so update this thread occasionally.
Will do. Second payment was due a week ago. Wherever the hole is, I'm sure they will find it eventually.
This happened on my current house loan last year. My original loan got bought out right away and the new mortgage company took nearly 90 days to get me payment and account information. I called them several times and they showed no information. I was panicked the missed/late payments would affect my credit. It eventually came and when I called them about the late payments they said the first payment wasn’t due until 30 days after they sent me the welcome package. Essentially I lived in my house free for 4 months! They just rolled the payments back an no lateness on my end. Kinda crazy in my mind they didn’t want the money sooner….
Friends of mine had this happen on an enclosed snowmobile trailer years ago and never got billed, they still have the trailer after 20 years
really simple - get a credit report on yourself - the first one is free (only once a year) - there you will find the answer.....
The real question.... is what bike did you score ?