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beckymc

Guest
We bought a new Honda motorcycle in Az in July, 2000. After doing year-end tax work I realized the loan they secured for us was really a credit card. I called the bank and asked why a credit card? The bank rep said it was unusual and if we qualified for a credit card with over a 10,000 limit we would have surely qualified for a regular loan of 7500.00. We were also told in order to get a 'decent' interest rate we had to buy the optional warranty package. The interest rate we ended up with is an interest rate of 12.99 good for only 24 months. Looking back at the original contract the interest rate information is in tiny, tiny print at the bottom. We had no idea we were getting a credit card but thought we were getting a regular loan. I know we should have asked questions then but we had purchased other vehicles (outright purchases) from this dealer before and we assumed everthing was on the 'up and up'. Do we have any recourse?
 


ALawyer

Senior Member
Sure, apart from the obvious of paying off the loan early and then borrow on the used bike or complaining to the management of the dealer and to Honda USA, you may want to see if your state has laws that require certain things to be in a special type size.

Many states have minimum type size laws on consumer contracts, and if AZ does (ask the State Consumer Protection Department or Attorney General's Office) and they failed to comply, you have lots of recourse per the statute.
 

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