Paying on a bike you haven't recieved

Yotaismygame

Yotaismygame

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What's your opinion on ordering a new bike, using the 6 month financing option and making the first payment before you even have the bike? I'm in that situation now. My build date is 3 weeks after my first payment is due. Seems kind of silly to be paying for something I have yet to receive. The finance company said there's nothing they can do unless they don't ship the bike on the day its scheduled. Do I make a fuss or just pay it and wait?
 
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There’s plenty of people who have paid up front for the full price of a bike pre-delivery.
Personally, it’s not something I’d be comfortable doing, but to each their own.

I guess at least you have the finance company to fall back on if delivery doesn’t happen. They can kill off the contract and refund any money paid, while chasing the dealer if they have been paid out in full.
 
HandsomeDanNZ said:
There’s plenty of people who have paid up front for the full price of a bike pre-delivery.
Personally, it’s not something I’d be comfortable doing, but to each their own.

I guess at least you have the finance company to fall back on if delivery doesn’t happen. They can kill off the contract and refund any money paid, while chasing the dealer if they have been paid out in full.
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Initially when I placed my order the original build date was right before the first payment was to take place but then the build date was pushed back a month. Probably waiting on m2s motors. I don't really see a way out of it aside from just cancelling the order all together. Which I dont want to do. I feel like the sale should have been worded as a pre-order and charged when it actually ships. Like the way most industries work.
 
HandsomeDanNZ said:
There’s plenty of people who have paid up front for the full price of a bike pre-delivery.
Personally, it’s not something I’d be comfortable doing, but to each their own.

I guess at least you have the finance company to fall back on if delivery doesn’t happen. They can kill off the contract and refund any money paid, while chasing the dealer if they have been paid out in full.
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If I’d had to do that for a forbidden, Unno or Crestline last year, I’d do it. For a Levo 4 this year? No chance.
 
Yotaismygame said:
What's your opinion on ordering a new bike, using the 6 month financing option and making the first payment before you even have the bike? I'm in that situation now. My build date is 3 weeks after my first payment is due. Seems kind of silly to be paying for something I have yet to receive. The finance company said there's nothing they can do unless they don't ship the bike on the day its scheduled. Do I make a fuss or just pay it and wait?
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I figure the financing needs time to set up, so you’re not going to start the application on shipping day; so you’re left to apply and try and time the first payment near the ship date. Sounds like you did your best but the delay got you. Imperfect situation but not a big deal yet IMO.
 
Business 101, pay a company, then they supply a good or a service....

In the case of placing on order for a bike to be built then a deposit is fair and reasonable. That company needs money to order parts. Then full payment should be provided before collection. You dont own the bike until its paid for.

If you engage a finance company, then you are locked into their payment schedule and not what the bike shop demands. It is likely that the finance company has already paid the bike shop.

Again, all of this is standard operating procedure for any good or service.
 
Making a down payment on something that has not been built yet is acceptable providing the payment amount is reasonable. The manufacturer should share in the risk by requesting a “reasonable” deposit. However paying for a bike in full before production starts is unacceptable and in many States (US) this practice is actually illegal. If someone is requiring full payment this is a giant red flag and it’s best to stay clear of this.

Paying for a bike in full with a normal lead time (meaning you are waiting for packaging and shipping) - i.e. already built is normal.
 
Can you say Ponzi… “deposit is fair and reasonable. That company needs money to order parts.” I would be concerned if a company needed my money to fund their operation, it sounds like a formula for an "insolvency"

Paying before a bike is built carries risk. Because the bike shop already has the money, their financial urgency to rush your build drops significantly. Meanwhile, your contract is now with the bank, not the bike shop. If the bike takes six months to build or is never built, you are legally required to make those monthly payments even though you don't have the bike yet. If you stop paying out of frustration, the finance company doesn't care that your bike isn't built, they will simply wreck your credit score and send you to collections.

Buy now pay later platforms are notorious for strict investigation timelines. If the builder keeps stalling ("Just two more weeks, parts are delayed!"), you might blow past the platform's dispute window. You must keep paying the monthly installments during a delay until an official dispute is opened, or your credit score will take a hit. Many reputable manufacturers who offer financing will pre-approve your loan but will not activate the loan (or start charging you interest/payments) until the bike actually ships or leaves the factory.
 
Paying in full to a bike shop for a bike that is not already on the floor is most likely illegal in many US states. This is something you should NEVER do. Unfortunately it has been reported that some people in the US have done this, seeking the M2S motor (not going to mention the bike brand) even though the bike shop has no ship date from the manufacturer. If any bike shop requires full payment for a bike they don’t have and worse no ship date, run away far and fast.
 
It all comes down to the relationship you have with the bike shop etc. I've laid down half the payment for a Forbidden Druid Core early last year (then got cancelled as I was away for an extended period overseas when it arrived in Jan this year) which I then rolled over onto the new Forbidden Dreadnought e, which supposedly should be here in Oz by mid year. Once it hits the distributor Iay some more down and the rest when with the LBS.

However, I am also fully expecting that Forbidden will ship to Oz last, probably late this year as they did with the Druids and I will once again be overseas. So I'll pull the pin. The LBS will refund as I have a good relationship with them. Sucks you have to lay out so much cash on spec, but that's the way these companies work.

Good luck.
 
Yotaismygame said:
What's your opinion on ordering a new bike, using the 6 month financing option and making the first payment before you even have the bike? I'm in that situation now. My build date is 3 weeks after my first payment is due. Seems kind of silly to be paying for something I have yet to receive. The finance company said there's nothing they can do unless they don't ship the bike on the day its scheduled. Do I make a fuss or just pay it and wait?
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I suppose it depends on your reason for buying on finance.

If you just wanted the bike but didn’t have the money to pay upfront then you’re just working through some of the payments before the bike arrives. Assuming you are comfortable with that, there’s not much risk as if you decided to cancel you’d just get your money back from the finance company.

If you were using the finance because you have the money invested elsewhere and wanted to keep it in for as long as possible then you are potentially losing some interest by paying early.

In the UK at least, the bike shop should not activate the finance until they have sent you the bike. They would normally ask you to pay once they physically have the bike in the shop. The first payment would be a month after it arrives with you (not including any deposit).
 
People need to respect how the financing component of this particular transaction impacts the timeline. This isn’t a case of OP’s credit card getting hit a month before shipping.
 
I have purchased items from start ups that I believed in the product at a reduced price with the option of getting my money back. It was the condition for getting a great deal. I did that with my BLUETTI solar generator during COVID.
 
Hey, you’ve got to pay the loan down sometime right, so why not now?

I wouldn’t worry too much about it, when you get the bike you’ll already own a bit more of it than you were expecting! 👍
 
If you are making payments already that means your LBS has been paid in full for a bike that hasn’t been manufactured and shipped to them. Hope they stay in business long enough to deliver your bike! Pardon me but none of this makes any sense!
 
Yotaismygame said:
What's your opinion on ordering a new bike, using the 6 month financing option and making the first payment before you even have the bike? I'm in that situation now. My build date is 3 weeks after my first payment is due. Seems kind of silly to be paying for something I have yet to receive. The finance company said there's nothing they can do unless they don't ship the bike on the day its scheduled. Do I make a fuss or just pay it and wait?
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pay and wait I reckon
if they delay further, then yeah make a bit of noise
the finance company will pay up if the shop doesn't supply
if you want the latest and greatest (M2S) you need to queue it seems...

I bought my (last years model) bike over 3 years on the never never - still have a year to go...
ho hum
 
I'm going to avoid giving anyone obvious financial advice, but I will say that OP borrowed money. Doesn't matter if the bike isn't there yet or not.
 
Didn't need to finance. But why not when its 0% interest and paid in six months. Which is beside the point. Yes it's the financing not the bike company. Ill just wait I guess. Just don't like the scenario.
 
I've ordered a bike and paid a chunk up front, but the company i'm buying from is reputable, but I've no worries if the worst happens as I used my credit card, so I get the buyer protection if anything goes wrong.
Even if you're being sensible and spreading your payments because you can get 0% credit, make a down payment of over £100 on a credit card and you get the buyer protection for the full amount.
I was seriously tempted to do this, earlier today, when I spotted Biketart had a load of Mondraker's at great prices and 0% payment options, but I'm sticking with my original choice. 😁
 
Ndanger said:
Paying before a bike is built carries risk. Because the bike shop already has the money, their financial urgency to rush your build drops significantly. Meanwhile, your contract is now with the bank, not the bike shop. If the bike takes six months to build or is never built, you are legally required to make those monthly payments even though you don't have the bike yet. If you stop paying out of frustration, the finance company doesn't care that your bike isn't built, they will simply wreck your credit score and send you to collections.
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Thankfully in the UK the opposite applies, I'm much happier buying through credit, regardless of whether I have the cash or not as any delays become the banks problem and they have to look out for me.
 
johnnystorm said:
Thankfully in the UK the opposite applies, I'm much happier buying through credit, regardless of whether I have the cash or not as any delays become the banks problem and they have to look out for me.
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Exactly, the bike shop isn’t absolved of any responsibility for the transaction, the retailer and finance company become jointly liable for ensuring you get your bike and you’ve also got additional protections for the duration of the loan from the finance company.

I know that it’s still popular opinion to ‘pay cash’ but it’s not the most sensible way for bigger purchases, although of course you still need to be able to afford it.
 
In the UK the key point is that the shop is paid by the credit card company's money, not your money.
 
Madmountainman said:
I was seriously tempted to do this, earlier today, when I spotted Biketart had a load of Mondraker's at great prices and 0% payment options, but I'm sticking with my original choice. 😁
Click to expand...

I wish I hadn’t read that, they’ve got some decent deals on haven’t they.

I don’t need another bike though, I really don’t, but I could use one… 🤔😬😂
 
Biketart is where earlier this month bought 2 x DT Swiss HXC 1501 wheelsets about 35% off RRP.

Transformed our 2022 alloy Trek Rails from 'ploughers' to 'gliders'.

The new DT Swiss HXC 1500 which I think supercede the 1501's are even sillier money.
 
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