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California Motorcycle Financing and Loan Schemes

Open-ended credit, factory-branded cards, and problem financing

One of the most common ways that lenders target motorcyclists when offering finance options for their vehicle is through open-ended credit card finance schemes. These finance plans may appear to have great, low-cost and low-interest terms, but they can ultimately cause a pileup of debt.

The Rees Levering Act has been protecting Californians for over fifty years, ensuring that consumers are clearly informed of their vehicle’s cost as well as the cost of credit, so that consumers have all the information they need to shop the best finance terms for them. Usually, when you purchase a vehicle with a financing plan, you agree upfront to a loan term—the length of a loan—along with a fixed monthly payment rate. These terms are a part of closed-end financing, which is the typical route of credit used when buying a vehicle. Unfortunately, motorcycle companies have developed a way to take advantage of their customers through open-ended credit card plans, so they can avoid disclosing all the important information you’d need when considering a major vehicle purchase. In an open-ended financing scheme, the term of your loan isn’t set, and the longer you take to repay your loan, the higher the fees and interest rates climb. It’s not always easy to recognize these bad deals, because sellers try and make them look attractive with low initial costs that don’t last.

If you suspect that you are a victim of an open-ended financing scheme, contact us at the Law Offices of Robert Mobasseri. We are experts in all types of vehicle fraud, dealer fraud, and consumer protection. Call us at 213-282-2000 to speak with one of our motorcycle fraud lawyers who, at no charge, can answer your questions and advise you on the particulars of your claim. You can also submit a FREE online evaluation form and one of our auto fraud attorneys can review your case and contact you personally about your next steps.

Open-ended Credit Cards & Motorcycle Financing Schemes

Motorcycle companies often offer open-ended credit plans that don’t disclose all the particulars of your financing agreement. These credit-financing plans appear as factory-branded credit cards that offer low monthly payment rates for up to 12 or 24 months. But these cards don’t operate like regular credit cards, and they fail to inform you of what happens after that 12 or 24-month period when your motorcycle still isn’t paid off and your monthly payments have suddenly jumped, with a much higher interest rate attached.

Motorcycle companies offer these open-ended cards to lure customers in with low payment and low interest rates, then they wait for the 12 or 24-month period to end and the payment and interest rates to skyrocket, leading to a lot of debt and even repossession of your motorcycle. By offering these open-ended credit cards, sellers are able to attract buyers while skirting the standards put in place to protect consumers by the Rees Levering Act. These open-ended credit card schemes are simply a way for motorcycle companies to get around the laws that protect consumers and require companies to disclose all the important information a consumer might need when making a major purchase.

Who We Are

Open-ended credit plans can lead to a lot of hassle and debt for California motorcyclists, but our lemon law lawyers understand the complexities of these financing schemes and the damage they can do. In most instances, clients are represented for free, as the losing party covers any fees. This allows consumers to feel financially secure when considering legal representation. The Law Offices of Mobasseri have a 99% success rate, which guarantees that you’ll receive the finest representation, with all the care and attention you and your case deserve. Our auto fraud attorneys fight for the rights of consumers and will litigate your case to the fullest extent of the law.

If you suspect that you’ve been misled by a motorcycle seller and are suffering from a deceptive financing deal, call our lemon law attorneys at the Law Offices of Robert Mobasseri. You can reach us at 213-282-2000 for a free and personal legal consultation. You can also submit a FREE evaluation form through our site so that a member of our firm can review your case and contact you further about your legal options.

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Lemon Law Auto Fraud serves the following California counties: Inyo, Imperial, Kern, Los Angeles, Mono, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, Tulare, and Ventura.

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Disclaimer: The following Lemon Law and Auto Fraud information has been compiled from various public sources. It is presented online for informational use only, and without warranty as to its accuracy, timeliness, or completeness. This site does not replace any official versions of the information presented, nor does use of this information constitute an attorney-client relationship. It is always recommended that you do not make any decisions about any legal matter without first consulting an attorney to ensure that all of your rights are protected, as well as to find out if your vehicle meets the established Lemon Law or Auto Fraud Criteria for your state.