Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:02/01/2025

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I purchased a jetski at the beginning of last year and I was rush through the whole process start to finish. The contract says 12/22/23 but that is when I put a deposit down not when I went in to sign the contract. I was told that I had a lower interest rate and here to find out I have *****% I have over 700 credit score and again I understand I shouldn't have let them rush me but I didn't even get to speak with the finance manager to ask questions it had to go through a sales rep. **** *****% is per day not per year so every time I make a 505 month payment $300 goes back in charges. Any time I make additional payments toward principal they apply it to interest as well so my balance never goes down. No one from ****** or Interstate will help fix the problem they just say oh well you signed the contract.

  

  Business Response

  Date: 02/04/2025

  Regarding case ID ********, this customer left a deposit of $500 on 12/28/23 for the purchase of a ****** WaveRunner.  A 2nd payment of $2,000 was made on 01/03/24. The balance was financed by ******************************** (****). ****, not Interstate Cycle, determines the terms o the loan and the interest rate based on their review of the customers credit.

  YMFC generates a Retail Installment Contract and Security Agreement, forwards it to us, and we have the customer review and sign it. It is pre-printed by **** with the specific information relating to that particular loan. The interest rate was clearly printed 3 separate times on the first page of the **** contract, which the customer initialed. Along with the annual percentage rate, the total finance fee charged over the lifetime of the loan was listed on the first page in a box titled FINANCE CHARGE/The dollar amount the credit will cost you. The exact amount was clearly printed in that box. There was another box labeled TOTAL SALE PRICE/The total cost of your purchase, including your down payment. Once again, the exact amount was printed in that box. In addition, the customer also signed the last page of the contract, indicating that he agreed to the terms on pages 1 through 5 of the contact. The customer was given as much time as he wished to read and review the contract. He was given the opportunity to ask any questions at that time. This particular customer wanted to purchase this vehicle so much that he came all the way from ************* to **************. He was advised of the terms of the purchase in December, well before he made the trip.

  In light of the fact that the customer is dissatisfied with the terms of his loan with ****, he should try to refinance the loan with another lending institution. Interstate Cycle is not a lender and has no ability to change the terms of the existing loan, as the loan is a contract between the buyer and *****