The loan cancellation process and the possibility of getting your down payment back can vary depending on several factors, including the specific terms of your loan agreement, local laws, and the policies of the dealership or financial institution you obtained the loan from. Here are some general points to consider:
Review your loan agreement: Start by carefully reviewing the terms and conditions of your loan agreement. Look for clauses or provisions that outline the cancellation or refund policy, especially in cases where the purchased item (in this case, your KTM Duke 125) is deemed faulty or defective.
Contact the dealership: Reach out to the dealership where you purchased the bike and explain the issues you are experiencing. It's important to communicate your concerns and dissatisfaction with the bike and the service center. Provide details about the specific problems you've encountered and any attempts you've made to have them resolved.
Document the issues: Keep a record of all interactions and communication with the dealership and service center. Document any repairs or service attempts made on your bike, including dates, descriptions of the issues, and the actions taken by the service center.
Involve the financial institution: If you obtained financing for your bike through a separate financial institution, contact them as well. Explain the situation, the problems with the bike, and your attempts to resolve the issue with the dealership and service center. They may have specific procedures or policies in place for handling such cases.
Seek legal advice if necessary: If you have thoroughly followed the appropriate steps and have not received a satisfactory resolution, you may consider consulting with a legal professional or consumer protection agency to understand your rights and explore possible legal options.
It's important to note that the specific process and outcome can vary based on your location and the specific circumstances of your case. It is recommended to carefully review all relevant documentation and seek advice from professionals who specialize in consumer rights or legal matters to get accurate guidance tailored to your situation.