How to : Avoid The USED CAR Scam
You buy a used car from a dealer - drive off with a smile. Several days later the dealer calls you, the customer, telling you the financing couldn't be arranged at the original terms.
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Instructions
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RED FLAG....RED FLAG!
Many car buyers are falling victim to the scams that caused many homeowners to start living in a tent. Most of the time, this used car scam is used on the poor or working class Americans whose biggest purchase (other than a home) will be a car.....used or new. -
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Here's how it works. The dealer needlessly complicates and confuses the buyer unnecessarily which enables them to charge excessive prices and fees for the car AND the financing. Buyers with bad or marginal credit are the biggest victims in this "yo-yo" sales practice. In many cases, the dealer would send you off the lot with a smile and wave goodbye, then, days later, call you to say the financing couldn't be arranged at the original terms.
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The consumer is told he/she must come back and sign NEW papers at a higher interest rate and other unfavorable terms. Should they try to cancel, the dealer tells them: NO WAY! Often the customer is in no position to refuse. These practices are troubling and may indicate criminal fraud so says the FTC, and they are pressing forward to put a stop to it.
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Tips & Warnings
Don't buy a new or used car without knowing about the purchase AND the dealer
Don't buy a car with a loan that stretches out for years, and years
Always ask and get a Buyers Guide from the dealer. It's the law
If the used car dealer is wearing plaid pants, white shoes, striped shirt with the first 4 buttons open in front, a gold chain hanging down, and a Donald Trump comb-over: LEAVE!
