SolveYourProblem
eLearning Series: Buying A Car
How Do I Buy a Car
Without Getting Ripped Off?
( 17 pages )
Top 10 Car Dealership
Scams
3.
The Credit Score Scam
This
scam is ridiculous at best. This is when the finance manager
tells you that your credit score is lower than it really
is so that they can get you for higher interest rates.
This
scam is pulled on everyone; good or bad credit.
This
scam is easy to avoid. Just get your own copy of your credit
report from Equifax.com, and bring it with you.
It
is really difficult to lie to you about your credit score
if you have your own copy of it. If your paper and theirs
doesn’t say the same thing, go somewhere else because that
dealership is lying to you.
Don’t
forget to let them know it too because it’ll be nice to
watch them squirm.
4.
The Forced Warranty Scam
This
is when the finance manager tells you that you are not
eligible for the loan by the bank unless you pay an extra
$2000 for a 2-3 year extended warranty.
This
scam just doesn’t make sense. Basically the finance manager
is telling you that the bank won’t trust you to pay the
$20,000 loan for the car, but they will trust you if you
pay even more money. That’s just stupid.
You
can avoid this scam if you can force them to put it in
writing that you “have” to pay the extended warranty in
order to get the loan.
That
way you can bring a copy of the contract to your local
State’s Attorney’s office to verify that the deal is valid.
I can bet that the finance manager will change his tune
pretty quickly.
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