Your SlideShare is downloading. ×
0
California Auto Dealer Fraud Law Firm




           www.dealerfraudlawyer.com    1
Auto Financing Scams You Should Avoid

 When you decide to buy a car, it is necessary to make a wise
 decision when it com...
Auto Financing Scams You Should Avoid


The following are some of the valuable tips on how to avoid the auto dealership sc...
Auto Financing Scams You Should Avoid

                              Auto Financing Scam 1 – Yo-Yo Scam

YoYo is a very co...
Auto Financing Scams You Should Avoid

                         Auto Financing Scam 2 - Window Etching Scam

Another commo...
Auto Financing Scams You Should Avoid

                             Auto Financing Scam 3 - Preparation Fees Scam

In gene...
Auto Financing Scams You Should Avoid

                             Auto Financing Scam 4 - Market Adjustment Scam

During...
Auto Financing Scams You Should Avoid

                            Auto Financing Scam 5 - Warranty Extension Scam

The ca...
Auto Financing Scams You Should Avoid




                        Always keep in mind all these scams
                    ...
Thank You for Your Attention


     818-990-2414
    DO YOU HAVE A CASE?
     Click here for a FREE
     Consulting & Valu...
Upcoming SlideShare
Loading in...5
×

Auto Financing Scams You Should Avoid

919

Published on

how to avoid the auto dealership scams and particularly how to avoid becoming a victim of sneaky car dealers.

Published in: Automotive
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
919
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "Auto Financing Scams You Should Avoid"

  1. 1. California Auto Dealer Fraud Law Firm www.dealerfraudlawyer.com 1
  2. 2. Auto Financing Scams You Should Avoid When you decide to buy a car, it is necessary to make a wise decision when it comes to the selection of car dealers. A lot of dealers are honest but you cannot take it for granted in all situations. Regardless of buying a new or a used vehicle, you must be aware of the various scams in order to protect your interests and money. www.dealerfraudlawyer.com 2
  3. 3. Auto Financing Scams You Should Avoid The following are some of the valuable tips on how to avoid the auto dealership scams and particularly how to avoid becoming a victim of sneaky car dealers. Look at the following auto financing scams:  Auto Financing Scam 1 - YoYo Scam  Auto Financing Scam 2 - Window Etching Scam  Auto Financing Scam 3 - Preparation Fees Scam  Auto Financing Scam 4 - Market Adjustment Scam  Auto Financing Scam 5 - Warranty Extension Scam www.dealerfraudlawyer.com 3
  4. 4. Auto Financing Scams You Should Avoid Auto Financing Scam 1 – Yo-Yo Scam YoYo is a very common car dealership scam. Car dealer will allow you to bring the car home as soon as possible explaining that you have excellent credit and a good APR on the loan. Car dealer will take care of your financing matters but a few days or weeks later he will contact you again and tell you that there was a problem with your financing plan and you didn't qualify for the interest rate. So you will be asked to go back and work it out. If you become a victim of this scam prepare to pay a much higher interest rate and maybe a fee. Be wary of this trick and avoid it at all costs if you detect it. www.dealerfraudlawyer.com 4
  5. 5. Auto Financing Scams You Should Avoid Auto Financing Scam 2 - Window Etching Scam Another common financing scam is window etching. This scam happens when the dealer “scratches” the vehicle glass with part of the car’s VIN number, for which a dealer will charge you $300-$900 for window etching and they will tell you that you have to pay the money to get the loan because the banks insists on it. Some dealers might tell you that the etching is free but will add on the etch money to your monthly payments. To avoid this scam persuade the dealer to put it in writing whether the etching is free or simply etch the car yourself. In fact, window etching is almost pure profit for the dealership. It costs the dealer about $14 or less, and “do it yourself” etching kits are available on the Internet for $15 to $20. Reportedly dealership marketing plans provide for $900,000 annual profits from etching. www.dealerfraudlawyer.com 5
  6. 6. Auto Financing Scams You Should Avoid Auto Financing Scam 3 - Preparation Fees Scam In general, preparation fees cover the peeling of plastic off the seats, checking of fluid levels, vacuuming the interior, and washing and polishing the exterior. The dealer may tell you that you must pay a fee for this, but you will know that have not to pay anything because it is already paid for and listed on the MSRP. www.dealerfraudlawyer.com 6
  7. 7. Auto Financing Scams You Should Avoid Auto Financing Scam 4 - Market Adjustment Scam During this scam the dealer will tell you that your desired vehicle is very popular and is very much in demand. Even if it really is, you should not be attracted. In order to sell you a “popular” car, the dealer will imply some "market adjustments" amounting to a few thousand dollars. Take a look of MSRP tag. Remember you should never pay a few thousand dollars more than the MSRP set by the manufacturers www.dealerfraudlawyer.com 7
  8. 8. Auto Financing Scams You Should Avoid Auto Financing Scam 5 - Warranty Extension Scam The car dealer will tell you that you are required to pay for an extended warranty because it is one of the obligatory conditions of the bank. You can easily avoid this scam. Just ask the dealer to define clearly in writing that “extended warranty” is required for the loan to be approved. Be sure, he will probably find a way to have it excluded. Terminate the dealt with this car dealer and go to other dealerships. www.dealerfraudlawyer.com 8
  9. 9. Auto Financing Scams You Should Avoid Always keep in mind all these scams before you are going to buy a car, irrespective of a new or a used car. Think very carefully and do not buy on impulse. www.dealerfraudlawyer.com 9
  10. 10. Thank You for Your Attention 818-990-2414 DO YOU HAVE A CASE? Click here for a FREE Consulting & Valuation www.dealerfraudlawyer.com 10
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×