Yeah … good idea to read what you sign.
Car dealerships dirty trick - 'yo-yo' sales
- Thread starter hpman66
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BearBiologist
Blackhawk
- Joined
- Dec 4, 2021
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- 733
Happened with us on a used Pathfinder. Fortunately, we had a friend who was a deputy DA in the fraud division. He couldn't do anything but made a note in his case file. BTW: When I pointed out that the contract had a typo and said 0.09 cents per day and not 9 cents per day, he about had a stroke. I explained that if we kept the car we would owe ~$33 at the end of a year. They weren't going to release the keys for our trade in back to us (hard-pressure sales) until my wife excused herself to the restroom and came back crying. After we left, she told me that she had remembered an old Army trick that I had told her: putting soap in your eyes to redden them!
😁 😁 😁 😁 😁 😁 😁 😁 😁
When we retired, I took money from my 401(k) and paid cash for a 2019 SR5 4Runner and a 2014 RAV4, both with very low mileage!
😁 😁 😁 😁 😁 😁 😁 😁 😁
When we retired, I took money from my 401(k) and paid cash for a 2019 SR5 4Runner and a 2014 RAV4, both with very low mileage!
crstrode
Single-Sixer
Most people that cannot manage to save their money, or spend less than they earn, are not going to get much benefit from reading a car loan contact.
They mostly don’t care anyway …. Mainly concerned about how much their payment will be.
That’s not society’s problem. Well, unless they’re a liberal and then somebody should be there to hold their hand and protect them.
That’s not society’s problem. Well, unless they’re a liberal and then somebody should be there to hold their hand and protect them.
ronto
Buckeye
I would definitely have to finance at today's prices.
My brother bought a 92 blazer from a new dealer and traded in his old car . About four days later dealer called and said there was a problem with the loan figures and he needed to come sign new paperwork . He replied no thanks I will come get my old car. They had already got rid of his trade in so they exchanged lawyers information , and as far as I know nothing else ever happened
The A Team
Bearcat
Conveniently the fastest way to rebuild your credit score is to buy a new car. The dealership will fight to get you financed because they will eat the loss if the sale falls through. (Then the vehicle taken back is a used car worth $5-10-20,000 less than the new price).
Mega Twin
Blackhawk
A lot of car dealers offer several finance options to be able to sell to people who may not have the best credit and sometimes that falls into the creative financing zone. That can get it kicked back to the dealer and they have to kick it back to the customer.
As always,honesty is the best policy but sales people and F&I managers are pressured to make the sale no mater what.
As always,honesty is the best policy but sales people and F&I managers are pressured to make the sale no mater what.
Letting the dealer arrange financing for you is the worst possible & most costly move you can make when buying a vehicle.
Arrange your own finances, make the best deal you can on a buy or a trade, & write them a check....... then,,, exit the dealership as quickly as you can. Do not stop at the extended warranty or accessories window.
Unbelievable the number of otherwise intelligent folks that let financial predators handle major purchases like this.
Arrange your own finances, make the best deal you can on a buy or a trade, & write them a check....... then,,, exit the dealership as quickly as you can. Do not stop at the extended warranty or accessories window.
Unbelievable the number of otherwise intelligent folks that let financial predators handle major purchases like this.
Most people have no choice and are lucky to get a loan, usually a well qualified purchaser/lessee(800+ FICA, good debt:income ratio, and long credit history) can get a car at a rate through Chrysler Credit that no bank or credit union can offer. There’s no right or wrong as it’s all very personal, I’ve have customers that would never buy an extended warranty and some that have bought a car privately stop in and buy a Chrysler Service Contract and an extended warranty. As to the original topic of this thread, if you’re well qualified you have no worries, it’s people with less than stellar credit with no down money and a trade that doesn’t run or is uninspectable that have to worry until the ink is completely dry on the contracts.
The poor soles. No credit & just digging deeper when letting a car dealer be their financial advisor.
You'd be surprised how many people with 250K household incomes aren't in the well qualified camp and need an advocate to get them into a car.
GasGuzzler
Hunter
I think you meant souls. And if we all posted what are jobs are and in what industry...they're be some haymakers thrown. I'm not a car salesman but I would be before I became an insurance salesman, a lobbyist, a banker, or a politician.
