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Top 10 Car Dealer Scams
Car dealer scams have been reported since 1996. This is a list of some of the “Top 10 Car Dealer Scams” that you are likely to encounter. All complaints are collected and then compiled into a list of current running scams at some car dealers.
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The first car
dealer scam you might come across is the “VIN# Window Etching” Scam. Car
dealers add a $300-$900 fee for window etching telling you that you will
not get a loan without it. Any consumer can order the etching kit on the
internet for around $30.00. To avoid this scam have it put in writing.
If the car dealer tells you it is already on the car and cannot be
removed, don’t buy the car.
Next we have the “Financing Fell Through” scam. This is also known as
the “Yo-Yo” scam. The scam works by a car dealer telling you that you
were approved for a good APR, they hand you the keys and you drive away.
A couple of weeks later you are contacted by the car dealer saying that
you didn’t actually qualify for the interest rate you were promised. The
only way to avoid this scam is to not finance through the car dealership
if you have bad credit. This scam is not usually pulled on those of you
with good credit. Always try to get financing through a credit union.
The “Lie to the Customer about Their Credit Score” scam is one of the
newest car dealership scams out there. The car dealer lies to you about
your credit score, telling you that it is really low, so you will have
to pay a higher car loan interest rate. This scam is pulled on people
with both good and bad credit. To avoid this scam make sure you know
everything there is to know about your own credit score. Pull out your
credit score and show the car dealer if they try to pull this scam on
you.
There are a lot of other car dealer scams out there. Please be very
careful when dealing with any car dealership. Remember to keep your eyes
open at all times and report any suspicious behavior........
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