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Top 5 Car Dealer scam alerts
This Top 5 list is about dishonest car dealers.
# Scam 1: The financing fell through scam
How the scam works: You buy a new car, the LieNance manager says you got a low APR, hands you the keys, and you drive home. Two weeks and 500 miles later, the dealer calls you saying Sorry, you didn't qualify for that low interest. This is where subject to financing clauses on contracts bite you in the butt. They knew your credit score. If it's above 680, you'll get a low APR. If it's below 680, expect a higher APR. Your credit union will print your credit history and approve you in 10 minutes. They pull this scam on people with bad credit, because it's believable.
How to avoid the scam: DON'T FINANCE AT THE DEALER if you have bad credit. Line up your own financing and compare to dealer's financing. But if you do finance through a car dealer, leave a deposit on your credit card, and do not take delivery of the car until the loan has been approved in writing a few days later. Then you know the lender has approved your loan.