One area of car dealer fraud that is quite common today involves fraud in car leases. On the surface car leases appear as less expensive for the consumers, but the truth is they are almost always more expensive. And though the credit crunch, dealers are still able to arrange for financing for car leases.
The most common lease fraud is the old “bait and switch.” This happens when a consumer goes to a dealer to buy a car and believes he is buying a car, but is instead switched into a lease. Sometimes consumers are told that they need to sign up for a lease “for a short time” to let interest rates come down.” However when the consumer returns “in a few weeks” to change the deal to a purchase the salesperson who negotiated the lease with him is nowhere to be found and no one at the dealer has any interest in changing the consumer into the promised purchase transaction.
Car dealers have various reasons why they want to put you into a lease rather than to a purchase. One of the reasons is that car dealers often get larger incentive bonuses from the leasing companies to put consumers into a lease, so dealers frequently make more money from the lenders on leases. Same with the manufacturers: depending on what is going on with vehicle inventory, manufacturers will often give dealers incentives to put consumers into leases instead of purchases. Finally, lease contracts are confusing, permitting dealers to throw more curveballs into the lease which result in higher hidden fees and payments by the consumer.
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