When you”re going in for your next car purchase keep your eyes peeled for the following scams.
1. The VIN# Window Etching Scam – Some dealers will charge you $300-$900 for window VIN# etching and tell you that you have to pay the money to get the loan because the bank insists on it. Don”t go for it.
Some dealers might tell you that the etching is free but will add on the etch money to your monthly payments to make up for it. The best way to avoid this scam is to force the dealer to put it in writing if they say that the etching is free or simply etch the car yourself.
Remember a lender doesn’t order that you purchase any extras on a car. All the lender cares about is that you can make your regular payments on time.
2. The Financing Scam – You trade in your old car in and the finance manager signs you up at the agreed interest rate and gives you the car. After a week or two passes and he/she calls saying that you didn’t qualify for the interest rates that they gave you when the deal was made.
Every new purchase in the contract has a clause that usually states that the deal is “subject to loan approval.” This gives the finance manager an opportunity to get more money out of you. All that this clause means in the contract is that the deal is not finished yet even if you already have possession of the car and have signed the contract.
3. The Credit Score Scam – This is desperation in action. This is when the finance manager declares you that your credit score is lower than it really is so that they can get you for higher interest rates. This scam is pulled on everyone; good or bad credit. This scam is easy to avoid. Just get your own copy of your credit report from Equifax.com, and bring it with you.
It”s pretty hard to lie to you about your credit score if you have your own copy of it. If your paper and theirs doesn’t say the same thing, you might want to shop elsewhere because that dealership is sleazy. Don’t hesitate to inform them it too because it’ll be nice to watch them try to back out of that one.
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