This is a very common car dealer scam designed to rip off people with bad credit. It is also referred to as the Spot Delivery scam.
While you are at the car dealership you may be told that you have excellent credit and got a good APR on the loan. Then they hand you the keys to your new car, tell you the sale is subject to loan approval and so you drive happily off.
A few weeks later you get an unexpected phone call from the car dealership letting you know that the loan fell through because you didn’t qualify for the interest rate that you thought was guaranteed. So they ask you to come back to the auto dealership to work it out. If you fall for this car scam be prepared to pay a much higher interest rate.
The dealership knows exactly what interest rate you qualify for and how large a loan you can get. They knew you had bad credit long before you drove off. They knew that even though you could get a loan the APR would be high. The result: you would either purchase a less expensive car or decide not to get a car at all. You want the car badly… if the price is right. The salesman is well aware of this. He or she also knows your credit score and wants to make the sale any way they can.
If you believe that you’ve been a victim of a Yo-Yo financing scam you should immediately report the car dealership to your state’s Attorney General Office. You should also contact the Better Business Bureau in order to report a dishonest dealership. You can also try to find better financing with a better interest rate as fast as you can.
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