Watch Out For These Car Scams (1)
When you purchase a new automobile it is somehow hard enough without having to deal with the sales pressure from a car salesman. It’s no big secret that almost every car dealership can be talked down on the initial price they want for a car. The important point is to know what car scams to look out for in order to maximize your hard earned dollar. A few sales tactics are detailed in this article that you may want to be on the lookout for the next time you purchase a new automobile.
The first money wasting scam deals with checking the vehicle’s VIN# on the window. In some cases you will be made to pay for the added features by the dealership. Please don’t fall for this trick. No lender will require you to pay for any extra options that you don’t require. To be honest the only thing they care about is whether or not your payments are on time.
Be on the look out for the phrase “subject to loan approval”. Almost every car loan will have this phrase in it and trust me when I say that some dealerships will try and exploit you out of more money using this phrase as the reason why. Such car scams are usually offered to consumers that may have bad credit so if your credit score is good you shouldn’t have to worry about being taken advantage of by the dealership. The bad news is for those that are taken advantage of it usually means upwards of $1000 more in finance fees and an additional $50 a month added to your car payment. One way to avoid this scam is to finance the car through your own bank or credit union.