As a matter of fact, shopping for a used car is full of excitement and fun. An increased number of consumers find this option very attractive. Why? Well, everything is very simple. It is a quite affordable way of becoming the owner of your dream vehicle. However, you shouldn’t forget that used car buying is quite dangerous. The reason is that you can come across different car scams during all the stages of car purchasing process. You should especially practice caution not to fall for car advertising scams. That’s why, as an informed car shopper you need to be wary of enticing ads that offer unrealistic deals. For example, some deceitful car dealers are the authors of ads that offer ‘’fairy tale’’ prices. Others may promise no up-front payments, very low payments per month, etc.
It is worth to mention that the Federal Trade Commission warns consumers that not all dealers are honest. This means that advertised ‘’exclusive’’ deals may have dark secrets. Actually, according to the law, advertisements offering discounts or special deals must refer to certain details in a clear way. In other, a potential buyer must have the access to essential information related to the offer. Furthermore, such ads must explain exactly how a consumer may qualify for them.
These are some examples of common car advertising scams.
Cars are available at an unrealistic price
Here is a typical scenario of this car advertising scam. You saved money for a long timeframe to feel the luxury of driving your favorite model. However, a certain sum of money is still missing, but all of a sudden you notice an alluring advertisement. You can’t believe that this is a reality. The vehicle that you always desired to own is for sale at a surprisingly low price. In this situation, try to see the reality, even if you are extremely excited about the deal. Typically, the low price is after a down payment. It may involve a huge amount of money, including other fees as well. Sometimes the ‘’too-alluring-to-be-true’’ discount is for an expensive vehicle. Very frequently, this discount is available under certain circumstances. For example, the buyer must be a University graduate.
Ads that offer zero or low rate loans
It is another common car advertising scam. Thus, you made up your mind to take a car loan and you are researching cost-effective variants. During your search, you notice a ‘’unique’’ advertisement that attracts you at first sight. Although it is difficult to believe, you think that the ad offers a low rate loan. But what is going in reality? It is true that the low advertised annual percentage rate (APR) refers to loans that are up to a certain amount. Usually, it is less than the purchase price of the vehicle. One of the possible undisclosed sides of the ad may be this one. The APR can fail to express the true cost of the financing per year.
Car deals promising $0 due at lease signing
Car deals promising $0 due at lease signing are deceptive advertisements that aim to empty your wallet. You shouldn’t believe in such exclusive offers. Most probably, you are dealing with a car advertising scam that a ‘’smart’’ dealer made to trap unsuspecting car shoppers. Don’t hesitate to explore the fine print. You may discover an unexpected surprise. You may find out about additional fees that are due at lease signing.
In conclusion, the best method of avoiding car advertising scams is taking certain precautions. Did you decide to purchase a used vehicle based on an attractive ad? Feel free to ensure that all the terms are exactly what you agreed to. Take your time to explore all the documents in detail. You should always ask questions if something isn’t clear for you. Don’t sign any documents if you have doubts. In this case, you should simply walk away.