1. Coral FLAG....Brick FLAG!Many machine buyers are falling fatality to the scams that caused many homeowners to begin living in a tent. Most of the continuance, this used motorcar scam is used on the evil or working troop Americans whose biggest obtain (other than a household) Testament be a machine.....used or fashionable.
You get a used vehivle from a dealer - coerce off with a smile. Many days later the dealer calls you, the customer, telling you the financing couldn't be arranged at the introductory terms.Oops!Instructions
2. Here's how it works. The dealer needlessly complicates and confuses the buyer unnecessarily which enables them to charge Exorbitant prices and fees for the vehivle AND the financing. Buyers with damaging or marginal credit are the biggest victims in this "yo-yo" sales practice. In many cases, the dealer would send you off the lot with a smile and wave goodbye, then, days later, call you to say the financing couldn't be arranged at the original terms.
3. The consumer is told he/she must transmit and sign NEW papers at a higher interest rate and other unfavorable terms. Should they try to cancel, the dealer tells them: NO WAY! Often the customer is in no position to refuse. These practices are troubling and may indicate criminal fraud so says the FTC, and they are pressing forward to put a stop to it.
