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Yo-Yo Scam Archives

The Yo-Yo Scam: The Car Dealer Takes Back the Car

In the typical Yo-Yo Scam, a car dealership tells the consumer that she is "all set" and that her credit application has been approved. She drives home in her new (or pre-owned) car and shows it off her to her friends, family, and co-workers. About a week later, the car dealer calls and says "There is a problem with the bank. Your application was not approved."

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