Some auto dealers use tricks to sell vehicles that are not in good condition or will cost buyers more than planned. They do this in different ways, including matters concerning finances.
This guide discusses two examples of financing fraud auto dealers use to help you spot them sooner.
1. Lying about your credit score
When you want to buy a vehicle using a loan, the dealer will check your credit score to determine the interest for your financing. A dishonest dealer may lie that your credit score is lower to subject you to a high-interest loan.
Thus, always double-check your credit score before going to the dealer. Nonetheless, even if you know your credit score and ask the dealer about their lie, they may find tricks to convince you that their result is correct based on their report.
2. Adding to the price
The price advertised by the dealer may not be the one you pay. When you go to the shop, they may add additional charges. The latter is the price they wanted to begin with, but they lowered it on their ads to get customers into the shop.
Expect them to be strategic about telling you the additional charges. They will inform you of the advantages of the car and ensure you have made up your mind to buy it before dropping the bomb about the price switch. Since you are already at the shop, liked the car and – more than likely – let them run your credit, they hope to make you feel cornered into the deal.
Some auto dealers use these two tactics to steal from buyers. If this is your experience, you should get legal guidance to make informed decisions.