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A common one that I have encountered at my job are Buy Here Pay Here Auto Loan scams. I will be at work and a customer will tell me that they have a loan through lets say Arizona Shady Car Dealer. They literally get the loan through the dealership and make their payments in cash monthly to the dealership or they get repoed. Often where I am those targeted are Navajo people who might have language barrier issues. The thing about these loans is they aren't real. They don't show up on your credit app, they don't have any records, the vehicles remain titled to the dealership and I suspect that they are often at illegal interest rates. In addition the customers have no common protections and their vehicles are often erroneously repoed despite being paid up. Its pretty heart breaking talking to a customer who thinks they have been building their credit for the past five years and explaining to them that they have never had an actual loan before.
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Dec 28, 2017 06:06
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Dr.Caligari posted:I just went threw buying a car and the whole process is a scam you have to watch carefully. I found a car I liked and they worked up some numbers, and they looked acceptable until I looked at the numbers... theys were trying to saddle me with an 84 month loan @ something like 7.7% interest, and I have stellar credit. told them to get hosed and I started to put my coat on. They said "Well, just wait a minute" . The guy left and came back and said "Oh, he made an error and the interest is actually 3.2%" . Then they did the whole "I've never seen my manager lower a car by so much... your are getting a steal!!!" (Which I've heard multiple times in the past from numerous dealerships). Car Dealerships are shark tanks, if you go in without knowledge someone their is likely to take advantage of that fact. You have to walk in knowing what loan you are approved of, what fees are applied to the sticker, ( standard is going to be tax, registration, probably a $200 security etch and a $450 dock fee. Some places though are going to put a $500 Desert Package, or a 500 coating and you will spend the negotiating energy you have arguing to remove those things. ) You also have to know that I am teamed up with my manager to a certain extent. I as a salesperson will sometimes lie to a manager and sometimes I will collude with them. I had a deal two nights ago where I felt the customer was being honest with me that they wanted the price to 23,000. I knew the deal was not going to happen unless we dropped the price to that exact number. So when I took their offer to my boss I told my boss their offer was $21,000. Because I knew if I had been honest with my manager he would ended up around $24,000. I really can't recommend this podcast enough, its pretty accurate though some moments are highly dramatic and made me roll my eyes. https://www.thisamericanlife.org/radio-archives/episode/513/129-cars
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Dec 28, 2017 18:49
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BiggerBoat posted:Isn't it more like the first place was gonna offer more but make it up on the sale and hidden costs? The first place " Shot you in the foot" they knew you were leaving so they wanted to make sure you didn't buy anywhere else. So they gave you a ridiculous amount for your trade so that when you went anywhere else you would be offended by their offer/
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Dec 29, 2017 22:38
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