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RSSAre you buying a new car?
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Purchasing a new car is perhaps a challenging task for many car buyers. The car dealers often add to the pressure. Since many car buyers haggle while purchasing a car, many of them are misguided by the scams and end up in loosing much of their hard earned money. So next time when you buy a car, make sure that you are also not ripped off by these scams.
Here is a list of some of the common scams.
Many of the car loan proposals mention the phrase “subject to loan approval.” Some deceitful dealerships will try and rip off more money out of you by citing the phrase as the reason. If you have a bad credit, beware of this scam because this can mean added finance fees of $1000 or more including an additional $50 as your monthly payment. If you want a car loan, it is better to get it from a bank or other financial institutions.
Another common scam is the credit score scam. In this situation, the car dealership will try to give you a much higher finance rate. They will notify you that your credit score is lower than it actually should be. To save yourself from this scam, carry a copy of your credit report with you when you purchase a new car.
The warranty scam is yet another common scam. The auto dealership insists that if you qualify for the so-called “car loan”, you will have to purchase a $2000, two or three year warranty. The truth is something else- you in fact don’t need the warranty!
Meanwhile the Dealer mark-up scam has in fact no purpose. Check this fee on a sticker attached to the manufacturer’s suggested retail price and you will come to know that the car dealerships aim at increasing their profits.
Beware of such scams at the time of purchase of a new car because, your car may be your lifetime investment!
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