Quote:
Originally Posted by Efthreeoh
Because that is what happens in life; people try to screw you. It's an individual's responsibility to be best prepared for it. It's not like I haven't been clear on that point.
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While one can try to educate themselves as best as possible there are apt to be unexpected issues that arise. And not everyone is a prepared as you.
To whit: As I stated in my original post I never have and never will use dealer financing as I was educated early on that bank financing is better. That said, I decided to educate myself on dealer financing. Here was y first source:
https://consumer.ftc.gov/articles/fi...or-leasing-car
Here is what addresses the yo-yo issue:
Ask questions about the terms of the contract before you sign. For example, are the terms final and fully approved before you sign the contract and leave the dealership with the car? Does the price on your contract match what the dealer sent you ahead of time? And if the dealer says they’re still working on the approval, the deal isn’t final. Consider waiting to sign the contract, and keeping your current car, until the financing has been fully approved.
Don’t leave the dealership without a signed copy of the completed credit contract or lease agreement. Make sure you understand whether the deal is final before you leave in your new (or new-to-you) car. If you’re called back to the dealership because the financing wasn’t final or didn’t go through, carefully review any changes or new documents you’re asked to sign. Consider whether you want to proceed.
If you don’t want to agree to the new deal, tell the dealer you want to cancel and ask for your down payment and trade-in back. Make sure the application and contract have been canceled. Get confirmation in writing that the application and contact were canceled. If the loan was being arranged by a financing company, call that financing company to confirm. Keep copies of your paperwork.
If you agree to a new deal, be sure you have a copy of all the documents.
Now I can read that in hindsight and understand it. But I seriously doubt that the average person would fully understand the consequences.
Further, I am willing to bet that if I were to ask a dealer "Is the deal finial and I am good to go?" That they would say yes and not admit that the financing was not finial. Which is exactly what happened to those profiled.
So while you have been clear, you have not shown any empathy. Therein lies your problem.