How to Avoid Auto Sales Scams

22nd June 2015   ·   0 Comments

Here are some auto ad claims that may be deceptive — i need an installment loan and why.

Vehicles are available at a specific low price or for a specific discount.


What may be missing: The low price is only provided after an exorbitant down payment is made and after other charges such as taxes and licensing and document fees are included.

Other deceptive pitches: The discount is only small loans in memphis tn for a pricey, fully-loaded models; or the reduced price or discount offered might require certain qualifications such as being a recent college graduate or having an account at a particular bank.

‘Only $99/Month’


What may be missing: The advertised payments are temporary “teaser” payments. Payments for the rest of the loan term are much higher.

A variation on serious loans for bad credit this pitch: You will owe a balloon payment — usually thousands of dollars — at the end of the term

‘Zero’ or ‘Low-Rate’ Loans


What may be missing: The low advertised annual percentage rate (APR) may apply only to loans up to a certain amount, which may be significantly less than the purchase price. You will pay personal loans average rates of interest a higher APR for loans that cover the balance of the purchase price.

‘$0 Due at Lease Signing’

What may be missing: The fine print indicates that additional fees — sometimes several thousand dollars — are due at lease signing.

‘You’ve won!’

What may be missing: The prize may not be available because the offer best cash advance Las Vegas is just a tactic to get you into the showroom.

Other Tips

Research the dealer before visiting the sales lot. Check the dealer’s reputation online by searching for the company’s name with words such as “scam,” “rip-off,” or “complaint.” Check to see if the dealer is the subject of complaints filed with the state attorney general or local consumer protection organizations. If you are a victim of auto sales fraud, you can contact your state attorney general or local consumer protection agencies. You can also contact the FTC online at www.ftc.gov/complaint or by phone at 1-877-FTC-HELP.

This article originally published in the June 22, 2015 print edition of The Louisiana Weekly newspaper.