While we want to believe that everyone out there is an Honest Abe, unfortunately, scammers are abundant – but they’re not always easy to spot. Here are some common car buying scams to be on the lookout for.
Scams to Watch Out for When Car Buying
1. Spot Delivery
A spot delivery, also called yo-yo financing, is when the dealership says you’re all good to go and you can take the car home even though the financing hasn’t officially gone through yet. What may happen, however, is the dealer calls you to inform you that you have to come back to the dealership because your loan request was denied – and if you want to keep the vehicle, you’ve got to figure something out.
What often happens with a spot delivery is that you have to return to the dealership and get a loan that’s not as good of a deal as you were told you were going to get. This can mean a longer loan term, a higher interest rate, or possibly, that you’re required to put…