Used car dealers are notorious for taking advantage of innocent buyers. Fair assumption or not, nobody wants to be turned over. Car dealers have so many different tactics to get you buying a car it would make your head spin and your hair curl. Here are two dealer's scams for you to avoid.
BAIT AND SWITCH - As old as the hills but still going strong.
- A dealer is advertising one of your favorite cars at a really low rate in the paper. You get really excited by the thought of a great deal so you charge down to the dealership. "I'm afraid the car has gone" says the dealer. But there are other cars available right now with great packages for just a little more. You are interested though a little worried so you decide to listen to their spiel. If you ask for some figures the dealer will probably say that the finance manager wiil sort that out.
It is all about getting you through the door. The dealers believe that they can dominate you and manipulate events so that you end up buying a car. And to be fair, they are very good at it.
LESSON
- Do your research on the manufacturers websites and get to know about all the different options available on the model you are interested in.
- Having a friend with you can help if the dealer tries to put pressure on you.
- Don't sign anything until you have checked the document properly.
POOR CREDIT RATING
- The Finance Manager comes out and tells you that your credit rating is lower than it really is. In order to secure the loan the rate of interest will have to be higher as there is perceived greater risk. Can you believe it? Instant profit if you've got the neck for it - which these guys have!
LESSON
- Check your credit rating prior to visiting the dealership. Take some proof to show them if they try it on. The figure you are given regarding your credit rating is the same regardless of the identity of the searcher. Try Experian or EquiFax. If they start getting bullish leave and do not return.
You'll probably find this info. quite an eye opener. They don't stop here. They've got an army of tactics they can use. What these guys don't know about selling isn't worth knowing.
If you are not careful these dealers will chew you up and spit you out. Get the full inside story from an ex-salesman who was sick of the hustle. Use these weapons to negotiate your way to a great deal. This stuff is dynamite.
If you want to a buying guide for used cars or any other type of vehicle, check out all the scams here now!
