read moreEvery new purchase has a clause in the contract that usually states that the deal is subject to loan approval. This gives the finance manager a loophole in getting more money out of you. All that this means in the contract is that the deal is not finished yet even you already have possession of the car and have signed the contract.
The dealer can then charge you $1000 more in finance fees and up your monthly payments by $50. This scam is generally pulled on people with bad credit because it is more plausible. If you are wondering why they would sell you the car at 6% APR if they knew you had bad credit (remember they ran the credit search already) the answer is simple; to sell the car.
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Topic: Buying Car Tips: Car Dealer Scam (Read 733 times)