Re: Yo-yo scam exploits credit-cha
llenged car buyers
04-13-2012 11:55 PM
Yeah, my husband got pretty much taken on the car he just bought. I don't have the heart to tell him that though..
Dealer pulled his credit report and told him that he'd get him 12%, sent him home with the car with $1000 down. Three days later calls to say there's a problem with the loan, can he put another $1000 down. Okay, so, goes puts another $1000 down. Calls again in a few days to say that it still isn't working out, can he put down another $1000, so he puts down another $1000.
Gets the loan paperwork two weeks later and he's paying 24% interest. Car was only $4500, but, despite putting $3000 down he still owes $3900 at 24% interest. I tell him to bring the car back then since the loan still hasn't been signed, but, my husband was embarrased to bring it back since all his coworkers and friends already saw it. He was just angry about the interest rate, he hasn't yet put two and two together to understand that he should only owe about $1800.
Yup, I'm married to someone who can't do basic math and lets pride get in the way of common sense, but, stupidity should be painful, so I'll let it slide this time.
I would venture that it's a lot more common at little hole in the wall type dealerships that can just close up and rename themselves when they attract too much negative attention.
Oh well, at least now he's had a car loan which was a credit type he was missing before, so, I guess that's worth something, but not as much as he paid for it.. lol
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