According to the Better Business Bureau, issues with new-car dealers remain among the top consumer complaints. Here are 10 hair-raising scams to watch out for.
Now we’re far from suggesting that the industry is rife with rip-off artists, but the typical new-car transaction contains many avenues for manipulation – if not outright fraud – that can easily be leveraged to an unsuspecting buyer’s disadvantage.’
“People can get into trouble because no one has ever taught them how to really go about buying a car,” says former car dealer and current consumer advocate and radio show host Nicole Markson. “People are not skilled at negotiating because they do it once every three to five years, while dealership personnel do it all day every day. The field is not level from the start.”
According to the Better Business Bureau, issues with new-car dealers remain among the top consumer complaints, and even a cursory investigation on the topic opens the proverbial floodgates to torrents of woeful tales. While some grievances can be attributed to inattentive or rude personnel or overly aggressive salespeople, many consumers find themselves the victims of egregious tactics that would make even the most brazen hucksters shake their heads in disbelief. Consider these horror stories provided to us by Edmunds.com:
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You’ve found a few perfect leases for take over but discovered their not local and even across the country. No problem. When taking over a car lease from another province or state, there are a few tips you should remember. First, lets assume you checked with the leasing company first to confirm you can perform a swap a lease from another state or province. While most leasing companies are national, its always safe to check first if the person who needs to get out of a car lease (lease seller) lease agreement allows for a lease transfer outside the state or province from which the lease was first purchased. Continue reading “Tips on taking over a lease from another state or province” »
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The manufacturer subsidized lease is one of the most sought after types of leases.
The dealership may have a urgency to move the vehicle lease off the lot, whether it be for new shipments arriving or the need to get rid of older models.
The manufacturer may offer a very low interest rate on the vehicle, or increase the residual value of the car than the average lease. Essentially any loss due to the a ‘massaged’ residual value by the manufacturer is the consumers gain.
The manufacturer subsidized lease is also known as the “subvented lease”.
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Welcome to the first step in our online auto leasing school. In our car leasing 101 you’ll learn the very basics and foundation of auto leasing.
At this point we’ll assume you do not know what car leasing is, or you have a very general knowledge of it, or you’re simply seeking a refresher. Either way, car leasing 101 is to simplify the concept of auto leasing and the basic understanding of what car leasing is, the types of leases, differences in financing via leasing versus other methods, and more.
So let’s get started…
- What is car leasing?
- Why lease a car?
- Types of auto leases
- closed end leases
- open end leases
- manufacturer subsidized leases
- Auto leasing versus buying
- Auto leasing versus renting
- Is leasing right for you?
- How auto leasing works
- What is a short term auto lease?
Think you know this stuff already? Great! Let’s get into auto leasing 201.
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The open end lease is similar to the closed-end lease, with the major difference being that the consumer leasing the car will be financially responsible for the difference in value if the residual value of the vehicle is less than the actual market value at the end of the lease. This is why before leasing a car its important to learn how to calculate lease payments, along with an understanding of end of lease charges by the leasing company. If the market value if worth less at the end of the lease agreement, you’ll be responsible to pay the difference.
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