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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Recent auto financing forecasts made available by Moody’s (NYSE:MCO) Analytics Credit Forecast.com economic forecast point to a trend of auto company dealerships across the country: total U.S. auto lease balances increased 9% in March, representing twice the increases in auto loan balances, according to PR Newswire.
While the number of consumers who take loans to help finance the purchase of an auto still outpaces leases, leasing options are growing, and the volume of leases as opposed to loans is growing more rapidly, expecting to peak at 50% of financing by 2017. Its unknown if this includes lease takeovers from consumers wanting to get out of a car lease and transfer the lease to others consumers, who may finance the lease through the original leasing company.
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Postmedia News reports Canadians are deeper in debt in 2012, with non-mortgage debt up 3.4%. The large increase, a 9.7% rise in Canadian debt levels was due to auto financing.
Auto financing through banks or dealerships financial brands contributed to this spike where more Canadians are buying or leasing new vehicles. The lower interest rates in Canada may make it attractive for Canadians to get into a new car or new lease, but across the provinces the rising debt levels of Canada is suggested that it will catch up.
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