Top 10 SCAMS on USED CARS (Car Buying Risks) Kevin Hunter the Homework Guy
Car Dealer Scams, including old tricks and new tricks by car dealerships, presented by Kevin Hunter and the Amazing Elizabeth, The Homework Guy Team, home of the ONLY Hassle Free Car Buying Service.
Thinking of buying a car? Then you're probably like most consumers - afraid and anxious about being ripped off by a Car Dealer. And, your fears are well justified! Consumers in the U.S. lose well over $30 billion each year to car buying scams, many of which are easily avoidable while others may require a little expert help.
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Odometer Fraud. Digital odometers, which were thought to be less susceptible to tampering, can be even easier to manipulate. Unscrupulous dealers are reprogramming digital odometers using relatively inexpensive software and devices made for legally recalibrating faulty odometers. If you’re not sure this is real, read the report by NHTS which estimates that consumers will lose billions of dollars to odometer fraud each year and up to 1 in 10 used car sold may have had their odometers tampered with.
Compare the mileage on the odometer with the mileage indicated on the vehicle's maintenance records and get a free CarFax odometer check.
Stealing Your Trade-in or Down Payment
As crazy as this sounds, dealers can literally steal your trade-in or down payment with a stroke of a pen. The dealer simply changes or removes the amount from the car contract. If you actually did the math you’d see that your money or your trade isn’t there.
Fake Certified Used Cars
True certified used cars are ONLY sold through franchised dealers. They have reportedly gone through a manufacturer backed multi-point inspection process and usually come with some sort of extended warranty. Certified used cars come with a price premium - usually at least $1,000 over their non-certified counterparts. This creates an attractive opportunity for unscrupulous car dealers. They figure if they slap a certified sticker on a used car, they can sell it for more - and many do.
This trick is usually pulled off by independent used car lots that are not affiliated with any manufacturer. Only franchised car dealers can sell legitimate certified used cars. Make sure to verify that it's a manufacturer backed program and not just a dealer certification. For the record, we don’t recommend Certified Cars at all. NOT worth the extra money.
Spot Delivery Scam (Yo-Yo Financing)
The Spot Delivery Scam, also known as Yo-Yo financing, is a common scam used mostly against car buyers with bad credit. It occurs when a dealer leads the car buyer into thinking their financing was approved. They let them take the car home, only to call them back a few days or even weeks later to inform them that the financing fell through, and that they need to finance through a different lender, and usually at a higher interest rate. The majority of victims end up financing at a rate that is 5% higher than what others with the same credit should pay. If the victim had a trade-in, the dealer usually sells it (or tells them they sold it), so they're pressured to keep the new car.
Regardless of your credit worthiness, always have a car loan pre-arranged before visiting the dealership so you know exactly what kind of rates you qualify for. Never take possession of a vehicle unless the car loan is finalized - make sure to see that the financing has been approved first-hand. If they ask you to sign a "borrowed car agreement", that's a sure sign the financing has not been approved yet.
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