DON'T BE FOOLED! By Car Dealer Scams! (compilation) Kevin Hunter the Homework Guy
New and Used Car Dealer Scams, include long-time scams and new scams pulled 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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Tricking You Into signing a Lease
This is a “lowered payments” game. You're looking to buy a car, but you say the payments are too high. Salesman says, if we can get the payments lower with no cash down payment, will you buy today?" The problem is, they are putting you into a lease instead of a purchase. Some buyers get bumped into a lease without even being aware of it. The salesman may refer to it a balloon payment.
All we can say is that you MUST pay close attention to the agreement and make sure you are NOT signing a lease. This scam works mainly on people who are tired and in a hurry, and simply aren't paying enough attention.
Negotiating on the "Wrong" Vehicle (a form of Bait& Switch)
Dealer will mislead consumers by giving you pricing on the wrong vehicle. For example, you may think you're negotiating for a 2023 model, turns out the dealer was negotiating based on a 2022 model, a year older and with more miles. In rare cases this could be a legitimate error on the part of the salesman, but if you suspect they're doing it on purpose, take your business elsewhere. You can help avoid this problem by requesting a VIN and then using a professional advice source like our help desk with Elizabeth to look up the vehicle and verify it is what they are claiming it is.
Topping the list at #1 of new Car Scams are Confusing Window Stickers. This one earns a risk level of 8, because we’ve seen dealers pull this so often. Everyone is aware of what a Monroney Window sticker is, right? The official window sticker from the manufacturer. It’s NOT supposed to be removed or tampered with.
Here’s what happens: the Dealer displays a "dealer sticker" next to the official MSRP. It’s what’s commonly known as an Addendum sticker. It is purposely designed to look official, but its only purpose is to fool buyers into paying more for the vehicle.The dealer added sticker will include options that were installed AFTER the car arrived on the dealer lot from the manufacturer. They're usually worthless and some aren't even options at all, but simply made-up charges. For example, you might see things like "Special Value Package" which includes fabric protection, or charges labeled ADP or ADM. Interestingly, this is an offense hiding in plain sight, because ADP and ADM acronyms stand stand for "Additional Dealer Profit" and "Additional Dealer Markup". They are generally always completely worthless, and some are even fake fees!
The good news is that YOU can easily learn how to spot a fake dealer sticker. This begs the question: Why do dealers do this? Interestingly, contrary to what many people think, dealerships don't actually make most of their profit on the sale of new cars. The car is simply a product to be sold that unscrupulous dealers find a lot of ways to add tons of other stuff to.
The fact is that most dealers make more profit selling you add-ons than they do on the price markup of the vehicle. Car dealerships are just like any other competitive business, and they can and most often will try to maximize these profits in any way they can. The law requires that each new vehicle display a MSRP sticker listing the price of the car plus all the options and a destination charge from the manufacturer. A prot-tip right here: The fact that a destination charge from the manufacturer is right on the window sticker, clearly demonstrates that a destination charge is ALREADY charged in the MSRP. DO NOT let a dealer itemize it and charge you twice for it.
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