What if the dealer tries to re-do the deal?
BUYER BEWARE: Don’t become a victim of “yo-yo” financing. What’s yo-yo financing? A very common scam. You think you have a deal. You drive the car home and show it to your friends. Then you get a phone call from the dealer. He tells you there was a problem and you have to bring the car back. He reels you back in. Then he tries to re-do the deal, to his advantage. He may seek a larger down payment and/or a higher interest rate. He may even threaten to report the car stolen if you refuse to agree to the new terms. The law is clear: you do NOT have to accept a worse deal. Even consumer reporters who are experts at avoiding scams have fallen prey to yo-yo financing. If a dealer tries to pull this ploy, call a qualified auto fraud attorney for assistance to make sure your credit isn’t damaged in the process. For information about how to locate an experienced, pro-consumer attorney, check out www.naca.net.
