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Dealer scams that you need to know about

On Behalf of | Apr 19, 2021 | Blog, Consumer Protection

Buying a car from a West Virginia dealer may be a stressful experience. This is partially because there are many opportunities for salespeople to engage in scams that could cost you a significant amount of money. Learning about these scams may reduce the chances that you fall victim to them in the future.

Check your credit score before leaving home

Your credit score is one of the most important factors that lenders use when deciding if you qualify for a car loan. It can also play a critical role in determining the interest rate that a bank, credit union or other financial institution will charge. Therefore, it is important that you know this number before heading to the dealership.

A dealer might claim that you have poor credit and can’t qualify for a loan at an affordable interest rate. Ultimately, spending a few minutes looking up your score can save you thousands of dollars.

A low monthly payment doesn’t mean that you got a good deal

Dealers are often willing to extend the term of your loan to lower your monthly payment. However, it’s important to point out that extending a loan’s term means that the lender will collect more interest. Therefore, you should be wary if you get a call after a sale is finalized saying that you’re eligible to reduce your monthly payment.

In some cases, a dealer increasing the number of payments that you’ll make is considered a form of auto sales fraud. An attorney may be able to help you hold a dealer accountable for fraudulent actions.

If you think that a car dealership has acted in bad faith, it may be a good idea to pursue legal action. It may be possible to obtain compensation to help recoup any losses incurred related to a dealer’s illegal activities. A legal adviser might be able to help you obtain a favorable settlement or jury award.

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