In today’s technological world internet has made our lives easier but at the same time we are also being frauded badly. It’s easy to buy cars online through a lot of potential platforms or through some broker but it’s important to be aware of the fact that how a dealer can rip you off. Details given below will help you prevent from being frauded.
An extended warranty isn’t worth the cost. New cars come with manufacturer warranties for the first one to three years, when problems are most likely to arise. Car dealers can earn commissions of 50 percent or more on them, but put the money you’d spend on an extended warranty in an emergency fund for car maintenance. Dealers can make consumers buy other items that have little or no value. There are contracts that include free oil changes for life, but you would have to hold on to the car for 30 or 40 years before you get your money back on that.
The customer is vulnerable to having the dealership jack up the price. Make sure to ask about hidden fees and costs that could go into your monthly payments before you put in your deposit as dealerships can mark up interest rates and pocket the the difference. Some dealers keep people for hours on purpose for the sake of wearing them down, so that when they sign papers, they’re just anxious to get out. A salesperson may try to push you into a sale by telling you that the deal they offered is only good for that day or another buyer is interested in the same car.
Scam is most commonly used against people with bad credit scores because they may not have other options for paying for the car, where dealers try to make money through financing. Some allow potential buyers to leave with a new car before the financing has been finalized. They might trick you to raise the auto loan terms by a year. In this case they’ll make payment of the car rather off in 48 months, it will take 60 months. The monthly payment will drop but you’ll pay more over the long term.
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