According to Carbuyingtips.com, there are at least 10 scams to watch out for when buying a new car.

Scam #1: The Financing Fell Through Scam (Spot Delivery Scam).  Basically this scam involves buying the car under the pretense of a low financing rate, only to find out a week later that you didn’t qualify and must accept a higher financing rate.

Scam #2:The Straw Purchase Scam. Watch out for this one, since it generally hits when inflation goes up.  If you have bad credit and need a co-signer, they will do a bait and switch, leaving your co-signer as the principle on the loan.

Scam #3: “Forget To Pay Off Your Trade In” Scam.  Here the dealer accepts your trade in saying that they will pay the balance on the old car, and apply the cost towards your new car.  The rub is that they don’t pay, the bank calls you for not paying, and you find out that your contract doesn’t say anything about the dealer paying your car off.

Scam #4: The “Lie To The Customer About Their Credit Score” Scam. Here the dealer tells you that your credit score is lower than it really is, and suckers you into financing at a high rate.

Scam #5: The “Your Online Lender Bounces Checks” Scam. Here the dealer tells you that your financing company “bounces checks” and they don’t do business with them, but of course they are willing to finance you themselves.

This is just half of the scams listed, and along with the scam carbuyingtips.com offers ways not to get burned.   Of course another good way to not get suckered is to rent…(see below!)

For more information on car, truck and van rental in the Southeast United States, visit Triangle Rent A Car today!

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