Automotive Finance Scams to Watch Out For | Approved Auto Leads

Posted on: August 8th, 2012 by credit

Buying a new car is no joke because it involves a significant amount of money. The same goes even if you buy your car through special deals offered by the car dealership. That is why it is important to be vigilant and be on the lookout for dubious auto financing scams that can eat a huge chunk out of your car budget.

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Who Are the Victims?

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Because automotive finance involves a lot of money, there are a lot of scams designed to dupe the car buyer. The usual victims of these scams are those without car buying experience or are buying a car for the first time. People who do not know anything about finances are also victims of these scams as well. Companies also prey on people who have low credit scores because these people do not have a lot of options when it comes to buying a car. These people are usually found with the help of special finance auto leads.

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Extras You Do Not Need

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A common automotive finance scam is when you are enticed to buy extras for your car that you do not need. These extras come in the form of fabric protection, protection from rust and etching your vehicle identification number on the windshield. In most cases, fabric protection and rust protection products are available at the store and you can do these things by yourself. If you need to have your VIN number on your windshield, you can etch it yourself by using an affordable VIN etching kit.

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Extended Service Contract

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Another common automotive finance scam is when you are offered an extended service contract. This is another thing you do not need because a reliable car will not break down after only a few years of use. Your new car?s warranty should be enough and you can use the money you saved in more important things.

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High Interest Rates

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Some car dealers will ask for higher interest rates in your auto loan because you ?do not qualify? for their lower interest rates. You can get around this automotive finance scam by getting your auto loan from a bank or reputable lending institution. You should also know your credit score so you can get approved for a car loan easily. Come to the dealership prepared and bring your approved car loan which you can use as leverage when buying your new car.

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Fraudulent Online Deals

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You should also be wary of? deals that require you to transact business online. These people usually ask you to deposit a check in an escrow account and once you give them your money, it turns out that there was no car after all. Your hard-earned money has been stolen and you will have a hard time getting it back.

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Tags: auto finance, automotive finance

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Source: http://approvedautoleads.com/auto-leads/2012/08/automotive-finance-scams-to-watch-out-for/

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