Who’s involved? – New and Used
Dealerships
What is it?
- This scam happens when buyers
bring their current car into a dealership with aspirations of making a good
deal to get top value for trading in their old for a new one. Dealers can very easily alter text and
phrases to make your trade-in disappear from your contract. Another way this works is when they advertise
that they will take any trade-in, even if the vehicle doesn’t work. The reason they implement this strategy is
because they can buy your car from you for almost nothing. While this doesn’t seem so bad, it’s the fact
that the money they paid for your car is money you are already entitled through
a rebate or incentive. Most dealers
don’t want you to know that and so they advertise accordingly by appealing to
your willingness to get a deal on your beat up car.
How to avoid? – Avoiding any trade-in scam is easy;
don’t trade your car in. Sell it
privately or through a selling agent.
Take the profit you made of that car and put it towards payments on your
new car. If you must trade your car in,
do not expect to get the best value for it.
No dealership will offer you top dollar for a trade-in. If you do go this road, make sure you see the
savings from your trade-in in the contract before you sign it.
Terms & Trigger words to avoid? – “Push, Pull or
Tow” This is the type of advertising
slogan dealerships use to convince you to trade your car in with them. While not all dealers who do this are out to
rob you, a vast amount more than you may think know this trick and use this
ploy to play consumers.
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