Beware of dealer scams.... Much of this artical was spot on, however one thing I found a bit misleading and have decided to touch on this issue. Aqusition fees are fees that the bank charges the dealer for funding a particular deal. This fee fluctuates based on the car, credit profile and down payment from the customer. So if the dealer is asking 10k for a car on the lot and the consumer interested in the car has a horrible credit profile and a low downpayment it is likely that the aqusition fee will be high. Ive seen these fees soar above 5k dollars. So if the bank is charging 3k for the aqusition fee the dealer is left now at 7k for the car. In many cases today there isnt that much room in these vehicles. Therefore the dealer either changes the price, which is illegal, the client puts more down or the deal isnt closed. And if a dealer asked 15k for a car that other dealers have listed for 10, guess whos getting the phone call....the dealer thats asking 10. At the end of the day this isnt a scam that the dealers are pulling, the banks are ultimatly getting over. Arm yourself by knowing the true value of a vehicle before entering the lot, many dealers are listing their cars far below the fair purchase price, which is a bunch of hocus pocus. If you have any questions, please post in comments below. Or call 305-209-2886 (editorial.autos.msn/article.aspx?cp-documentid=983570&page=3)
Posted on: Fri, 04 Jul 2014 03:25:02 +0000
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