When you’re going in for your next car purchase keep your eyes peeled for the following scams.
1. The VIN# Window Etching Scam – Some dealers will charge you $300-$900 for window VIN# etching and tell you that you have to pay the money to get the loan because the bank insists on it. Don’t go for it.
Some dealers might tell you that the etching is free but will add on the etch money to your monthly payments to make up for it. Anytime a dealer says something is free, get it in writing and check your monthly fee. The best way to avoid this scam is to force the dealer to put it in writing if they say that the etching is free or simply etch the car yourself.
You can get an etch-it-yourself kit from http://www.CarEtch.com for $30 or just dont buy the car. Remember a lender doesnt require that you purchase any extras on a car. All the lender cares about is that you can make your regular payments on time.
2. The Financing Scam – You trade in your old car in and the finance manager signs you up at the agreed interest rate and gives you the car. After a week or two passes and he/she calls saying that you didnt qualify for the...
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