Finance Rules to Watch For
Posted on October 28, 2010
Filed Under Consumer Protection, Vehicle Ownership
When you purchased your last car from Marketplace Suzuki, were you aware that there are some very specific rules in place that your salesmen and finance people must follow? It turns out that something even as simple as letting you touch the paper is a rule commonly violated and the company could be in trouble because of that. While we like the idea of someone protecting consumers from possibly mishap at places like Ford Collision Service in San Diego, you have to wonder if sometimes the rules need to be re-written and updated. If a paper is in front of me and I can clearly read it, then I don’t see the need to pick it up in my hands. Now that the Body Shop San Diego is aware of all these laws, it is time for consumers to know as well.
When you are out shopping, don’t be fooled by the terms “best” or “lowest” when it comes to prices and loan rates. Businesses know that they shouldn’t use these terms for fear of false advertising, but sometimes they still do. The bottom line is that these terms are ambiguous and open up the dealer to a lawsuit. Another common mishap occurs when a finance manager or salesman will encourage their buyer to exaggerate their income. If you only make $35,000 per year, then don’t put down $44,000 on the credit application just to get a higher loan. There are a lot of emotions when you are buying a vehicle, and you don’t want to end up with something you can’t pay for.
Before you agree to any payments, you will want to see all the details of your loan documents. Take some extra time to read them with a fine tooth comb. Dealerships are professionals and they will sometimes quote you a higher price and then “throw in” all this extra equipment “free of charge.” Really what just happened is you were financed for a higher price than you were aware and now the dealership looks good by giving you all these so-called free upgrades, when in reality, you did pay for those upgrades.
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