Yoyo car deals

You just drive; we'll take care of the rest

I pay for insurance and call the bank back for them to say they can't speak with me I need to call the dealer when I do I am told my finance manager has been fired and they transfer me to someone else. I leave a detailed message and I hear nothing for 6 days meanwhile I am getting hard inquiries from auto lenders and credit unions and I am about to out a fraud freeze when this guy calls apologizing for the previous guys actions he has been fired and I need to come back to the dealership because the bank denied me.

I had already confirmed my acceptance by signing the paper they kept and called them and never received a notice of denial from anyone meanwhile. It's been almost 3 weeks. The sale was never reported to the DMV and some papers indicate a cash sale of while others indicate financing of I notice I'm not even on the transfer of interest or the temp reg even though he had me sign everything.

Then I get a denial in the mail from a bank I never heard of for an attempt to finance initiated my the dealer after he had already told me he couldn't get me financed and insinuated that my original finance manager was misleading and negligent with my paperwork. Now he wants to meet tomorrow for my girlfriend to sign another contract with higher rates. He still hasn't provided me with the original finance contracts or any adverse action notices and says that he will bring the denial from the original bank but can't provide copies of their communication paperwork with any of the lenders.

I want a lawyer to look at my paperwork because it seems like not only was I misled and defrauded but my credit was accessed 7 times without my permission and the contract agreements seem like it was a cash sale while warranty and retail contract indicates financing and I'm not even mentioned on some of them also the assignee or Leon holder boxes say not applicable. What are my rights and how should I proceed? There is so much more but this comment is sooo long as is. Can you please tell me who I should contact.

Oh and my 3 thousand dollar money order is no longer valid because it was already addressed and dated for 3 weeks ago and I was directed to shred it and count it as a loss. Can I sue? Keep any paperwork you got from the car dealer or banks. You can contact your state state Attorney General about your experience with the car dealer. You could contact a legal aid lawyer to see if you're eligible to get help. Use this state-by-state list from the American Bar Association to find a private lawyer in your state.

It also has information about your state court system and explains what you can do on your own. The State Bar Associations website is another resource.

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Use the State Bar Associations list to find the bar association in your county, and call them to ask about finding a lawyer. Thank you for your time and advise Bridget I have contacted my AG and he has assigned an investigator and has provided a copy of my complaint and supporting documents to the Director of the Department of Licensing here in Washington.

I will look into the organizations and programs you referred as the attorneys who reviewed our case have stated that we have a great case but we can not afford their assistance and our everyday bills.

Yo-yo Financing Trap

At this point I am still in the dark about whom I need to send payments to for my truck. I purchased insurance the day after I brought it home any way so at least that is covered for the next year. Also, this past Saturday I received a Prepaid Maintenance Plan Card from the dealership but no further info was provided. This was the first time I have went to a dealership for a vehicle and I will never do it again. I am afraid to drive to the post office right down the street because I don't know if it's legal and I'm not sure if they can come and take it while I'm inside and leave me stranded.

I can't get any info about title history or registration history. I want to take it to the state patrol to get it looked at since the dealership won't provide me with any historical information. Sorry to unload all of this on you I guess I just needed to vent. I go to a big Jeep dealer. I have pretty bad credit, but good income.

They lease me a jeep, and take my toyota sienne LE, with a bad engine in on trade in At first they tell me it will be a month, then say because it's a newer model they say it must be I figure okay. My credit will get better. I drive the car out. Now to make matters worse, they take my trade in, and pull the engine They asked for more money down My big question is simple I know. But is the 10 day rule the day they mailed the concellation, or the day I received the certified letter.

Also, don't they have to return my car they took as a trade in, in the exact condition they received it. Parts back in the car the way they were. I'll call a lawyer tomorrow. I was advised not to talk to them. You can also contact your state Attorney General. Use this list of state Attorneys General. The information you give will go into a secure database that the FTC and other law enforcement agencies use for investigations.

I financed a car 6 months ago dealer called said capital one sold part company and new company going to finace come and sign new contract? It is your choice whether to submit a comment. If you do, you must create a user name, or we will not post your comment. The Federal Trade Commission Act authorizes this information collection for purposes of managing online comments. No problem! The dealer's primary goal is to lure you in. Then after you sign on the dotted line, they reel you back in again. If the dealer calls and demands that you return the vehicle: If you are called back to the dealership for a "new contract", take a friend with you who drives another vehicle, so you can leave the car you bought under the original contract, and still have a way home.

Write a note to the dealer asking that they put in writing that you failed to qualify for financing under the original contract. If they refuse to do so, you have either caught them in a lie, or they are trying to avoid clear evidence that the original contract is no longer valid. If they continue to refuse, leave the vehicle, with the keys and you follow up with a letter to the Manager that his dealership refused to put in writing that the original financing did not go through thereby voiding the contract.

Don't let the dealer pressure you into another contract on worse terms, unless of course you are willing to live with those terms. Refuse to sign a new contract. Stay calm. If the dealer tries to intimidate you, return the car, give the dealer the keys, and leave.

Yo-yo Financing Trap - What you need to know about Yo-Yo financing

At that point, you no longer have a contract and are free to buy a car elsewhere. Dealers are eager to sell cars, especially now, when the car market has taken a nosedive. Often, if you refuse to sign a new contract and insist on returning the vehicle instead, the dealership will back down and accept the terms you already had negotiated. If the dealer tries pressure tactics, such as threatening to report the vehicle as stolen or hurt your credit, contact an attorney who specializes in auto fraud your local Bar Association can direct you who can assist you in getting out of the deal, without any repercussions.

The attorney may charge only a nominal fee for this service, or walk you through the steps so you can do it yourself. It's better to pay a small amount for legal assistance than to lose thousands in excessive monthly payments, for the next years. If the dealer refuses to give back your downpayment, after you return the vehicle, contact an attorney specializing in auto fraud or take the dealership to court to recoup your downpayment. Yo-Yo Success Stories: A young actor on Los Angeles bought a new motorcycle at a major Honda dealership near his home. Then the dealer called and told him his loan did not go through.

The next transaction had a much higher interest rate that added hundreds onto the price of the motorcycle. Then the dealer called again and wanted even more.

Deal or no deal? FTC challenges yo-yo financing tactics

When the actor balked at that, the dealer threatened to report the vehicle as stolen. Imagine this: You buy a car, sign all the paperwork and drive home. Leslie Hurst of Ludlow, Ky. I had a payment plan set up. As far as I was concerned I had bought the car. For Carolyn Edwards of Wellington, Fla. In some cases, they want to cancel the deal and demand the vehicle back. The yo-yo scam is really bait-and-switch on the financing.

For its report, Deal or No Deal: In a statement to msnbc.