Quote:
Originally Posted by chad86tsi
I had a dealer try a yo-yo on me, but I think it wasn’t predation, but rather over optimistic financing. They called a week after the sale to say they wanted another $2500 down, so I asked “when can I come in to return it?” Just straight up dead-pan called their bluff. They said my trade was already gone (which I doubt), but I thanked them for buying for so much. A little back and fourth on the phone I told them I only live 2 miles away, it’s no trouble to drop it off and unwind the deal, and I had a company vehicle to drive in the mean time. He said he’d call me back. 2 days later he offered if I paid 1250 more down, they would increase my trade value 1250 to make the bank happy. I told them no problem, and promptly paid.
It’s not always predatory, and it doesn’t have to harm you financially. I came out ahead 1250, but you have to be willing to unwind the deal. I was happy to let them keep my trade at the negotiated price too, I was profiting as it was, so even if I lost both vehicles, I was positive on money.
Be willing to walk away, have alternative transportation options, and don’t negotiate with negative equity.
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The issue isn't in the rare case when it's innocent optimistic financing. Now, with the software they have they should know within minutes or hours at the most.
The issue is these shady dealers are finding easy marks they KNOW will have trouble getting financing at the rates they promised. These are people that don't usually have an extra car or the ability to fight.