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13 car dealer tricks to avoid Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you financial calculators and interactive tools, publishing original and objective content. This allows you to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site are from companies who pay us. This compensation could affect how and when products are featured on this site, including such things as the order in which they may be displayed within the categories listed in the event that they are not permitted by law for our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that you read on this site. We do not include the entire universe of businesses or financial deals that might be available to you. Maskot/Getty Images
6 min read published on October 06, 2022.
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the details of borrowing money to buy an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers to control their finances through providing precise, well-researched and well-researched data that simplifies complicated subjects into digestible pieces. The Bankrate guarantee
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We are compensated in exchange for the promotion of sponsored goods and, services, or through you clicking specific links that are posted on our site. This compensation could influence the manner, place and in what order products are listed and categories, unless it is prohibited by law for our credit, mortgage and other home lending products. Other factors, like our own website rules and whether or not a product is available in your region or within your self-selected credit score range may also influence the manner in which products appear on this website. Although we try to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. The truth is that dealers don't want to scam you. But as an informed consumer it's essential to prepare for situations in which you come across a salesperson who has a bag full of tricks aiming to maximize profits. Car dealer tricks to watch for. These are a few ploys some dealerships -- even the most reputablemight try to use over you when it's time to buy. 1. The credit counselor could tell you that aren't eligible for rates that are competitive. While this could be true in some instances but the salesperson might suggest your credit is worse than it is, so you believe you'll need to pay a higher interest rate. What to do: Go to the store with your cash before you sit down with the dealer to ensure they don't try to trick you. You can also apply for an auto loan to avoid having to depend on dealership financing. 2. The single-transaction method A lot of people think of the purchase of a car to be one transaction. It's not, and dealers are aware of this. There are actually three transactions that can be that are rolled into one: the new car price, the value and the financing. All three of these are opportunities for the dealer to make profits, which means that all three of them are places that you can save money. What to do treating each transaction the same way the dealer treats each transaction: individually. You can look around at different dealers to find the most competitive price. And coming in with typical prices for the vehicle you're interested in will help you keep the salesperson honest. 3. The payment ploy The sales or finance team might throw out a great monthly payment -- one that you are likely to qualify for. However, there's usually a catch. In some instances the dealer might have factored in a large down payment or extended the term that the car loan until 72 hours or . Avoid this by focusing on the value of the car rather than the monthly installment. Don't answer the question "How much do you need to pay each month?" Stick to saying, "I can afford to pay an amount of X dollars for the vehicle." It is also important to ensure that the price that you negotiate is the total prior to your trade-in or used. 4. The sticker trick The vehicle price on the vehicle's window is what is known as the manufacturer's suggested retail value, or MSRP. However, that's not what's most important. You need to know the value of the invoice -- what the dealer paid for it. Starting with the invoice is much easier than trying to subtract off the MSRP. How to avoid: What vehicles are being sold for after considering any consumer and incentives offered by dealers. Certain cars that are hot sell at the sticker price or more. The price will drop when demand decreases. 5. Holdbacks are a common practice. Manufacturers typically provide cash-based incentives which are sometimes referred to as holdbacks to encourage them to move slower-selling models. It's not often advertised in ads. What to do: Search for holdbacks or other factory-to-dealer incentives available for the car you are contemplating. While it's not a given that the dealer will use one of these incentives to the car you like, it doesn't hurt to ask. 6. Spot delivery financing A few Dealers have reported to phone customers for days or even weeks after they have signed a purchase agreement, to inform them that their financing didn't go through. This is a scam. Spot delivery, also referred to by the name of spot financing is a scheme to get you to sign an loan contract at a greater rate of interest. The dealer can know whether you are eligible for financing quickly. The purpose of the subsequent call is to convince you to accept an loan with an interest rate that is higher because, according to them, they just found out you were not eligible for the quoted lower rate. Avoid this: Don't go out of the store without signing contracts that detail every detail and with every empty space filled in. Check to confirm that you've been approved for the loan your dealer offers. If that's the case the financing, they aren't able to withdraw the loan. 7. The illusion of insurance Some dealers might try to convince you to purchase an insurance plan when purchasing your vehicle. One kind of insurance, called gap insurance , covers the difference between what the vehicle is worth and the amount you owe it. It's typically an added cost, but if do want it typically, gap insurance is cheaper when purchased from your usual . Another favorite, credit life insurance, can pay off the portion of your loan in the event that you die before you've been able repay it. If these policies interest you it is important to understand what you are purchasing and if you have the option to decline it and shop around for cheaper rates. The markup on these policies when you purchase them from a dealership is often huge partly because the insurance companies that sell the policies to dealers offer huge discounts including everything from cash to luxury trips -- to push the policies. How to avoid: Don't automatically agree to the insurance policy that is offered. Certain insurers offer the benefits of gap insurance in their comprehensive insurance coverage for cars, so check there first. As for Credit life insurance, it's likely want to steer clear of it. In the majority of cases it's not the best choice for you. 8. The rate razzle-dazzle It certainly looks tempting to finance a brand new vehicle. However, this option might not be the ideal one for your budget. First of all, the majority of financial incentives are for short terms, and you need a stellar credit score. With short-term loans like 36 or 24 months, payments on even an affordable car could be astronomical. Additionally, you might be better off locating your own financing and then taking the dealer rebate when one is available. Say you're looking at a $20,000 car and will receive $4,000 as a trade-in. You can choose between zero percent financing or financing at 3.49 percent, with an additional $2,000 in rebate. The length of the loan will be 36-months. In the course of the loan you'll end up ahead by more than $1,200 If you choose to take the rebate along with you take advantage of the 3.49 per cent financing. What to do Calculate the amount of money you'll earn over the duration of the loan to determine which offer is best for you. 9. The rollover ruse It can be tempting to sell your car for a higher-priced car after you've paid off the vehicle you're driving. One method by which some buyers take advantage of this is by rolling over the remaining payments on their current car into the new vehicle loan or lease. This is a risky move. You will end up owing more on the second car than it's worth. In the jargon of the automotive world, you'll be " " in the vehicle. If it's damaged in an accident or if you decide later to sell it, you'll have to write out a big check to pay the remaining portion of the loan. What to do: You don't want to carry over an old vehicle loan into a brand new one. Instead, you should try to negotiate the best price by trading it in or via an auction. If not stay with it, do it. If you do not need a new vehicle, there is no reason to purchase a car before you have paid off your old one. 10. The long-term scam There is nothing legal or even fraudulent about dealers offering loan periods extending out up to seven or six years. In the end, many vehicles are more durable than they did previously which means that your monthly payment is lower. Still, it's not ideal. You're likely to owe more on your car than it's worth since your vehicle is depreciating faster than you're paying it off. What to do If you're thinking about a long loan time, you need to reduce your borrowing limit to a less expensive vehicle that's better suited to your budget. 11. The balloon trick is also used by some dealers will encourage the purchase of a vehicle with a low-cost monthly payment at the moment, only to have a more substantial balloon payment towards the close of the loan period. In some cases, this can be a legitimate method to finance the purchase of a vehicle. For instance, you could have just graduated and can reasonably assume that your earnings will grow by the time the balloon payment due. However, for the majority of people it simply means rolling over the remaining amount into a new loan. Tips to avoid them Avoid these offers and know the fact that your situation could be altered by the time that the balloon payment due, and you may be unable to make it. 12. Bait and switch Bait and switch happens when you're in the market for a car, and the dealer is able to get you behind the steering wheel of another one. Dealers can use deceitful strategies to get you on the lot, only to inform you that the car you'd like isn't in stock and then attempt to sell you on something else, often at a greater cost. What to do: Stick to the things you want. If you've taken the time to know what you're seeking, there's no reason to doubt your own thoughts. Wait it out or try another dealer that does have the car you want. 13. Contract cons Keep an eye for clauses hidden in the small print that you may be able to miss. These could take the form of changes to the loan term, add-ons that you never agreed to or other services which could lead to substantial costs. A legit lender will not attempt to scam you with this kind of thing However, it's important to be vigilant. If you spot any irregularities, be sure to point them out. If the dealer isn't willing to fix it take it off the table. How to avoid: Read carefully through the contract. Make sure you know all the charges and ensure the terms are clear to both the dealer and you. Be sure to keep the contract in a safe place in case something arises later on. It's not supposed to be an experience in which you feel tricked and leave feeling as if you've paid more for your car. The more you know, the better. take note of these typical dealer tricks to make sure you're not scammed. Find out more
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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