Reviewed by Attorney Chuck Panzarella KEY TAKEAWAYS 10-Day Window: In California, when you buy a car and the dealership arranges financing, they have 10 days to secure a loan for you. If they can't secure financing within this period, they must notify you, cancel the contract, and return any down payment or trade-in. Dealer Becomes the Lender After 10 Days: If the dealership cannot find financing within 10 days, they either have to cancel the deal or offer to finance the car … [Read more...] about The 10-Day Rule In Auto Financing Explained
Auto Fraud
Yo-Yo Financing: Don’t Be Fooled By This Car Dealership Scam
Yo-yo financing is a common car dealership scam used to trick consumers into signing paperwork that will cause them financial harm. Unfortunately, not everyone is well-informed of this car dealership trick and end up paying more for their purchased vehicle than they originally agreed to. If you have recently purchased a car from a dealership or are looking to buy one, it is important that you know all the details about yo-yo financing. It may end up helping you, your family members, or … [Read more...] about Yo-Yo Financing: Don’t Be Fooled By This Car Dealership Scam
CarMax Recall – Or Selling Defective Cars?
Is your CarMax recall just a recall or are they guilty of selling defective cars? It has been noted in numerous reports (ConsumerAffairs, CBSNews, etc) that the nation's largest used car dealership has been selling cars that eventually are recalled back to the dealership. According to a Consumer Affairs report, nearly 25 percent of the inventory at eight CarMax locations was under recall and had not been repaired. This statistic can be problematic, especially if it is about a … [Read more...] about CarMax Recall – Or Selling Defective Cars?
How to Spot Odometer Fraud and Protect Yourself When Buying a Used Car
Reviewed by Attorney: Charles Panzarella Buying a used car can be a risky business. According to the National Highway Traffic Safety Administration (NHTSA), over 450,000 vehicles are sold each year with illegally doctored odometers, costing unsuspecting consumers over $1 billion annually. As a consumer, arming yourself with information is the best defense against predatory odometer fraud. This guide will teach you how to detect tampered odometers and ensure you don’t get scammed. What is … [Read more...] about How to Spot Odometer Fraud and Protect Yourself When Buying a Used Car
Be Wary of These Auto Frauds When Buying an RV
Buying an RV, or recreational vehicles, can cause a great amount of stress. Since they are generally more costly than the everyday vehicles, one must take great caution to make sure they are not falling to any schemes the dealer might throw at them. If you didn’t know, California auto fraud laws apply to recreational vehicles, or RVs, as well. This means that if the dealer has lied about financing, misled you about the manufacturer’s suggested retail price (MSRP), or sell you a “lemon RV,” … [Read more...] about Be Wary of These Auto Frauds When Buying an RV
False Advertising and Misrepresentation – What You Need to Know
Reviewed by Attorney Charles P. False advertising remains highly prevalent across the auto sales industry, misleading countless buyers into overpaying or purchasing defective vehicles. This article explains common deception tactics used by dealerships, cites data on advertising fraud prevalence, and provides expert tips to avoid becoming a victim. Common Car Dealer Cons and Scams Beyond generalized lies about specifications or condition, some of the most widespread examples of misleading … [Read more...] about False Advertising and Misrepresentation – What You Need to Know