Scammed by an Oklahoma car dealership? Learn about yo-yo car sales.

Have you gotten a call from a car salesman saying that there's a problem with your financing AFTER you drove the car off the lot? You might be getting scammed.

While most people are not familiar with yo-yo car sales scams, many are aware of a much more timeless and widespread type of fraud: the bait and switch. Yo-yo sales fraud is just another form of bait-and-switch scams, though many Oklahoma car buyers may not recognize that they are being hoodwinked until it is too late.

How does a yo-yo car sale happen?

 

  1. You drive your new car off the lot after negotiating a sale, but before your financing has been officially approved. This is known as a "spot delivery." 
  2. You have the car for several days or even several weeks - enough time to get attached to the car and for friends and family to see that you have a new car. 
  3. You receive a call from a salesman at the car dealership saying that your financing was not approved. He'll also say that your best option is to accept a higher interest rate or renegotiate the deal in other ways, with him ultimately profiting. 
  4. You want to resist the bait-and-switch, but your options look limited. You've already been driving your new car, and you'd be embarrassed to return it to the lot. The car dealership may claim that it has already sold your trade-in. 
  5. You agree to a higher interest rate or to pay several extra thousand dollars to the dealership to keep your car. You've been scammed in a way that is just plain illegal.

 

In many cases, the dealership hasn't even tried to determine your credit score or to get your car loan approved. Instead, it is just looking for a stronger position from which to negotiate a better deal for business. It baits you with a good financing deal, and then switches the deal after you've already agreed to take the car.

An even more despicable form of the yo-yo car sale takes place when the car dealership also claims to have sold your trade-in - whether or not it actually has. If you resist the new and unfair financing plan, or ask for your old car back, then the dealership could even threaten you with auto theft charges.

How can you avoid a yo-yo car scam altogether? Auto fraud experts warn those in the market for a vehicle to read all documents carefully before purchasing. In addition, never drive a car off the lot before your financing has been approved. In today's world, a credit check can happen quickly, and, at the very most, you will have to wait a day or two for approval. An even better idea? Arrange your own financing before you set foot on a car lot.

If you have been the victim of a yo-yo car sales fraud or have been scammed by an Oklahoma car dealership, then talk with a Lawton auto fraud attorney immediately. Too many victims of car fraud keep quiet about how they have been scammed, but this attitude just allows car dealerships to continue their illegal behaviors and shameful business practices. Get justice, and make the car dealership that stole from you take responsibility for what it did. Call Scott Ray today at (580) 248-5557, and help stop auto fraud in Oklahoma.


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Scott Ray Law Firm

702 SW A Ave
Lawton, OK 75301
Phone: (580) 248-5557
Fax: (580) 248-5556
Toll Free: 888-472-7558
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