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Car buyers beware

by Willy / February 8, 2009 7:08 PM PST

Whether its new or used, if you trade in your old car where the balance is paid by the dealership as part of the deal, beware. What is happening some dealerships that closed or defaulted due to the downturn of business may have left you in the lurch. If the dealership actually didn't pay off the balance and/or simply on a payment and is now in default places you in the seat to pay not only your original car payment balance but any new payment for the car you recently brought. In other words, two car payments which for most buyers is too much. For all intents and purposes of no fault of your own, yet you're saddled with the payments. Of course, if you can't make payments, you lose your new car as well possibility old one too. Let's not forget this may impact *your credit* rating as well.

Another link to the fine mess your wall street jerks placed main street in. -----Willy Shocked

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Good tip but I'd think no one with a brain
by Steven Haninger / February 8, 2009 8:02 PM PST
In reply to: Car buyers beware

should even fall into that trap. Dealerships that lure in customers this way should be out of business. They're not going to take your car in anyway if they don't expect to make money from it some way...either by reselling it there...but probably at auction. So they sell your old car and keep the proceeds from that sale rather than using it to pay your debt. Let them and they car shopper learn from this. I prefer to buy what I can afford keep the car long after the payment book is gone. Then you make payments to your own account until it's time for a new car. Pay cash. Dealers don't like this either because they make money on financing. Too bad.

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I can't rcall any business...
by Willy / February 9, 2009 1:44 AM PST

Telling me we're going out of business or in such dire straits and they we won't screw you somehow before it became public knowledge. A good recent example is Circuit City. While there were some rumblings of CC maybe failing they were still open through the Xmas season. So, all those possible ext. warranties and added doodads of security may not be so cherry how that CC is bankrupt. While not a car dealership, it can follow the same pretense, one isn't expecting the dealership to fold while one is sitting negating a deal. It just isn't on buyers minds at least for the moment. But, yeah it has happened and will continue to until credit and banks and such put the final touches on business that won't make it through extended credit crunch. -----Willy Happy

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