Reports of car scams are rampant since year 1996. Complaints of car buyers were compiled and put into record by city officials so scam car dealers will be warned that their tricks are known, and of course, such records are important for car consumers so they will be aware of the con rackets practiced by some tricky car dealers today. In this entry, I will be discussing one famous car buying scam in the top list of car dealer scams.
I'm sure most car buyers are familiar with the "Straw Purchase Scam", which is way too popular in 2005 and this year. When a consumer claims to purchase a car, the dealer will typically announce to the consumer that he does not have a
good credit history. It means that the buyer would have to find someone who will also sign the contract to help the buyer in building a sound credit history again. Then the eager car buyer will indeed find someone who will go with the deal. However, the good for nothing dealer is aware that with or without a co-signer, the consumer's loan would never really qualify. The co-signer agrees to loan deal, without knowing that the whole loan deal is in his name and not in the consumer's. This happens because the con dealer failed to make a loan fit for a co-sign. Result: The car consumer's credit history will not improve, even if he is paying all the due payments, since the loan deal is in the co-signer's name; the dealer obviously tricked you; and everyone else is happy except for the scam dealer.
You see, one can easily fall into such no good tricks of
car dealers these days. So, an advice to all car buyers out there, be observant and keen in dealing with car dealers. One will never know that he is dealing with a con car seller until it's too late for any amends.
