5 Tips on How to Tell if a Car Salesman is Trying to Trick YouPosted August 4, 2014
Car dealerships have a plethora of ways to make the most out of a sale. If you don’t watch out, you’ll end up paying more to purchase a new vehicle than you really want or need to. This can be especially devastating for someone looking to build a strong financial future.
Here are 5 tricks to watch out for when your are trying to tell if your car salesman is pulling a fast one over on you.
Trick #1: Preying on Your Shortage of Information
Salespeople love clueless shoppers. It’s imperative you know what a fair market price for your vehicle is, otherwise how do you expect to get a great deal? Websites like Edmunds.com and Kelley Blue Book are among the best places to find the information you need. Focus on the average transaction price in your area and be the intelligent buyer who aims to pay a little bit less than that. Do your homework before you hit the lot. Know the price you want to pay. If you’ve done your research you’ll catch the red flags when the salesman tries trick you into a higher price.
Trick #2: Finance Charge Hikes
You’ve chosen your car, and now the dealer is searching his database for a loan approval. You need to know that the dealership is not required to tell you the cheapest loan you’ve qualified for. This allows them to pad the interest rate. While this is completely legal, it’s unethical and should be noted if you suspect your salesman of doing this. Try getting pre-approved your local bank, then ask the dealership to match it.
Trick #3: Focusing on the Monthly Payment
If one of your salesman’s first questions is, “What kind of monthly payment are you looking for?”run the other way. With that information, they’ll calculate the most you can possibly spend and still hit that monthly payment by dragging out the loan for years upon end. You’ll easily end up spending more money in the long haul than you originally intended. It’s an intricate trick and a popular one.
Trick #4: The Bait and Switch
Often, when you see an add for a great priced car, you’ll find – once you hit the lot – that it’s a stripped down model of the vehicle. You’ve been baited, now the salesman will switch your thinking to a “slightly higher priced model”with all the bells and whistles. You’ll end up paying what you never wanted.
Trick #5: Selling Worthless Add-Ons
Dealers make a ton by selling all sorts of accessories, but take a careful look at the cost. Often you’ll find the same accessories at half price online or from a specialized dealer.
Contact us Today
If you bought a vehicle only to later find that you were working with a dishonest salesman, contact an attorney at The Bennett Law Firm, call at 405.272.0303, or fill out a brief contact form to schedule a free consultation to discuss your legal options with an experienced Oklahoma City lawyer today.
No Recovery, No Fee! We will meet with you face to face and can handle cases anywhere in Oklahoma. We can even come to you!