It is easy to become confused about the car leasing process while many car salesmen take advantage of the consumer’s lack of knowledge in this area, so it is imperative to educate yourself before you consider leasing a car. Schedule a free consultation with an attorney at The Bennett Law Firm if you have been victimized by a car leasing scam.
Know the Scam Tactics for Car Leases
There are several areas where a car salesman can cost you more money if you’re unfamiliar with the car leasing process:
- Increasing the capitalized cost of the car so that you ultimately wind up paying the full manufacturer’s suggested retail price (MSRP) instead of the price you originally negotiated. Thus, the importance of checking the paperwork and all figures before you sign the lease agreement. If something does not look right, question it and make sure you understand the terms.
- Omitting the trade-in allowance for your car in the lease agreement which could literally rob you of thousands of dollars if you do not catch it. In addition, if you make a down payment, make sure it is included in the price reduction before you sign the lease agreement contract.
- Confusing you regarding the actual interest rate you are paying over the term of the contract.
- Including unnecessary warranties and other add-ons to the price of the car. Be wary of extended warranties that extend beyond the timeframe of the lease agreement.
- Attempting to convince you that leasing a car is always a better deal than the outright purchase of a car by telling you your payments will be lower. Keep in mind that while your payments for leasing a car may be lower, you will owe money at the end of the contract if your mileage is over the limit, and if the car is devalued.
- Failing to inform you about early termination fees and penalties. Even if you ask about early termination fees, many salesmen will leave out the penalties that apply to early termination of a lease contract agreement.
The Bennett Law Firm have assisted hundreds of clients in recovering damages for car leasing scams. We service clients in the following areas throughout Oklahoma:
- Oklahoma City
Feel free to schedule a free consultation online or call The Bennett Law Firm at 405.272.0303 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!