Dealer "Yo-Yo"...

[Opus]

It's despicable enough for a dealer to sell a vehicle out from under you... but has anyone been (or know someone who has been) "yo-yo'd" by a dealer?

https://www.npr.org/2023/02/04/1152932192/yo-yo-car-sales

"But odds are good that in the paperwork you signed when you bought your own car, there was some legal language saying the sale may not really be final. It often asserts that if the car dealer has trouble with the financing on its end after the sale, it can later cancel the deal, try to get you to agree to different terms, and take the car back if you refuse."​

This is a new one on me. It's amazing how the people in this article got shafted

Sponsored

 

[gsbrockman]

Just say No to spot deliveries.

A trip to the local BBB would be in order as well. I’d tell them to piss up a rope. No place takes three weeks for a finance approval.

 

[Opus]

Just say No to spot deliveries.

A trip to the local BBB would be in order as well. I’d tell them to piss up a rope. No place takes three weeks for a finance approval.

From the article, though, telling them to "piss up a rope" could end up landing you in jail for driving a stolen vehicle...

 

[TX_Ovrlnd]

Most of those cases were of people who had little to no credit and sketchy lifestyles. The dealers they bought from were certainly predatory. To avoid spot deliveries or yo-yo sales, get your own financing, make sure you buy what you can afford, and have all your necessary documentation. Go into a deal educated about car buying.

 

[gsbrockman]

From the article, though, telling them to "piss up a rope" could end up landing you in jail for driving a stolen vehicle...

I should have clarified better.....when you get my financing secured, call me back and I’ll take delivery. If there’s nothing locked in within a few reasonable business days, then they can piss up a rope.

 

[AFD]

"We usually have an approval within seconds of submitting the deal."

"In 2015, a new state law in Maryland went into effect. It says dealers have just four days to cancel a sale or it becomes final. And dealers are banned from selling trade-in vehicles until the sale is final."

Something like the new MD law seems reasonable, and if it literally only takes seconds to secure financing, then dealerships simply shouldn't release a vehicle to anyone until they've received that approval. If such a situation only effects a very small percentage of buyers like they're claiming, then doing this shouldn't pose a problem and would make sense as a lawful requirement nationwide.

Most of those cases were of people who had little to no credit and sketchy lifestyles.

Who, the black dude without a specified career that likely should've just returned the car? Or the enlisted service member stationed at a military base? Or the young working family with some retirement savings that got yo-yo'd twice from the same deal?

Or is a "sketchy lifestyle" code for anyone buying a used Hyundai for $300/mo?

I know you like to push buttons for funsies, but that's just a shitty thing to say about random people whom you have no idea what their financial situation and lifestyle actually is.

 

[TX_Ovrlnd]

Who, the black dude without a specified career that likely should've just returned the car? Or the enlisted service member stationed at a military base? Or the young working family with some retirement savings that got yo-yo'd twice from the same deal?

Or is a "sketchy lifestyle" code for anyone buying a used Hyundai for $300/mo?

I know you like to push buttons for funsies, but that's just a shitty thing to say about random people whom you have no idea what their financial situation and lifestyle actually is.

Reading in each of their stories gave away the issue they each had. The one dude was told to bring in his social security card to complete the paperwork the next day and decided not to instead. The service member probably bought from a place right outside post that everyone who checks into the unit is warned to not buy from. The young couple got hit twice because they didn’t figure it out the first time. They got real lucky and won a lawsuit for way over the dollar amount for what was involved, but that’s our legal system for you.

I hate dealers and wish they’d go away so we can deal straight with manufacturers, but each case seemed pretty easy to explain based on either reading the story provided or lived experiences like my military life. We regularly had stupid soldiers buying from predatory dealers, signing 15% interest loans and getting their cars repossessed and then resold. I call it like I see it bud, you don‘t have to like it.

 

[Wabujitsu]

Reading in each of their stories gave away the issue they each had. The one dude was told to bring in his social security card to complete the paperwork the next day and decided not to instead. The service member probably bought from a place right outside post that everyone who checks into the unit is warned to not buy from. The young couple got hit twice because they didn’t figure it out the first time. They got real lucky and won a lawsuit for way over the dollar amount for what was involved, but that’s our legal system for you.

I hate dealers and wish they’d go away so we can deal straight with manufacturers, but each case seemed pretty easy to explain based on either reading the story provided or lived experiences like my military life. We regularly had stupid soldiers buying from predatory dealers, signing 15% interest loans and getting their cars repossessed and then resold. I call it like I see it bud, you don‘t have to like it.

I concur.

The first young couple - not figuring it out the first time it happened = sketchy, or they did figure it out but went with it anyway, because their finances were sketchy to the point that they had to use a sketchy car dealer to be able to afford the used vehicle they wanted.

The young female Soldier who just discovered she was pregnant, and presumably single (as the article didn’t mention she had an immediate family), demonstrated bad decision-making by getting pregnant (which can result in discharge due to not having a family care plan) - that = sketchy. Young troops buying from predatory, sketchy businesses is a widespread, chronic problem in the Army. That too = sketchy, because young troops are constantly lectured about this yet they do it anyway.

The third gentleman didn’t provide his SS card to the dealership. There are a few sketchy things going on here. First, if he had it but refused to provide it, that = sketchy. Second, if he didn’t have it, he could have gone to ssa.gov and requested a replacement card, which costs nothing and only takes ten to fourteen days to receive it. Not doing so = sketchy. Third, telling the dealership you are bringing in your SS card but refusing to do so = sketchy. A dealership that hands over the keys when they don’t have the required documents is also sketchy.

Yes, these are all assumptions, but they are “high percentage” assumptions. There’s a whole lot of sketch here.

 

[GCMWillys]

It's despicable enough for a dealer to sell a vehicle out from under you... but has anyone been (or know someone who has been) "yo-yo'd" by a dealer?

https://www.npr.org/2023/02/04/1152932192/yo-yo-car-sales

"But odds are good that in the paperwork you signed when you bought your own car, there was some legal language saying the sale may not really be final. It often asserts that if the car dealer has trouble with the financing on its end after the sale, it can later cancel the deal, try to get you to agree to different terms, and take the car back if you refuse."​

This is a new one on me. It's amazing how the people in this article got shafted

I had this pulled on me early in life. Bought a car at a reputable dealer on a weekend. By Monday when the banks opened, they wanted to change the financing. I told them no and I would come back and get my car back and turn theirs in. Oops! They already trucked my POS off to auction. So my problem was their problem and they supposedly ate the cost. Shady dealers suck. Glad we have the options we do on this forum. My latest Jeep purchase @Koons_of_Tysons_Corner was flawless.

 

[AlgUSF]

Yeah, always have a financing deal in your pocket going in there if you're planning to finance. I planned on buying my last Jeep cash, and they begged me to finance it for 4 months at like 1.8%, I figure that they wanted to get the loan kickback and not have the credit union pull it back based on paying it off before 4 months.

Sponsored