Frank Myers Auto Maxx is sick and tired of the car dealer scams.
With summertime sales accounting for up to 75% of a car dealer’s annual profit, more local dealers are turning to deceptive pricing scams to recoup losses from the dwindling economy, warns auto industry advocate and owner of Frank Myers Auto Maxx in Winston-Salem, NC.
One such popular scam this year seeks to lure buyers in with aggressive pricing significantly below the factory price or the prices of competing dealers. Once the buyer is sold on the vehicle, the dealer then asks for an excessive down payment or attempts to pack the loan with aftermarket products to recoup the front-end loss.
“As part of this scam, dealers are offering vehicles for sale well below the invoice price with the hopes of ‘making it up’ on the back end by way of aftermarket products or services,“ warns Myers. “There are even some cases where the prices offered are false and simply represent a large down payment,” he adds.
Avoiding Summer Scams
So what can consumers do to avoid scams this summer at their local car dealership? Myers offers the following suggestions:
Remember that all dealers get their cars from the same places: factories, auctions or customer trade-ins. If one dealer is advertising the same vehicle for a much lower price than another dealer, you should look elsewhere.
If you suspect any negative marks on your credit, seek out a dealership that specializes in working with people who’ve made a few mistakes in the past. They are less likely to penalize you financially or treat you like a “credit criminal” – which is slang for dealers who only want to sell to customers with perfect credit.
If your car is paid off, you should expect at least the minimum fair market value at trade-in time. In most cases, if a dealer is offering below market value pricing on the car you’re buying, you should expect they’ll offer you below market value for your trade-in as well.
Getting Help
To assist Triad area consumers in avoiding car scams this summer, Frank Myers Auto Maxx is offering a free community service through the month of July in which a manager will personally review the details of any car ad or proposed deal to help buyers decipher it and understand the fine print.
This service is for educational purposes only and consumers are not required to buy from Frank Myers Auto Maxx to receive free help.
“We’re offering this service as a way to give back to the community and truly help people avoid getting ripped off this summer. We’ll tell you ‘deal or no deal’ so you can be confident that you’re making the right decision with zero pressure on our part, “says Myers. “That’s what being a small business in the community is all about.”
For more information on Summer Car Scams or the free “Deal or No Deal Analysis,” please visit http://www.frankmyersauto.com
