How Car Dealing Credit Predators will Lie, Manipulate ,and Violate You
What Is A Credit Predator?
A Credit Predator is like a child molester. Yes, I said it, like a child molester. They take advantage of those who trust them.
Credit Predator’s violate those who don’t know any better. The Credit Predator tricks it’s victims into doing things that will hurt them for the rest of their lives.
Like child molesters, Credit Predators keep their victims from telling the law about their abusive practices through Mandatory Arbitration.
There are many Credit Predators; Banks, Credit Card Companies, Mortgage Lenders and more.
Like child molester’s Credit Predators are often people that have a gift of gab and know how to build trust and rapport with their victims.
This post looks under the shirt and tie and around the slick tricks of the Auto Credit Predator.
The best way to avoid being molested by the Auto Credit Predator is to:
- Get all promises in writing
- Get a warranty
- Know your F.I.C.O./Credit Score
- Keep your A.P.R. under 10% or buy with cash
The Lures of a Auto Credit Predator
Auto Credit Predators often lure you into debt through ‘no down payment’ or ‘low down-payment offers’. Think about some of the car commercials you’ve seen or heard?
But what you don’t hear is that you are bing baited by a Credit Predator. You also don’t hear disclaimers and legal jargon read at seemingly inhuman speed on the radio, the fine print is too small to read as it flashes on your TV screen too fast, and reading the print in news papers – forget it.
Manipulation and Mind Games!
Just like the child molester, the Auto Credit Predator will use lures like inflated animal’s. They offer free food, fun and endear themselves to anyone in your family as a gate way to their victims. But as soon as they have a qualified victim it gets dirty.
In my case, I was already pre-approved for a loan through my Credit Union. It’s always a good idea to join a Credit Union :).
As soon as I found a car that I was interested in and asked about the price two of the auto dealer’s said something like, “I don’t think you can afford that car, let me show you something more affordable.”
The problem was that these two jerks hadn’t even qualified me for a loan. They didn’t know if I was pre-approved. I had a blank check from a financial institution. I didn’t bite. I left both car lots and never saw those morons again.
Reverse psychology is one of many mind games that the Auto Credit Predator uses, but the meaning behind their mind games is to make you feel less-than or like you may have done something bad. so the Auto Credit Predator can continue to manipulate you into doing what they want you to do. Always be willing to walk away from anyone trying to manipulate you out of your money.
They Are Liars!
Just like the child molester, the Auto Credit Predator will look you right in the eye and lie.
Do not believe anything that the Auto Credit Predator Says. Do not trust the Credit Predator because they are not your friends. They are in business. The Auto Credit Predator will lie to you like their job depended on it (sometimes it does).
One of the biggest lies you can catch a Car Credit Predator in is about your credit score. The Credit Predator will try to attack your self esteem by telling you that your credit score is lower than what it really is.
I would advise you to know your credit (F.I.C.O. / Beacon) score before you shop.
The average Beacon score will usually range from 400 to 850. The average Beacon score in the United States is currently 720. The cut-off point for most first-rate banks lies in around a minimum of 640, whereas secondary banks will look for a Beacon score of 540 or higher.
The Car Credit Predator may say something like “I‘m sorry but you were turned down by all of our lenders because your credit score is too low“. Or they may say “only one out of five lenders would take you on“. These two of the biggest lies that the Car Credit Predators will tell you.
If the Auto Credit Predator can get you to believe that your credit score is too low, they can trick you into a higher interest loan.
How do you get around the lies?
It’s a very bad idea to buy a car ‘As Is No Warranty’. I’ve made this mistake before. Although I brought the car for cash, the salesman lied to me (I had a witness) but since I signed the deal without a warranty, I was screwed when the car broke down as soon as I got it off the lot. Yes, the back breaks and the cooling system went out as soon as I left the lot to go get gas. I also had to replace the whole front end (which cost me $1,800). Please make sure to get a warranty?
Always ask the car sales person to see the credit report that they pulled for you. Also demand that they give you a copy of the credit report that they pulled on you. Also ask them to explain the credit report in down to earth language.
If the Auto Credit Predator refuses to fully explain your financing and terms, in plain English, it because they are trying to trick you into a sign and drive.
Know the Annual Percentage Rate (A.P.R.) of your loan. The best way to find your A.P.R. is to directly as “What is the A.P.R. of the loan“? Asking the A.P.R. will put the Auto Credit Predator on notice that you are not going to be taken advantage of and violated.
The Truth in Lending Act is a United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs.
Make the Auto Credit Predator tell you what you will pay and what your interest rate will be. A lot of times, it the Auto Credit Predator will not even mention any credit terms. Instead they will give you a stack of papers and tell you where to sign and initial.
Finally, there usually is a 3 day return policy in effect in most states. When my car broke down, I should have taken the car back and demanded a full refund, but when I called the seller (a used car salesman) he said he would fix the breaks at not charge. The next day the dealer paid to have the car towed and he fixed the breaks.
Three day’s later, the cooling system broke down and my return period had passed (for the State of Florida) due to the breaks being repaired.
After the third day, the salesman that sold me the car never returned my calls again.
What do you think? Share your comment’s regarding any post you see here. Or if you have specific debt related or media inquires contact jcarltonford@yahoo.com
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