How to avoid falling for a dealer's 'yo-yo' financing scam when shopping for a car

[McFurd]

USA Today - 2/ 15/2019 - Phillip Reed Nerd Wallet - If you buy a new or used car, and a few days later the dealer tells you there’s been a problem with your financing, alarm bells should go off. You might be the victim of a “yo-yo” financing scam – so called because you’re pulled back into the dealership to renegotiate the deal at a higher interest rate and worse loan terms. Such scams are a twist on what’s known as a “spot delivery” in which the customer drives off in a car while the dealer continues shopping for their financing. By understanding yo-yo financing and what to watch out for at the dealership, you can avoid being put on the spot – and falling prey to deceptive practices. Read more @ https://www.usatoday.com/story/money/ca ... 839544002/