Warning about Car Interest Rates... getting scammed by dealerships

I just saw a news story about dealerships having every right to pull a bait and switch deal when it comes to getting financing for your car.

Here's the deal: If you buy a car and drive it off the lot the same day, your deal is not complete... your interest rate is not set. The dealership can claim that a credit issue means a higher interest rate and change the deal.

Here's is what you can do:

1. Slow down. Let the car sit on the lot until the deal is complete with the interest rate set... it can take up to a week.

2. Get financing from a credit union (or buy cash). This way you get the financing you want and the car you want for the price you want.


~Feel free to comment on your own phish experiences and add links to related sites in the comment section www.smellphishy.com