Law and Rights
In a recent article, Forbes website ran an article called "10 Ways to Outwit a Car Dealer" and quoted Lemon Law attorney Ron Burdge discussing the secret ways car dealers make money off customers, including "Dealer Reserve."
That's a practice many banks and other lenders have used for years to basically bribe car dealers to send consumer loans to them by giving them a kickback that is based on the amount of the interest rate that the dealer puts in the finance contract.
"Most people don't realize it but the interest rate on that loan the dealer sets up for you is usually a number that the dealer itself picks out and often it is based on how much of a kickback they can get from the bank," says Burdge.
The Forbes article is full of other car dealer slang terms, many quoted from Ron Burdge's Car Dealer Dictionary found online by clicking here. It makes for interesting reading!
Don't let a car dealer rip you off ... and if you already has, then call us, 1-888-331-6422 Toll Free. Sueing dishonest car dealers and lemon manufacturers is what we do. Every day.
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Ticked off by the way a car salesperson treated you? Do you want to warn other consumers? Here's your chance. Maybe. We wrote about car dealer complaint web sites awhile back (click here to see the earlier blog) and back then we had high hopes for...
Law and Rights
Forbes Quotes Burdge
In a recent article, Forbes website ran an article called "10 Ways to Outwit a Car Dealer" and quoted Lemon Law attorney Ron Burdge discussing the secret ways car dealers make money off customers, including "Dealer Reserve."
That's a practice many banks and other lenders have used for years to basically bribe car dealers to send consumer loans to them by giving them a kickback that is based on the amount of the interest rate that the dealer puts in the finance contract.
"Most people don't realize it but the interest rate on that loan the dealer sets up for you is usually a number that the dealer itself picks out and often it is based on how much of a kickback they can get from the bank," says Burdge.
The Forbes article is full of other car dealer slang terms, many quoted from Ron Burdge's Car Dealer Dictionary found online by clicking here. It makes for interesting reading!
Don't let a car dealer rip you off ... and if you already has, then call us, 1-888-331-6422 Toll Free. Sueing dishonest car dealers and lemon manufacturers is what we do. Every day.
Burdge Law Office
www.BurdgeLaw.com
Helping Consumers, and Consumer Law Attorneys, Since 1978
www.BurdgeLaw.com
Helping Consumers, and Consumer Law Attorneys, Since 1978
Subscribe in a reader- How Car Loans Rip Off Consumers
Think getting your car loan set up by the selling dealer is a good deal? You better think again. The Center for Responsible Lending has a terrific (and short) Car Loan Quiz that will shock you about just how much money consumer car buyers lose to car...
- Abc News Explains The Yo Yo Game Car Dealers Play On Consumers
Noting that tomorrow the Federal Trade Commission starts considering a new regulation to stop unfair and deceptive car dealer fraud tricks, ABC News has an alert on their website with a nice video explanation of the Yo Yo scam that many car dealers...
- Rebate Or Best Interest Rate?
Do you take the rebate or the zero rate loan? Which is better for you? Manufacturers often try to boost sales by offering new car buyers either a rebate or "zero" (or low) rate financing, but it can be hard to figure out which is the better deal for you....
- Triad Service Contract Triage
If you got a Triad Vehicle Service Contract, we'd bet you probably got ripped off. Not just because the company is gone, perhaps, but because now all you get is the runaround on coverage. Maybe there's hope. The Triad oepration has gone thru several...
- Rate Your Car Dealer
Ticked off by the way a car salesperson treated you? Do you want to warn other consumers? Here's your chance. Maybe. We wrote about car dealer complaint web sites awhile back (click here to see the earlier blog) and back then we had high hopes for...