9. Beware of the 'yo-yo.'10 of 11If you finance through a dealer, make sure the terms are final, not contingent or conditional, before you sign and drive away. All too often buyers are told days or weeks later that their monthly payments or the required down payment has been increased. It's sometimes known as a "yo-yo sale," Frank says. Among the general population it happens to about one in every 22 buyers, according to an April 2009 survey from the Center for Responsible Lending. Among buyers with bad credit it's one in nine.<< Back to the '2009 Winter Auto Guide' table of contents Related Articles:10 ways to save on new carGreat deals on orphan models10 cheapest cars to ownTightwad's 10 tips to saveRelated Links:10 biggest gas guzzlersTop 10 fuel misersHow much should you put down?Monthly car payment calculatoradvertisement
If you finance through a dealer, make sure the terms are final, not contingent or conditional, before you sign and drive away. All too often buyers are told days or weeks later that their monthly payments or the required down payment has been increased. It's sometimes known as a "yo-yo sale," Frank says. Among the general population it happens to about one in every 22 buyers, according to an April 2009 survey from the Center for Responsible Lending. Among buyers with bad credit it's one in nine.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
A little research could save you BIG on interest.