If it’s one thing that makes my blood boil it is seeing corporations trying to prey on people when they are most vulnerable. Car dealerships are trying to do just that.
Please Don’t Let Car Dealerships Take Advantage of You Right Now, Here’s Why.
I am sure by now you’ve heard or seen car commercials offering 6 months of no car payments, 6 years 0% interest and even 2 months of paying your mortgage or rent, right? If you haven’t, now you know (it is literally everywhere right now).
Some are even offer you to take “virtual test drives” and will deliver the car right to your house. Whhhhattt? Why would you ever buy a car without driving it?!
Well, here’s the thing – it’s all a LIE and it is sad car companies are trying to take advantage of people right now with everything that is going on.
I am just going to break some news to you – car dealerships are ONLY out to do one thing – make money.
They don’t have your best interest at heart.
They don’t care if something happens to your finances or to that car after you drive that car off the lot.
They only care they sell a car and make $$$.
While 6 months of no car payments or even having your rent/mortgage paid for seems enticing, but it’s not. In fact, they sort of trick you into a deal that you end up paying way more for in the long run.
How do I know? Because I read the fine print.
I also just went to *see* what this “deal” entailed and guess what? The dealership I went to completely admitted the tactic. Here’s what they told me…
For starters, you are required to have a really good credit score, often a 740+ credit score in order to qualify for these types of deals.
Second, if you tell them your mortgage or rent is $3,000 a month, they’ll certainly cut you a check for that 1-2 months but guess what? It’s added into the final cost and amount of your car loan.
That means you are PAYING interest on that amount for YEARS. They don’t even care how much you tell them your rent/mortgage amount is because they just add it to the loan (that’s what I was actually told).
Third, you wind up with large car payments after the 6 months are up. Something around $700+ or more once the 6 months are up.
The bottom line here is, I’d hate to see someone get tricked into the idea they are getting help when they really aren’t.
Unless you have a perfect credit score, you aren’t upside down in your current car and you are able to pay cash for a car, don’t fall for these ads that prey on vulnerable people right now.
If you are really struggling with your current car, rent or mortgage payment, contact the company or landlord directly. There are so many options on there to reduce payments, defer them and even decrease interest rates. Those will put you in a much better situation than this.
Stay safe out there and don’t let people try to take advantage of you right now. Hugs!