Military people deserve some thought, if not at least equal treatment with everybody else. They certainly do not deserve, as no one does, to be cheated. In spite of past controversies, numerous less-than-honest dealerships are still pulling some savage rip-offs on military people.
That is not supporting the troops
A lot of reports have emerged in recent years of dealerships selling military people vehicles at drastically inflated prices or in poor condition. A recent post on MSNBC reports that a Marine named Cody Cameron, stationed in Jacksonville, N.C., was sold a 2004 Nissan 350-Z with 60,000 miles on the clock. Within two weeks, the lug bolts sheared off the rear driver-side rotor while driving and the wheel dislodged from the hub. The dealer repaired the wheel, but the incident repeated itself one week later.
Cameron thought he was getting a defective-free car for $17,000, but the dealer lied to him about the condition. In fact, the car had been in a significant accident on the right side. Now, Cameron has a suit against the car dealership.
Car salesman of the past
Dealerships have been cheating military people for a long time though. They are shown to have been doing this a lot in history.
MotherJones reports that in Norfolk, Va., there was a classic example of dealership abuse of military people. The car dealership, Carland, would go to bases in North Carolina and Virginia to pick up the military men and drive them a couple hours to the car dealership. They ended up losing their license to sell automobiles because they would then tell the military men they could not get a ride home. That meant they had to buy cars or else they would end up missing their military training the next day.
According to the New York Times, military members are also often victims of "yo-yo" financing, where dealerships will sell a person a vehicle, agree to financing and then call them, saying the financing fell through. When people return the car, the dealer demands numerous thousand dollars more as a larger down payment.
Seen at a ton of dealerships
There is no telling how widespread the practice is, due to dealerships being much less regulated than other services. However, the financial advising unit of the Pentagon, according to the Los Angeles Times, reported last year that 72 percent of the counseling it delivered was linked to issue car loans. Young service members are at the most risk; dealerships often entice service personnel by portending to offer steep military discounts.
Make sure you report anything to the federal authorities that seems suspicious in the car loan and dealership industry.
The CFPB current military affairs head is wife of Petraeus, Holly Petraeus. The CFPB is only responsible for the loans made by dealerships that finance their own land. The Consumer Financial Protection Bureau does not regulate auto loans made by other parties. The Federal Reserve and Federal Trade Commission are responsible for that.
That is not supporting the troops
A lot of reports have emerged in recent years of dealerships selling military people vehicles at drastically inflated prices or in poor condition. A recent post on MSNBC reports that a Marine named Cody Cameron, stationed in Jacksonville, N.C., was sold a 2004 Nissan 350-Z with 60,000 miles on the clock. Within two weeks, the lug bolts sheared off the rear driver-side rotor while driving and the wheel dislodged from the hub. The dealer repaired the wheel, but the incident repeated itself one week later.
Cameron thought he was getting a defective-free car for $17,000, but the dealer lied to him about the condition. In fact, the car had been in a significant accident on the right side. Now, Cameron has a suit against the car dealership.
Car salesman of the past
Dealerships have been cheating military people for a long time though. They are shown to have been doing this a lot in history.
MotherJones reports that in Norfolk, Va., there was a classic example of dealership abuse of military people. The car dealership, Carland, would go to bases in North Carolina and Virginia to pick up the military men and drive them a couple hours to the car dealership. They ended up losing their license to sell automobiles because they would then tell the military men they could not get a ride home. That meant they had to buy cars or else they would end up missing their military training the next day.
According to the New York Times, military members are also often victims of "yo-yo" financing, where dealerships will sell a person a vehicle, agree to financing and then call them, saying the financing fell through. When people return the car, the dealer demands numerous thousand dollars more as a larger down payment.
Seen at a ton of dealerships
There is no telling how widespread the practice is, due to dealerships being much less regulated than other services. However, the financial advising unit of the Pentagon, according to the Los Angeles Times, reported last year that 72 percent of the counseling it delivered was linked to issue car loans. Young service members are at the most risk; dealerships often entice service personnel by portending to offer steep military discounts.
Make sure you report anything to the federal authorities that seems suspicious in the car loan and dealership industry.
The CFPB current military affairs head is wife of Petraeus, Holly Petraeus. The CFPB is only responsible for the loans made by dealerships that finance their own land. The Consumer Financial Protection Bureau does not regulate auto loans made by other parties. The Federal Reserve and Federal Trade Commission are responsible for that.
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Are you currently looking to sell or buy a used or new Ford Fiesta? If this sounds like you, don't go anywhere else before you go to Spokane auto dealers.
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