Forced Credit Application Scam
How The Scam Works:
(with video below) Buying a vehicle is the second most expensive purchase that one makes in a lifetime, after a house. Commissions are big, and so are the efforts in making the sale happen. Beware of the Forced Credit Application trick that you may become the victim of at any car dealership. How does the scam work?
Watch How The Scam Works:
Watch the video below to see the Forced Credit Application scam exposed:
You have been saving up for a new car and today is the big day when you go to the dealership to finally get it.
You are ready to pay in full with a check (or cash), so you don’t need financing. The surprise comes when the dealer tells you that you need to fill out a credit application first. They might mention that this is their standard procedure.
How To Avoid The Forced Credit Application Scam:
Since you are paying in full for the car on the spot, you don’t need to fill out a credit application. They are just trying to entice you into paying a monthly contract, which brings the dealership more money.
This trick is just one of the several scams that you could be a victim of, especially if you are buying your first car. Whether you’re looking for how to buy a car with bad credit or you just want to take advantage of a ‘no money down cars’ promotion, learn their tricks and have everything ready.
What do you need when buying a car from a dealership? Consider getting a car buying guide first to protect youself from scams. Let’s expose a few more deceptive practices.
Watch the video below to see more scams pulled by dealers and things to check when buying a car (maybe get a Buying A Car For Dummies book, too):
How To Report The Forced Credit Application Scam:
Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
How To Protect Yourself More:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You’ll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
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Educate yourself with the videos below: