Leasing: Double First Payment
Lease First Payment Scam: How It Works
20% of automobile shoppers make the decision to lease their car. There are many advantages to leasing over purchasing, such as being cheaper to trade in after two years than trading in a purchased car after making 60 payments. But as with all benefits there is a downside, especially when dealing with less than ethical dealership employees.
Leasing a vehicle typically requires the first month's payment to be made upon purchase. Some companies include this in the down payment, others do not. Some less ethical dealership salesmen will take advantage of the ambiguity of the policy and get a double down payment from the purchaser.
Watch the video below to see more scams pulled by dealers and things to check when buying a car:
Lease First Payment Scam: How To Avoid
As with any major purchase always read the contract with a fine tooth comb. Pay special attention to the fine print. The lease agreement will typically spell out the terms of the lease in excruciating detail, including the down payment, first month's payment policy.
Leasing a vehicle can be a fiscally sound decision, as long as you make sure you are aware of the terms of the lease.
Lease First Payment Scam: How To Report
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: