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Avoid Lender Landmines

More landmines to look out for added every month.


1. Bait and Switch
The Final Document

2. Skip the First Payment
ACH Payments

Used Car Lot

 

Bait and Switch

The Final Document

My worst nightmare came true when I did not RE-READ the final loan document.

The BIGGEST landmine I've had, and still angry about to this day...

AFTER I carefully read the loan documents, the dealer was an honest guy who made sure I understood everything he was sending to the lender.

AFTER I thought the deal was agreed to, down payment, length of loan, interest rate etc. etc. etc.

I was so excited to get the New-to-Me car, I just signed off (pretending to read it) to get my keys and start to feel the wind in my hair.

The lending company (not the dealer) pulled a legal fast one, the amount financed increased which raised the final pay-off of the loan by several hundred dollars.
(Keeping the dealer in the dark to get me to close the deal)

BEFORE you drive off in your next set of wheels. Take a little time with your Trusted Dealer and verify the final loan agreement is exactly what you both agreed to.

 

 

DON'T SKIP the FIRST PAYMENT

Set Up ACH Payments

"I don't give anyone, especially anyone I will owe money to access to my bank account!"

"I always know when a payment is due...
Rent, Electric, Gas, Water etc. My car payment will be no different."

BIG MISTAKE!

It was a new monthly payment and I had the money in the bank ready to go. I did not plan on my mom falling down breaking her hip two days before the new car loan due date. I was spending every waking moment with her in the hospital.

The FIRST PAYMENT is the most important payment of any auto loan. IF you miss it - FOR ANY REASON - even if it is paid in full just one day late the lender can and will legally repo the car and your world just got turned upside down AGAIN.

Avoiding this landmine is EASY

Set up ACH payments

The scheduled ACH payment is automatically paid. No Repo Landmine!


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