Car Dealership Scams

if your holiday shopping includes browsing for a new car buyer beware date lines chief consumer correspondent lee thompson followed a woman named tori on her car buying trip tori went to town and country ford own by sonic automotive in charlotte north carolina you might be surprised to see what date lines hidden cameras found watch the smell of a new car the touch the look a shiny new Mustang and it's hers haiman she can afford and a salesman who treated her well but this consumer advocate says Tory's just been taken for a ride they probably made more than five or six thousand dollars own or in extra profit in profit that she did not have to pay on the car on fees and on the financing Ramar Sutton has been investigating the car industry for 20 years he is the author of don't get taken every time a guide to buying a car Dateline asked Sutton to evaluate Tory's deal when a dealership sees a person electorate who is trusting who has thousands of dollars in cash who listens to them and doesn't argue the entire dealership comes to a halt because this is the homerun they've been waiting for for this week maybe your payments are about 3 6 p.m. on Tori was pretty proud of herself after she got Big Al to lower her monthly payment from $360 to somewhere around 280 because I'm working for you obviously and so I get you to say yes let's figure that out 360 times 60 months is twenty-one thousand six hundred dollars two hundred eighty times sixty months is sixteen thousand eight hundred dollars Tory thought she was saving $4,800 this is the best deal I'm gonna dealership bestial I'm good wait all that turns out to be just so much razzle-dazzle and you will be opposed to battle today but what Big Al never told Torre was while he did lower her monthly payment he did it by increasing the number of payments watch 280 times 60 months is sixteen thousand eight hundred dollars but Big Al extended Tori's loan to 72 months two hundred eighty times 72 is twenty thousand one hundred sixty dollars an extra three thousand three hundred sixty dollars that Tory will have to pay the actual price of the car didn't change at all if they work you on payments you never know what you're paying you have no idea what you're paying for the car and most of us our payment buyers and it is the most dangerous way to buy a car dangerous meaning very expensive Tori's then passed off to the finance manager at Town and Country Ford who starts working on an interest rate the only hitch he says Tory's earnings about $1,000 a month aren't quite enough for a new Mustang but with a stroke of the pen he solves that but if I make that zero one a there's always a chance they could also make us prove your income Tory's credit application now says she makes eighteen hundred dollars instead of one thousand dollars a month I'm gonna go with 1800 but I put 1500 or 1800 soccer-mad if I would even been above 1800 at the time our producer who was with her asked but she's not gonna get in trouble for that issue no there's no way to get in trouble for it it's all just about basically all this is for us to get your loan approved well he was wrong falsifying a credit application could be a felony time to talk to finance manager Eric bird family Thompson Friday from Dateline NBC Auto kidding me sonic declined an on-camera interview but wrote Dateline saying what we captured on our hidden cameras are clear violations of our company's policies sonic said it is looking to enhance controls to keep this from happening again is it possible what happened to Tori was just an isolated incident some rogue employees this man says no and I see hundreds of new people going in this industry that are being trained to do exactly what they trained me to do to be a liar a thief and a crook and it's got to stop

Channel: walkinc1

Views: 1,736,731

Rating: 4.4791703 out of 5

Keywords: Car, Financing, Scam, Car Dealership, Confidence Trick, Used, Automobile, New, Cars, Nissan, Mazda, Infiniti, Sedan, Volkswagen, Hyundai, ford, GM, Dodge, General Motors, Ford Motor Company, Honda, Toyota

Id: h_j5uzMTuNU

Length: 4min 21sec (261 seconds)

Published: Fri Jan 25 2008