There are many commercials on
television promoting certain auto sales, such as MK auto sales,
which announce that they give auto loans with no money down and
bad credit. This is especially true on late night television. I
decided to call them one night just to see if indeed they were
promoting truth behind the mere attention getter.
The person I got on the phone I asked a certain question,
“Hello, I just wanted to ask you about the commercial which
states no money down for any auto loan regardless of credit
problems.”
The response I got started out with a “yes” and within
about 10 minutes they asked me for my social security number for a
credit check and how much money I would be putting down. You can
imagine my surprise. I reiterated the commercial and specific
quotes from the advertisement and again they insisted that they
had to run a credit check. This was only the first subject I
tackled.
“Why would you need to run a credit check if all credit
issues do not matter to the eligibility of the loan.”
Unfortunately no one could answer this after being transferred to
several people.
I was then asked how much I was willing to put down on the auto
loan. I did first explain that I was not interested in buying a
car, I was merely interested for future reference if there was any
truth in the auto sale pitch. They said they could not help me
without some percentage on the table as a down payment on the
loan.
You need to be aware of the aggressive auto sale atrocities
that are out there. As they are only meant to lure you in. It has
been 4 weeks since I told them that I would not be needing a loan
and that the basis of my call was merely for informational
purposes. There is not a day that passes that I do not get a phone
call from the company still asking me to reconsider and purchase
on of their loans.
More often than not auto loans are a money trap waiting to
capture yet another unsuspecting consumer. Their promises are vast
and without return. Do not fall for advertising pitches unless you
are absolutely sure prior to signing the dotted line whether they
intend to fulfill their promises or not. Too often once you have
signed there is no way out of a binding agreement where the loan
company can take you for thousand more than what was originally
agreed upon.
THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS IN NO
WAY GIVING ANY LEGAL ADVICE OR REPRESENTATION. THE INFORMATION
CONTAINED HEREIN WAS COMPILED FROM VARIOUS ARTICLES. FOR ANY LEGAL
ADVICE OR REPRESENTATION SEEK YOUR OWN LEGAL COUNSEL.
