Standing Up For Consumers Defrauded By Yo-Yo Sales
When you have been in the market for a car, it can be exciting to learn that you have qualified for a loan and that you can drive your new vehicle off the lot on the same day. These feelings of excitement can turn to frustration days, weeks or months later after you receive a call from your dealer telling you that your loan fell through. If you want to keep your car, you’ll have to agree to another loan with less favorable rates.
If this scenario sounds familiar, you may have been the victim of a yo-yo scam. Unethical car dealers rely on this type of bait-and-switch tactic to defraud consumers. At Griffin Newell, LLC, we help consumers in Denver take action when they’ve been cheated out of their hard-earned money. Our consumer protection lawyer, Ian Griffin, is ready to listen to your story and use the law to hold responsible parties accountable.
What Is A Yo-Yo Sale?
A yo-yo sale is a scam that occurs when a consumer purchases a car that is financed by a loan lined up by the car dealership. This loan may contain attractive terms that entice the buyer to sign. Because the dealership does not want to be financially responsible for this debt, it attempts to sell the loan to a bank or other financial institution.
If no bank accepts this agreement, it is up to the dealership to secure the debt. Unscrupulous auto dealers unload this debt by demanding that a new, more expensive arrangement be made. This second loan drives up the costs to the consumer and has a higher likelihood of receiving the bank’s approval. The auto dealership makes money and reduces financial risk at the same time.
How We Can Help
If you believe that you are a victim of auto fraud, turn to us for assistance. Attorney Ian Griffin is well-versed in the laws that were written to protect everyday consumers in Colorado like you. During your free consultation, he can review the terms of your sales agreement to determine whether you have a case.
You may have grounds to file a lawsuit if you were required to sign a new loan because the dealer claims:
- The lender did not approve the loan amount or the loan rate due to your credit rating
- You need to provide more money for your down payment
- The dealer made a mistake when filing your paperwork
You may feel that the odds are not in your favor when you take action against an auto dealership. Attorney Ian Griffin knows how to level the playing field. He will not stop fighting until you receive a fair outcome.