How to Identify Car Leasing Scams

Leasing a car is confusing and when you get involved in car leasing scam, it can be extremely frustrating. Leasing a car is a very detailed financial transaction and it requires all of your attention. When you are considering getting involved in a car lease, you should make sure that you understand everything about it. If you pay attention to the details, you can avoid some of the most common car leasing scams. Here are a few common scams that you can identify and prevent from happening to you. 

Unauthorized Price Increase

An unauthorized price increase is one of the most common car leasing scams around and you have to make sure to watch out for it. Here is basically how it works. You and the car salesperson find a car that you like. You tell them that you want to lease it and they give you an offer. Instead of accepting the offer, you reject it and negotiate for a lower price. After what could be hours of negotiation, you finally get the price of the car down to where you are comfortable with it. 

Once you agree on a price, the salesperson takes the paperwork back to process and adds on to the price that you negotiated. They come back with the paperwork, complete with the monthly lease payment. They do not bring up the price again so that you do not notice it. You agree to the terms, thinking that you paid a certain price for the car and you actually did not. Before you sign anything, make sure that all of the terms are exactly as you agreed to during negotiation.

Not Applying Trade-In

This is another common car leasing scam and it can really hurt you. This one starts off the same way as the first. You are negotiating a price for a new car that you are considering leasing. You get the price down to where you want it and agree to move forward. You then tell them that you want to trade-in your old car that is worth $3000. 

When the salesperson goes to do up the paperwork, they forget to apply the trade-in value of your car to the price of the new one. Instead of getting $3000 off, they just keep the trade-in and do not apply any credit to your new car. You are so caught up in the paperwork that you do not even notice anything. Be careful and diligent in your car buying or leasing process.

Unfair Comparisons

Many people walk into the dealership wanting to buy a car and are instead talked into leasing a car. More often than not, the salesperson did so by using false numbers. They painted you a picture of how much it would save you to lease the car. They did not use the same figures for the purchase example, and as a result, they made it look like you are making a big mistake by purchasing. Again, examine all the numbers before you get yourself into anything.

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