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Can dealerships lie MSRP?
As you shop around and compare car prices online, you may notice that MSRP and Invoice prices found on various web sites don’t always match your local dealer’s prices. This doesn’t necessarily mean the dealers are lying. It’s actually quite common to find prices that don’t match up exactly.
Can a car dealership run your credit multiple times?
Shopping for a car loan can result in multiple credit inquiries from various lenders but the inquiries should only count as ONE against your credit scores. Essentially by signing a car loan application, you are giving the dealership a “permissible purpose” to run your credit multiple times.
Can a car dealership hurt your credit?
Shopping for the best deal on an auto loan will generally have little to no impact on your credit score(s). The benefit of shopping will far outweigh any impact on your credit. In some cases, applying for multiple loans over a long period of time can lower your credit score(s).
Can a car dealer raise the price of a car?
Yes, a car dealer can raise the prices of his cars. More money down might mean that you don’t qualify for the loan. Adding more money down to the deal can get the bank interested in lending you the money. This is all perfectly legal, providing the paperwork changes to reflect the new deal.
Can a car dealer ask for a down payment?
Yes, a car dealer may ask for a down payment and a car dealer may sell a car at any price it chooses. There is no set price for a vehicle, used or new. For new there is the Manufacturers SUGGESTED Retail Price (MSRP), with the key word being SUGGESTED.
What happens if the final sale price of a car differs?
If a car buyer finds that the final sale price of a vehicle differs from the price they were quoted, they may be able to file suit against the car dealer based on the Truth in Lending Act, which stipulates that car dealers need to be very clear about costs when selling a car.
What happens if you trade in a car and don’t agree?
They then may ask you to bring back the vehicle and renegotiate the loan for a higher interest rate, a longer term, a larger down payment, or a combination of those terms. If this happens and you don’t agree to a second deal, the dealer will have to unwind the sale and give you back your trade-in and down payment.