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 they were promoting truth or just using an 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 one 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.