Beware of the Yo-Yo Car Deal!
So, this Yo Yo looks harmless right? Did you think when you drove off the car lot with your car they could Yo Yo you back and take the car away? Legally, car dealers in CA think they can and do this all the time. After all, they have all the cards. They have your trade in. They have your down payment. They have you in a car that you want. They even have a “clause” in their standard contract that makes it look OK for them to Yo Yo you within 10 days. As a consumer, this makes no sense. As a consumer protection attorney, it also makes no sense.
After the dealer “de-horses” you, this means gets you out of your trade in, they then have you over a barrel. They have you in a deal that is too good to be true and they know this, then, they call and let you know that “the financing fell through.” You think, “Oh my, I guess my credit is not as good as I thought?” They want you to come in a sign “new papers.” The thing is, and they do NOT want you to know this, the financing did NOT fall through. THEY have financed you in most cases. Check your paperwork. What has probably happened if this is even semi-legit, is that they were unable to get a “lender” to “buy” the contract from them at these terms so THEY are stuck financing you as agreed to in the contract and they do not like this. For more information on this issue please get in touch with us here at: http://www.CaLemons.com
Here’s a USA Today Story quoting my friend from Miami, Dana Manner, on the issue of Yo Yo sales AND it includes folks from the Auto Dealers Association acknowledging Yo Yo sales!