Latest news with #car dealership
Daily Mail
3 days ago
- Automotive
- Daily Mail
My niece thought she had gotten a ‘great deal' after trading in her $30,000 Ford… I was furious after learning what the car dealership had done
A furious uncle has accused a car dealership of ripping off his niece when they sold her Ford Ranger for almost double what they paid her for it when she traded it in. Car enthusiast Razz Ghetto blasted a dealership within Car City Minchinbury, western Sydney, after learning of his niece's bad experience there. She had bought the Ranger with her then-partner for between $20,000 and $30,000, but decided to trade it in for a cheaper model and some cash. The influencer said he was stunned to learn his niece had left the dealership with only a VE V6 Holden Commodore and $3,000 cash. He claimed his niece was told the Commodore was worth about $10,000 to $11,000, and that she received $14,000 in total, including the cash payment. But, he claimed a VE V6 Holden Commodore in good condition would only sell for about $5,000, and was likely worth significantly less. In a major blow to his niece, the dealership advertised the Ford Ranger for $24,995 soon after she traded it in, the car enthusiast claimed. 'They've just taken the first offer not knowing better,' he said in a TikTok video. He said the deal fell well below the $20,000 minimum he expected the car to go for. This broadly aligns with the estimate from Carsales, which values a 2014 Ranger Wildtrak with similar specifications at between $21,700 to $24,900. 'I know at the end of the day, people should know better before doing these things, but sometimes people are in a position where they don't have an option,' he said. 'And why can't they be given a fair go at least?' The Sydney man said the problem was bigger than the dealership in question, claiming car dealers were taking advantage of inexperienced sellers. 'I understand they've got to make money, that's what they do but come on,' he said. 'They see people coming and they'll grab them and they'll rip them (off), because they don't know better.' Social media users shared their outrage, including some who said they no longer sold at car yards, preferring to sell privately. 'It's a car yard, what do you expect?' one wrote. Some were less sympathetic, including one who said dealerships could not be expected to pay retail prices. 'A car yard will never pay retail on a trade, its worth $20k on [Facebook] Marketplace privately but to a dealer that needs to add load pay staff and make a profit you are never going to get as high as if you did privately,' they said. Another agreed owners needed to take responsibility when selling their vehicles. 'Unfortunately it does come down to you. Got to do a bit of your own research when you're making a big investment,' they said. A Car City Minchinbury spokesman declined to comment on the specific incident, but said it takes customer satisfaction 'very' seriously. 'We encourage any customer with concerns to reach out directly to the dealership involved so matters can be appropriately addressed,' he said.
Yahoo
5 days ago
- Automotive
- Yahoo
Car Buyer Says Paying Cash Made The Dealer Act Like They 'Just Spoke Fluent Dolphin'—'They're Not Dealerships Anymore. They're Bankerships'
A Reddit post in the r/DaveRamsey community is getting attention after a car buyer described how bizarre it felt to show up at a dealership with actual money. 'Nothing says 'alien lifeform' like showing up with actual money at a dealership,' the post read. 'The dealer looks at you like you just spoke fluent dolphin.' Many echoed the original poster's frustration, saying that walking in with cash doesn't get you VIP treatment—it makes you a problem. One person wrote, 'Dealerships shouldn't exist, period,' and suggested all car sales should be done online at set prices. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." $100k+ in investable assets? – no cost, no obligation. Several Redditors claimed dealers actually raised prices when they mentioned they were paying in cash. Others said the only way to get a good deal was to pretend to finance, agree on a price, and then pay in full. In other words, never admit you're paying cash until it's time to sign. Multiple commenters, including a former finance manager, explained why cash buyers are seen as a threat. 'Dealers don't just prefer financing, they profit from it,' one wrote. 'Finance = dealer payday. Cash = 'thanks for the floorplan payoff, now get out.'' Upsells like extended warranties, maintenance plans, and interest rate markups are easier to sneak in when buyers focus on monthly payments. 'It's way easier to convince someone to buy a $2,000 warranty when you say, 'It's only $14 a month,'' another person noted. Trending: BlackRock is calling 2025 the year of alternative assets. Dozens of users shared a common workaround: finance the car to get the best price and incentives, then pay off the loan early. One person explained how they saved over $3,000 just by taking the loan and paying it off in 91 days. 'It cost me $250 in interest,' they proclaimed. A few warned to check for early payoff penalties and make sure the dealer still gets their kickback from the lender. 'Most dealers need the loan to stay open for 90 to 120 days to keep their bonus,' one Redditor wrote. 'Let the 3–4 payments go through, then pay it off if you want. You'll avoid interest for the most part and possibly walk away with a better deal.' Many cash buyers said they were treated coldly or even mocked. One recalled a dealer shouting across the lot, 'She's paying in cash!' Another said the dealership wouldn't even accept cash and asked them to leave and come back with a certified check. One user summed up the sentiment: 'They're not dealerships anymore. They're bankerships.'A few self-identified dealership employees joined the thread to offer perspective. One said their location does about 60% of business in cash or check, and they treat both financing and cash buyers equally. But they admitted those practices vary widely. Others blamed the system, not the salesperson. 'People make it out like this is personal when it's just business,' a commenter wrote. 'You're a number to them.' The general consensus is that if you're planning to pay cash, play your cards close. Get the best price first, then decide how you want to pay. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are using this platform to UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Car Buyer Says Paying Cash Made The Dealer Act Like They 'Just Spoke Fluent Dolphin'—'They're Not Dealerships Anymore. They're Bankerships' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-07-2025
- Business
- Yahoo
Single mom says she was left on the hook for $50K after she thought she'd refinanced her loan with dealership
On June 18, NBC 10 reported that prosecutors are investigating a Burlington County, New Jersey car dealership. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Autosmart on Route 73 in Palmyra was served a search warrant and investigators took license plates from the company's garage and boxes and computers from the office. Prosecutors could only confirm that the dealership is under investigation and did not speak to specific charges. They did, however, tell the news station that they'd received several complaints that customers were scammed at the dealership. What's interesting, though, is that NBC 10 was already looking into Autosmart after a viewer reached out with a problem she is facing. And the recent investigation could be related to it. Susan Noble asked NBC 10 to investigate an issue related to a car she bought and financed last September through Autosmart. "I bought a used car from Autosmart in Palmyra," Noble told NBC 10. "They said they would work with me to get the monthly payment that I wanted at the price I wanted … they said, 'You can buy the car and in a couple of months you can refinance with us.'" Noble said she financed the purchase with American Credit Acceptance (ACA) and went back a few months later as planned to refinance. 'They said they sent the payoff check to the first company that I financed with,' said Noble. Payoff amount is the total needed to satisfy a debt, including interest and fees. But then ACA started texting Noble saying her monthly payment was due or late. She also couldn't get the title to her car. Noble said ACA told her they never received the payoff payment for her loan from Autosmart. 'They didn't actually do it, but they continued to make monthly payments on my behalf,' she explained. That left Noble with two car loans in her name totaling over $50,000. This, she said, is hurting her ability to buy a home. "They know how hard I work. They know that I'm a nurse, they know I'm a single mom … for them to do this to me is just unconscionable," she told NBC 10, getting emotional. NBC 10 reached out to Autosmart to find out why Noble's original loan wasn't paid off when she refinanced through them. A representative from SmartSource, who said they were a consultant for Autosmart, responded and blamed the financial institutions involved. On June 3, that representative said the payoff payment would be processed and take 10 days to be paid in full. But Noble said that didn't happen. "I would like to see them, you know, held accountable," she told NBC 10. The news station was not able to get an answer about that or the investigation into Autosmart. ACA and Autosmart also did not respond. The Burlington County Prosecutor's Office issued a statement on the Autosmart investigation saying, "No charges have been filed. Members of the public who wish to speak with an investigator concerning their experience with this dealership should contact us at tips@ It's worth noting that Autosmart also has an 'F' rating on Better Business Bureau with 27 complaints filed against the business. One complaint from April 2025 says, "I traded in my 2021 Kia Seltos in December of 2023 and that car loan has not been settled. We signed a contract stating the they would pay the loan off. The company has been paying monthly until January 2025. I have been calling and seeing why that loan hasn't been paid. The loan has defaulted which has severely damaged my credit score along with the loan company seeking the vehicle and or payoff." **Read more: No millions? No problem. With as little as $10, here's how you can access this $1B private real estate fund of diversified assets usually only available to major players What Noble says happened to her may be an honest mix-up or a sign of a serious mismanagement of funds and fraud. Auto loan refinancing scams are common enough for the Federal Trade Commission to have a page dedicated to them. Scam refinancers either promise they'll get you lower payments on your auto loan, but ask for an advance payment, or they tell you to make your loan payments directly to them and say they'll pay your lender for you while they negotiate a deal. 'In reality, scam refinancers aren't negotiating with your lender or anyone else,' says the FTC. 'If you make your monthly car payments to the refinancer instead of your lender, those payments will likely go straight into the scammer's pockets — not to repay your loan. You may only find out about the fraud when your lender contacts you about missed payments, or your car is repossessed.' These scams hurt borrowers and can make their financial situations even worse. For one thing, falling behind on an auto loan could put you at risk of having your car repossessed. It could also damage your credit score, making it harder to borrow money the next time you need to. For this reason, it's important to be careful when dealing with refinancing companies. Auto dealerships have different ways of luring in credit-challenged buyers. They can promise low vehicle prices and low financing rates only to hit you with surprise costs. One good way to avoid getting taken for a ride is to read the fine print on your loan documentation. Sometimes, auto dealerships will offer a seemingly attractive interest rate on an auto loan but hit you with hidden fees that drive your costs up. Another popular tactic is the yo-yo scam, where you're told your auto loan is final and you're allowed to drive the car away. Then, days or weeks later, you're told that your financing didn't come through, and that your only option is to sign a new loan with less favorable terms or give back the car. You should know that any time you're pressured to sign a car loan quickly, it should be considered a red flag. Another thing you should know when you're shopping for a car is that you do not have to finance it through or from the dealership. It pays to shop around for your own auto loan to compare rates and there may be advantages to dealing with a lender directly. It's also a good idea to research dealerships before moving forward with a car purchase. Look at the Better Business Bureau, as well as sites like Yelp, to check for complaints and reviews. However, if you do get scammed, file a report with the FTC as well as your state attorney general's office. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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