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https://www.edmunds.com/car-loan/dont-fall-prey-to-spot-delivery-scams-and-yo-yo-financing.html
The yo-yo ploy is a byproduct of the "spot delivery" process, in which cars are sold "on the spot" before the financing is complete. Depending on where you live, there might be laws to protect ...
https://www.carbuyingtips.com/top-10-scams/scam1.htm
May 28, 2019 · They call this the spot delivery scam because you took delivery of your new car using on the spot financing. This really means you drove off with the car before financing was complete, even though I bet you thought it was complete.
https://www.autocheatsheet.com/car-dealer-scams/spot-delivery-car-dealer-scam.html
Everything you ever wanted to know about the spot delivery car dealer scam, but didn't know who to ask. Also known in the industry as the "financing fell through scam," "resign documents scam" or "yo-yo financing scam." This dealer tactic is very common and widely used in dealerships today.
https://www.ftc.gov/sites/default/files/documents/public_comments/public-roundtables-protecting-consumers-sale-and-leasing-motor-vehicles-project-no.p104811-00043%C2%A0/00043-80228.pdf
“SPOT DELIVERY” IS ANTICIPATORY THEFT AND ALWAYS VIOLATES THE TRUTH IN LENDING ACT RAYMOND G. INGALSBE PALM BEACH GARDENS, FLORIDA Yo-Yo/Spot Delivery. The scenario is the same in all so-called spot deliveries, otherwise called yo-yo transactions. The consumer visits an auto dealer, takes a test drive, signs a credit
http://consumer.georgia.gov/consumer-topics/spot-delivery-pitfalls
In spot delivery, the buyer takes possession of the vehicle “on the spot,” upon making a commitment to buy or lease on installment, but not yet having a definite arrangement for financing with a bank or finance company. There are inherent advantages and disadvantages to this practice.
https://whitneyfirm.com/spot-delivery-car-financing-consumer-attorney/
Jun 03, 2018 · Spot Delivery and Car Financing Consumer Attorney. Can a Car Dealer Keep A Down Payment if the Customer Can’t Get Financing? In Maryland, the answer is clearly NO – and it is is the law. The car dealership also has to return the customer’s trade in vehicle immediately if financing is not approved. In October 2015, a law was passed in ...4.7/5(26)
https://www.counselorlibrary.com/public/products-spot-delivery.cfm
Spot Delivery is a concise, easy-to-read, monthly legal update that you can depend on to provide timely answers to legal questions you face every day. This newsletter addresses complex legal issues from an industry perspective; it also keeps you informed on new legal developments affecting your business.
https://www.liveabout.com/what-is-the-spot-delivery-532744
Jul 27, 2018 · Spot delivery is most commonly used on inexperienced buyers or those with bad credit. The dealer negotiates a reasonable deal and lets you take delivery of the car "on the spot," before the financing is finalized. Some dealers will complete the deal …Author: Aaron Gold
https://www.autoraptor.com/risks-spot-delivery-avoid-yo-yo-financing/
Yo-yo financing is not spot delivery; yo-yo financing is a spot delivery scam. Spot delivery laws vary by state, but typically, if a customer’s financing falls through, they’ll be asked to return the new vehicle and will get their down payment and trade-in back. Or, the dealer will help them figure out an alternative.
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