Michigan

Consumer Protection Lawyers

248-208-8864

Auto Finance Fraud

Learn how an auto finance fraud attorney can help you with your case. Contact us

Protecting yourself from auto finance fraud does not stop at the price of the car and the annual percentage rate. As a starting point, be aware that you can seek financing from a trusted local institution, such as your credit union, before you ever set foot in a dealership. This allows you to walk into the dealership as a “cash buyer” and negotiate the price and terms accordingly. Always read the contract carefully and in full before you sign anything. If you have questions, ask. If you are pressured or rushed, come back to sign when you have more time. Request your copies of all documents. If the dealer makes a promise, insist that the promise is written into the contract. Most importantly, never be afraid to walk away. Driving home with that vehicle might make you happy right in the moment, but trouble with your financing can turn your dream car into a nightmare scenario. Be patient and take the time to do it right.

Auto finance fraud can take a variety of forms, including:

  • Spot Delivery Fraud/ Yo Yo Financing
  • Trade-in Overcharges
  • Backdated Contract
  • Fake or disappearing down payments, often called phantom down payments
  • Issues with the value of a trade-in

The law limits the time you have to respond, and car-related issues can be especially urgent. We invite you to call us the moment you realize something is not right with your auto financing.

What should I do if I’m a victim of auto finance fraud?

If you believe you’re a victim of auto finance fraud, contact us immediately. We can discuss your legal options, and often take action the same day we meet with you. When you call, have your retail installment agreement in front of you, and any other papers related to the matter. We strongly recommend keeping all personal belongings (especially paperwork) out of the vehicle until the matter is resolved.

In-Depth Information about Auto Finance Fraud

How can Lyngklip & Associates Consumer Law Center, PLC, help me?

Our law firm can put our extensive knowledge and experience to work for you right away. Years of experience have made us familiar with the dealers and financing companies who so frequently make life difficult for consumers. We know the patterns of behavior and common practices, and can address your issue in full.

What should I do before I go to a car dealership to buy a vehicle?

Before you go to an auto dealership to purchase a car, we recommend you take the following steps:

  • Arrange financing with a local credit union or other financial institution you can trust.
  • If you are unable to arrange financing, consider purchasing a less expensive used vehicle in cash without a loan.
  • Watch this documentary on forced arbitration. Understand the meaning and effect of submitting to an arbitration clause so you know what to look for and what to avoid when agreeing to financing.
  • Arrange for an attorney to review the sales contract or financing contract. This will likely cost money, but you may decide it is worth the cost to protect yourself ahead of a large purchase.
  • Whether new or used, have an independent mechanic you trust inspect the vehicle.
  • Carefully examine the vehicle for any signs of damage. If you are relying on a vehicle history report, research the limitations of those reports so you know what information you can trust.
  • Research the car’s Vehicle ID Number (VIN) for any accidents or theft.

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How can an auto finance fraud lawyer help me?

Auto dealers who set out to defraud consumers count on no one asking questions. Having a knowledgeable and experienced attorney on your side immediately puts the offending company or dealership on notice: we know you violated our client’s rights, and we are here to make it right.

Call us today, (248) 208-8864.

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