3 Diamonds and a Dog #4

Apr 20, 2012 by

In each post of the Money Counselor “Diamonds & Dogs” series, I pick three items—could be an article, a website, a video, an image—that in my humble opinion would be especially valuable—the Diamonds—in helping Money Counselor readers make better money choices. And to balance the three Diamonds, I pick just one lame item—the Dog.

3 Diamonds

A Dog

Car dealers don’t sell just cars; they also sell financing. And some engage in what’s called a “yo-yo scam:” The dealer cancels the original financing deal and forces the consumer to return and accept a more expensive offer.

The graphic below, prepared by the Center for Responsible Lending, highlights seven of the more common rationales crooked dealers give for why financing fell through.

 

 

 

 

 

 

 

 

Yo-Yo Scam Infographic

 

Nominations Please

Do you have a nomination for a Diamond or Dog? Send it to me please using the Free Advice link at the top of the page. I’ll give you credit if I use it in a “3 Diamonds and a Dog” post.

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