Posted On: May 16, 2009
Be Cautious Buying from Dealers Going Out of Business
As everyone knows, Chrysler and GM are disenfranchising thousands of car dealers. Lots of used car dealers have gone out of business because of the rescission and poor sales. When dealers go out of business, bad things can happen to buyers.
Dealers may forget to pay off the loan on a trade-in car or to send in the paperwork for an extended warranty or a factory rebate. The dealer may promise to fix or add accessories and may not be around to follow through.
So--do not trade in a car if you owe money on it. Sell it yourself or pay off the loan. If a dealer promises to fix something or add an accessory, make sure the work is done before you sign a contract to buy the car. Or, if a dealer looks really shaky, buy somewhere else!
