Here are 11 lies that car dealerships commonly use to get you in the door and buying your car that day:
"Yes, We Have The Car You're Looking For."
This happens often with cars you see advertised online or in the newspaper. You see a great deal and call the dealer to see if they still have it in stock. "Oh, yeah," they tell you, "We have it in stock. Come on down and give in a test drive." You jump in the car and race down there just to find that the car in question has mysteriously been sold already. This is just their way to get you in the door so you will shop their current stock, none of which even come close to that great deal you saw.
This one can be difficult to prove. Not only do different dealerships have different cars with different options, packages, and add-ons, but you usually have to provide some pretty specific paperwork to prove this new "low price leader". This proof can be hard to get when you're not seriously considering buying a vehicle from the lower-priced dealership.
"All credit applications will be accepted!"
This is a truth – they will accept your credit application – take it out of her hand - but it doesn't mean that they are going to approve it. This is just another ploy to get you into the dealership so you'll be more willing to go on a test drive. If they can get your butt into a car, it's more likely you will buy something that day.
This statement is an all-out lie. They just want your information so they can run a credit check and see what you qualify for. The more information they have about you at the beginning, the better for when they reach the negotiation stage.. Don't give them this information – it will only put you at a disadvantage.
"No Payments For…"
Dealerships are well known for pulling this stunt. They have an ad in the newspaper that states, "No payments for six months." When you head to the car dealer, paper in hand, the salesperson tells you that it was a typographical error on the newspaper's part and that it's actually only two months. This is a major lie!
0% APR Financing
Lots of dealerships will use 0% financing ads to get you into the door. The thing is, they conveniently wait until after you've test-driven the car and fallen in love with it to run your credit report and see if you even qualify for the special interest rate. Many times, you have to have an extremely high credit rating to even get the 0% financing.
"We'll Payoff Your Loan Or Lease No Matter How Much You Still Owe!"
As discussed in this article, many dealers will willingly rollover any amount left on your old loan onto your new loan, padding the total amount and making more money for the dealership. The problem is, this tactic usually puts you "upside down in your car loan", meaning you owe more than the actual car is worth, and cost you a lot of money. Don't do it!
"Someone Else Wants To Test Drive That Car…."
This tactic is commonly used when you're wavering about buying the car. Another salesman breezes by and asks, "Are you still looking at the blue Fiesta? I have someone who wants to test drive it." (This can also come in the form of a phone call placed by an accomplice.) You suddenly turn protective and are more willing to do what you have to keep a hold of your car.
"This deal is only good for today."
This is another one of those phrases told to you when you're debating making the purchase. Dealers know that if you leave the dealership without a car, you more than likely won't return…so they toss this out there to add pressure, hoping you'll snap up the "great deal". Don't buy it – get the deal in writing and feel free compare other car dealerships in your area.
"You're Not Going To Find it Cheaper Anywhere Else."
You usually hear this one as you head out the door after aCredit: http://www.flickr.com/photos/3059349393/3408075836/ failed price negotiation. This is their last ditch effort to get you to stop, turn around, and buy you car from them. This tactic must work often since they keep using it. Don't let it work on you! The worst thing that happens is that you have to go back, tail between your legs, and relent that yes, they really were the lowest price in the area.