As Chicago Wheaton and Illinois autofraud and lemon law attorneys we took note of a report released earlier this year by the National Consumer Law Center (“NCLC”) concludes that:
Buying a reliable, quality used car for a fair price is nearly impossible for America’s working families who often fall victim to unfair financing ploys, deceptive sales practices, exorbitant fees, and fraud.
A summary of the report is posted here.
John Val Alst who wrote the report testified before Congress that car dealers often engage in the following unfair practices according to a press release issued by NCLC:
• Selling cars in poor or dangerous condition that are presented to the consumer as sound and reliable;
• Taking kickbacks from lenders to place families in higher interest loans than they actually qualify for;
• Using deceptive and misleading sales practices, such as “yo-yo sales,” where the customer drives off the lot with a newly purchased car, only to be called back several days later and told financing could not be arranged for the original terms and the customer needs to sign new documents at worse terms;
• Pushing products such as “window-etching” and other unnecessary services and add-on fees that only pump up a car’s cost and the dealer’s profit;
• Giving higher interest loans to minority car buyers than non-minority car buyers with similar credit worthiness;
• Requiring excessive interest rates and long-term loans that ensure the customer will owe more than the vehicle is worth for years after the purchase.
Based in Chicago, Wilmette and Oak Brook, Ill., Lubin Austermuehle handles auto dealer and motor home dealer fraud and other consumer fraud litigation for clients in Wheaton, Naperville,Waukegan, Joliet, Aurora, Elgin and in other parts of Illinois, the Midwest and throughout the United States. In addition to helping individuals and families, our Chicago class action attorneys have successfully handled numerous consumer rights class actions. If you believe you’re a victim of fraud and misrepresentations by an auto dealer or other business, please contact us as soon as possible to learn about your rights at a free consultation.