Scams that may surprise you before renting a car
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For many people, buying a car on lease can be much more comfortable and convenient than buying one, but before that, it is important to know what are the most common scams associated with this type of procedure.
Driving a new car can be a truly exciting experience, and this excitement can often lead to us not analyzing the contract well or not getting the full benefits of the deal.
Leases should be read carefully, paying attention to the fine print, as some car dealers may notice an overly agitated and unsuspecting consumer. Therefore, before signing your name, it is important to determine if they are trying to deceive you.
Therefore, here we will tell you about some of the scams that you might have found in car rental.
1.- One-time payments are recurring
One way dealers make more money is by spreading lump sum payments over the life of the loan (this is called amortization). For example, instead of a one-time payment of a $500 security deposit, the dealer finances it and does so over the life of the loan. When it depreciates, it earns interest and, of course, you pay more.
2.- The interest rate is too good to be true
Working with any type of contract can be confusing. Before you sign a contract for a new car, double check that the promised interest rate matches what you get. Dealers may make you think you're getting a good interest rate, but when you read the fine print, they're actually charging you a high rate.
3.- Penalties for early termination
You can also find penalties in lease agreements if you want to terminate the agreement early and you will pay thousands of dollars.
Before signing a car rental agreement, make sure that you really want to keep the car for the period specified in the rental agreement. Leasing out is expensive.
4.- Free
Be sure to read the lease agreement carefully. Often they can replace one bet with another bet with a different name; in fact they are the same.
5.- Rental period
Many people focus on negotiating the monthly payment. This is only half the story. You should also take into account the lease term: the number of months. Its total price is a combination of the two.
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