What are some car financing horror stories?

One horror story could be a seller who promised low - interest rates in the seller - financing deal but then added hidden fees later. The buyer only found out when they were buried in unexpected costs. Another is when the seller didn't properly disclose the property's issues. After the buyer had made some payments, they discovered major structural problems that the seller knew about all along.

Sure. One common horror story is bait - and - switch tactics. A customer might be lured in with a low - interest - rate advertisement. But when they actually start the financing process, they're told that they don't qualify for that rate. Instead, they're offered a much higher rate. This happened to my neighbor. He saw an ad for a 3% car loan. But at the dealership, they said his credit score wasn't high enough for that rate, and tried to get him to accept an 18% rate.

In some seller financing horror stories, the seller doesn't disclose ongoing neighborhood disputes or upcoming construction projects that could affect the property value. So, the buyer, thinking they are getting a good deal, later realizes that the property is not as desirable as they thought. Also, there are situations where the seller tries to call in the loan early without proper notice or a valid reason, leaving the buyer scrambling to find alternative financing or lose their investment in the property.

One horror story could be getting sold a car with a lot of hidden mechanical problems. The dealer promised it was in great shape, but after a few days, the engine started making strange noises and it turned out there were issues with the transmission too. Cost a fortune to fix.

One of my first car horror stories was when the engine suddenly overheated on a long road trip. I was in the middle of nowhere, and steam started coming out from under the hood. I had no idea what to do at first. Luckily, a kind passer - by helped me check the coolant level, which was dangerously low. It was a scary situation as I thought I'd be stranded there for a long time.

One horror story could be when a seller thought they sold their car to a legitimate buyer. The buyer gave a fake check and took the car. By the time the seller found out the check was bad, the car was long gone and they had no way to track the buyer.

I took my car to a so - called 'expert' mechanic. He said he needed to keep the car for a few days. When I got it back, there were new scratches on the body, and the interior smelled like cigarettes. And the original problem still wasn't fixed. I had to take it to another shop to get it properly repaired.

Well, I've heard of a case where a person took out a car PCP deal. They had some minor scratches on the car which they thought were normal wear and tear. But when it came time to hand the car back at the end of the agreement, the dealer charged them a huge amount for the 'damage'. It was far more than what it would actually cost to fix those small scratches. This really caught the person off - guard and left them in a financial bind.

I heard of a case where a customer was pressured into signing a very expensive financing deal at a car dealership. The salesperson was very pushy and didn't fully explain all the terms. Later, the customer realized they were paying way more in interest than they should have and it was a nightmare to try and get out of the deal.

One horror story could be about an electric car suddenly losing power on a highway. Imagine you're driving at a good speed and all of a sudden, the car shuts down, leaving you stranded in the middle of traffic. It can be really scary and dangerous.