If you’ve been thinking about buying a new or used car, be very careful or you may be getting yourself into deep trouble. With the state of the auto market there are many great deals out there, whether you are looking for used or new cars, so the last thing you are expecting is to get ripped off. So beware, some buyers are ending up in a huge mess that they never bargained for.
Some car buyers when purchasing a new (or “new” to them) car, have traded in their old car which they were still making payments on. After all the paperwork is signed and the financing arranged, the buyer drives their new car home and the dealer keeps their trade in. Normally the dealership then pays off their old car, receives the title, and resells the car or sends it to auction.
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Interest rates began rising a few weeks ago, but rose very sharply last week. Interest rates on 30 year fixed mortgages have rise over 1/3 point in the past week and the national average is now 5.36% (up from 5.00%),