Our firm was formed to protect the people from the powerful – protecting consumers from illegal scams is part of that goal. A Cleveland yo-yo scams lawyer at our firm has a deep expertise, unbridled passion, and history of success necessary to fight these cases. One of our seasoned consumer protection attorneys can help you fight to win your case against fraudulent companies.
Buying a car can be a nerve-racking experience – you want to make sure you are paying a fair price for a car that is in good working order. The last thing on a consumer’s mind is whether the salesperson is trying to swindle them by using a spot delivery or yo-yo scam.
The scam usually works like this:
You pick out the car you want, sign some paperwork, perhaps give a down payment or a trade-in, and drive off the sales lot thinking you are the proud owner of a new vehicle. In other words, you received the new car immediately.
A few days or weeks later, you get a call from the dealer, who tells you that there was something wrong with your credit, and you need to come in immediately to sign additional paperwork. Once you come into the dealership, the salesperson tells you that your financing fell through for some reason, and you have to do any of the following things:
If you refuse to agree to the new “deal,” the dealer may tell you that you do not have a right to keep the car, threaten to repossess it, threaten to call the police and report the car as stolen, or have you come back to the dealership and make you wait for hours to wear you down. Even worse, if you say you would prefer to get your trade-in back, he or she will tell you that it has already been sold. In other words, the dealer forces and coerces you to agree to the new deal.
Caption: The most basic type of consumer protection case that we handle here, usually on a class action basis, has to do with the yo-yo scam – the old bait and switch with the car dealership. Here’s the scheme, here’s how it works: You go into the car dealership. You give them the down payment, you trade in your car, they have you fill out all the paperwork, and you take the vehicle home. A couple weeks go by, you get a phone call. It’s the car dealership. They say, “Hey Jim, by the way, there’s a couple more documents we need your John Hancock on. Can you swing by and sign those?” You say sure, no problem. You go by, and all of a sudden your interest rate is higher, they want more of a down payment, or they want a co-signer.
Or the other scenario is, you don’t go back. You think something is up. It just doesn’t sound right. They start calling you everyday. Next thing you know, they tell you “look I will call the police and report your car stolen, that you’re driving, that you bought if you do not return this vehicle immediately. Folks, it’s illegal. There’s something called the Truth in Lending Act. And TILA, the Truth in Lending Act, requires disclosures of what the terms of the loan are up front. These car dealerships are trying to circumvent that.
If you or a loved one has fallen victim to a bait and switch (a yo-yo scheme) please give us a call. But one more thing, when you buy a car do not sign an arbitration agreement. If you sign an arbitration agreement, you may be giving up your right to pursue these types of cases. Please, watch out for that.
If you or a loved one has fallen victim to a spot delivery or yo-yo financing scam, give Tittle & Perlmuter a call. An experienced yo-yo scams lawyer in Cleveland has the knowledge and experience to fight for your rights. With offices in Cleveland and throughout Ohio, our team can prosecute these claims. For a free claim evaluation and consultation, call us now or fill out our online contact form. We will respond promptly. We can arrange evening and weekend appointments, and we can come to you.