SAN FRANCISCO (KGO) -- Do you really understand how new car financing works? Michael Finney has a new 7 on Your Side Quick Tip for you!
When you go into a dealership and buy a car, and finance through that dealership, often the money deal isn't completely worked out. You drive off the lot, and you generally will never hear a thing. But the dealership has 10 days to get the money deal worked out. If they can't, they're allowed to call you up and ask you to bring the car back, and by law, you do have to bring the car back. But! You don't have to pay for the miles you drove, and you get your trade-in back, and you get all the money that you gave the dealership.
Now, some dealerships will try to trick you. They'll say the problem is because of something you did, and that you have to give them a larger down payment or perhaps have to pay a higher interest rate. That's not true, don't fall for it! You made a deal, that's the deal. Or... there's no deal at all.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.
QUICK TIP: When is a car financing deal really closed?
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