Have you ever driven a new car off the dealership lot, only to be called back days later to renegotiate your financing terms? This deceptive practice, known as a Yo-Yo Financing Scam, can leave you facing higher interest rates and unexpected costs. 

At Consumer Action Law Group, we specialize in protecting consumers from such unethical behavior. Our team of experienced Yo-Yo financing scam lawyers is dedicated to fighting for your rights and ensuring you receive the justice you deserve.

Detailed Service Description

What is Yo-Yo Financing?

Yo-Yo Financing, also known as spot delivery or conditional delivery, occurs when a car dealership allows a buyer to take possession of a vehicle before the financing is fully approved. The buyer believes the deal is final, but days or weeks later, the dealership calls the buyer back, claiming that the financing fell through. The buyer is then pressured into signing a new financing agreement with less favorable terms. Common tactics include:

• Conditional Delivery: Allowing the buyer to take the car home under the condition that financing is pending approval.
• Financing Rejection: Claiming the original financing was not approved and demanding the buyer return to the dealership.
• High-Pressure Tactics: Pressuring the buyer to accept higher interest rates or additional fees to keep the vehicle.

How We Can Help

At Consumer Action Law Group, our Yo-Yo Financing Scam lawyers have extensive experience handling these deceptive practices. We understand the stress and financial burden that such tactics can cause, and we are committed to holding those responsible accountable. Our services include:

• Case Evaluation: We will review the details of your situation to determine if you have a valid claim.
• Legal Representation: Our team will represent you in negotiations and court proceedings to ensure your rights are protected.
• Compensation Recovery: We will work tirelessly to recover any financial losses you have incurred due to Yo-Yo financing.

Why Choose Us

Experience and Expertise

Consumer Action Law Group is a leading law firm specializing in consumer protection. Our attorneys have years of experience in handling Yo-Yo financing scam cases involving car dealerships, and we have a proven track record of success. Our expertise includes:

• Deep knowledge of consumer protection laws and regulations.
• Successful litigation against deceptive car dealerships.
• Personalized legal strategies tailored to each client’s unique situation.

Client Success Stories

• John’s Yo-Yo Financing Scam Experience: John was allowed to take a car home under the impression that his financing was approved. Days later, the dealership called him back, demanding higher payments. Our team successfully litigated against the dealership, and John received compensation for the increased costs and stress.
• Mary’s Conditional Delivery Case: Mary was given a car on a conditional delivery basis. The dealership later claimed financing fell through and pressured her into signing a new agreement with a higher interest rate. We took the dealership to court, and Mary was awarded damages and a fair financing agreement.

The Process

Initial Consultation

Your journey with us begins with a free initial consultation. During this meeting, we will:

• Listen to your story and gather all relevant information.
• Explain your rights and the legal options available to you.
• Provide an honest assessment of your case and potential outcomes.

Case Assessment

After the initial consultation, we will conduct a thorough assessment of your case. This includes:

• Reviewing all documentation and evidence related to the Yo-Yo Sale.
• Identifying the responsible parties and their liabilities.
• Developing a legal strategy to pursue your claim.

Legal Proceedings

Once we have a clear understanding of your case, we will proceed with legal action. This process involves:

• Filing a Lawsuit: We will file a lawsuit against the deceptive dealership on your behalf.
• Discovery: Gathering additional evidence through depositions, interrogatories, and document requests.
• Negotiations: Attempting to reach a fair settlement with the defendant.
• Trial: If necessary, we will represent you in court to achieve the best possible outcome.

What to Expect

Communication

We believe in maintaining open and transparent communication with our clients. You can expect:

• Regular updates on the progress of your case.
• Prompt responses to your questions and concerns.
• Clear explanations of legal terms and procedures.

Timeline

Every case is unique, and the timeline can vary based on the specifics of your situation. However, we strive to resolve cases as efficiently as possible while ensuring that we do not compromise on the quality of our representation. Generally, you can expect:

• Initial Consultation and Assessment: 1-2 weeks
• Discovery and Evidence Gathering: 2-3 months
• Negotiations and Settlement Discussions: 1-2 months
• Trial (if necessary): Several months to a year, or maybe more, depending on the complexity of the case

Costs and Fees

At Consumer Action Law Group, we understand that legal fees can be a concern. We offer:

• Free Initial Consultation: Your first meeting with us is free of charge.
• Contingency Fee Basis: For many cases, we operate on a contingency fee basis, meaning you don’t pay unless we win your case.
• Transparent Fee Structure: We provide clear information about any potential costs upfront, so there are no surprises.

Educational Information

FAQs

What is Yo-Yo Financing?

Yo-Yo Financing occurs when a dealership allows a buyer to take possession of a vehicle before the financing is fully approved, only to call them back later to renegotiate the terms under less favorable conditions.

Is Yo-Yo Financing illegal?

Yes, Yo-Yo Sales are illegal under consumer protection laws. Dealerships that engage in such practices can be held liable for damages.

How can I prove that Yo-Yo Financing occurred?

Evidence such as the original financing agreement, communications with the dealership, and witness statements can help prove that a Yo-Yo financing tactic was used. Our lawyers will help you gather and present this evidence effectively.

What kind of compensation can I receive?

Compensation can include reimbursement for financial losses, additional damages for any inconvenience or distress caused, and sometimes punitive damages to punish the deceptive party.

Resources

• Federal Trade Commission (FTC) on Car Buying
• National Consumer Law Center on Auto Fraud
• Consumer Rights and Protection Laws

Contact Information

If you believe you have been a victim of a Yo-Yo Sale, don’t hesitate to reach out to us. You can contact Consumer Action Law Group through:

• Phone: (818) 254-8413
• Email: info@consumeractionlawgroup.com
• Contact Form: Schedule a Free Consultation

Your Legal Team

Pauliana Lara

• Practice Areas: Lemon Law, Auto Fraud, FCRA credit report disputes
• Principal Role: Senior Managing Attorney
• Education & Background:
  • Southwestern University School of Law, J.D.
  • UCLA, B.A.

Matt Faler

• Practice Areas: Lemon Law, Auto Fraud, Chapter 7 and Chapter 13 Bankruptcy, Stop Foreclosure, FCRA credit report disputes
• Principal Role: Managing Associate Attorney
• Education:
  • University of San Diego, J.D.
  • University of Washington, B.A.

Chuck Panzarella

• Practice Areas: Lemon Law, Auto Fraud, FCRA credit report disputes
• Principal Role: Managing Partner
• Education & Background:
  • Rutgers University, J.D.
  • University of Colorado, B.A.

Legal Insights Blog

Recent Posts:

• The 10-Day Rule In Auto Financing Explained: Explanation of what the 10-day rule in auto financing is and what rights buyers have if the dealership doesn’t secure financing for them.
• What You Should Do When The Car Dealer Wants You to Sign a Second Contract: Taking caution when the dealer wants you to return and sign another contract can help you from agreeing to a worse contract, financially speaking.