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01/02/2012
A new car buying practice, dubbed “yo-yoing,” is being scrutinized by car buyers and consumer advocacy groups across the nation. “Yo-yoing” happens when a consumer drives a new car off the lot, only to find out later that the auto dealer was unable to secure financing. The auto dealer then offers to sell the consumer a different car or raises the interest rate. Sometimes, the dealer simply repossesses the original car and keeps the down payment, claiming it goes towards the mileage the customer placed on the car.
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