Thread by @EthnicMediaSvc

🎊It's Friday! Which means it's time for our weekly media briefing. Today we're talkin' cars and the red flags ⚠️ you need to watch for when making a purchase. You can follow the convo @EthnicMediaSvc starting at 11am PST or via FB live: fb.me/e/14uSsEdjt @FTC @HERAdvocates

🎊Welcome to EMS's regular Friday briefing. Today we're discussing what you need to know when buying or financing a car with the @FTC, @legal_aid_MN and @HERAdvocates. Follow the discussion @EthnicMediaSVC or via FB live fb.me/e/14uSsEdjt

Two really useful resources from the @FTC for consumers preparing to buy or lease a vehicle:
Buying a used car from a dealer: consumer.ftc.gov/articles/buyin…

Financing or Leasing a car: consumer.ftc.gov/articles/finan…

Daniel Dwyer is an attorney with the @FTC Division of Financial Practices. "Cars are key to how we live, learn and provide for our families. They are also one of the most expensive and complicated purchases many people will make."

Nearly 100k people reported fraud complaints last year. Car buying is the 4th leading source of #consumer fraud complaints.

"Our best advice is to think of car buying as a research project that starts well before you set foot on the lot," says Dwyer.

Research what kind of vehicle you need, how much you can afford to pay... this will help you to be prepared. Check prices & options, then call the dealer to get the out the door price in writing before heading to the dealer. That's key!

Need to finance? Get pre-approval. Otherwise you rely on the dealer to arrange options, and this can lead to predatory lending practices. #scams

And check your credit report before going to the lot. Go to annualcreditreport.com -- free site to check your score from the Credit Bureau.

Preparation sets you up for success, says Dwyer.

When you get to the dealer, that's when the test starts. Keep the out the door price in mind, and don't just focus on the monthly payment. Also, the interest rate can be negotiated, and add-ons may seem required but they are not.

You also need to know about vehicle history & safety. For #usedcars, get a vehicle history report at ftc.gov/usedcars. Ownership history, accidents, repairs, etc. "You need to know when buying."

Assuming you're ready to drive off the lot, to avoid #yoyofinancing, make sure to ask the dealer your financing has been approved. If not terms may be adjusted. Get it in writing!

Useful tips from the @FTC on when you shop for a used car:
1. Ask questions
2. check for yourself
3. check out the vehicle history report. consumer.ftc.gov/blog/2016/12/w…

And if you’re behind on #carpayments because of #COVID, you may have options. consumer.ftc.gov/blog/2020/04/b…

Nos encanta esta viñeta sobre cómo evitar problemas al comprar un coche: bulkorder.ftc.gov/es/publicacion…

Elizabeth C. Goodell is Supervising Attorney with Mid-Minnesota Legal Aid @legal_aid_MN, part of a national network offering free legal aid to low income communities.

Often consumers stop #carpayments not because of a loss of income, but because the car stopped working. "It is insanity to keep paying for a car that no longer works." The car is then repossessed and the family is left with the debt, notes Goodell.

We have seen cases where dealers target members of immigrant communities. "Don't trust a dealer just because they speak your language."

In one case the client paid $2000 up front. The car didn't work properly at the beginning. When the client withheld payment, the dealer came with a tow truck and repossessed the vehicle.

Advice when buying a #usedcar, says Goodelle of @legal_aid_MN:
1. Be prepared to walk away
2. Be willing to make more than one trip
3. Use free online kbb.com to see what the value is.

Overcharging on #usedcars is "astounding" says Goodell.

Look for a legal aid office in your area. There are programs in every state for low-income consumers.

Check out consumeradvocates.org for help finding legal aid.

This 👉ftc.gov/news-events/pr…

If you are sued and can't find a lawyer, Goodell advises, "call the court and find out how you can represent yourself, to tell your side of the story."

Joe Jamarillo is a Staff Attorney with @HERAdvocates. heraca.org

The CA attorney general has a major lawsuit alleging customers were tricked into paying for add-ons. oag.ca.gov/news/press-rel…

There is a buyers bill of rights in CA that requires all charges be itemized, that dealer provide an inspection report for used cars, and that dealers provide buyers with a credit score. dmv.ca.gov/portal/car-buy….

California also has a contract translation law, which requires translation into Spanish, Chinese, Tagalog, Korean and Vietnamese. slator.com/new-california…

Quick and accesible info 👇experian.com/blogs/ask-expe…

The @FTC Buyer's Guide, available in English and Spanish: ftc.gov/tips-advice/bu…

With you VIN# you can check with nhtsa.gov/recall to see if your vehicle is subject to a recall. If it is, contact your dealer immediately, says Joe Jamarillo of @HERAdvocates

Take your time, take advantage of the resources, seek advice. Make sure to spread the word that the resources are out there!

Thanks to all our speakers for today's important and incredibly useful conversation. Visit ethnicmediaservices.org to see reporting on this and past briefings. @FTC @HERAdvocates @legal_aid_MN

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