November 2, 2007, Newsletter Issue #50: Bad Loan?

Tip of the Week

Buying a car can be an easy process, but if this is your first time doing it and you are relatively new to financial independence, mistakes can be made.  Military car loans can be especially subject to confusion when the military member is making his or her first major purchase and is doing it without any assistance or advice from parents or friends.  If you find that you have been talked into purchasing a car which is not necessarily a good buy, or if you have signed a contract for financing which does not seem fair once you get home and look everything over, you may not be stuck.  If you are a true victim of shady business dealings, you may be able to contact your First Sergeant, supervisor, or legal office and have the contract voided.  Most dealerships offer a period of time in which the customer can return a newly-bought car, but smaller dealerships – in particular, those that prey on young military members – may have no such guarantee.  If the dealership is contacted by a representative on the military installation, however, and is told to either rescind the contract or be blacklisted by the installation, in most cases the dealership will choose to rescind the contract instead of losing all the business from the installation.  This type of action is for instances when a military member has truly been bilked, and is not for instances when the buyer simply decides he or she doesn't want to car after all.  When you head out to get another car, do so with financing already secured from a reputable lender beforehand.    

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