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Old 10-03-2012, 06:16 PM
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Quiz: Can you catch a car loan markup

Just for fun

Knowledge is power in countering car dealers' tactics when buying a car. A recent report of car loan markups in 2009 by the Center for Responsible Lending found that 79 percent of consumers are generally unaware dealers can mark up interest rates without their consent, using information only the dealer may have.

"Car shoppers think they are getting the best all-around deal, but the dealer has the ability and the knowledge to end up with a deal that's best for him and not you," says Chris Kukla, senior counsel for government affairs for the Center for Responsible Lending.

Test yourself with these true-false questions on some common ways you can spend more than you planned at the car dealership. Learn some tough tactics to outsmart the sales manager.


Quiz: Can You Catch A Car Loan Markup? | Bankrate.com
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Old 10-03-2012, 08:05 PM
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What an utterly stupid quiz. Not a single question was about 'how to spot dealer tricks'.

And I reject the premise- that they are "hidden" interest rates: They seem to think that when a dealer marks up a rate over what the lender would allow (say BMWFS) that this is a 'hidden' rate!!! moronic. You pay the rate on the note you sign...if you are stupid isnt that your own fault?
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