A soldier filed a lawsuit against the car dealership that tried to make a yo-yo out of him. I’m Amy E. Feldman.
Army Specialist Austin Deehan put down a deposit on a used Harley Davidson motorcycle at a dealer in Anchorage, Alaska, and financed the rest. Three weeks later, the dealer called him back to say the financing had fallen through and he’d need a more expensive loan. Deehan filed a lawsuit against the dealer, claiming he was the victim of “yo-yo scam,” a scam in which a person leaves a dealer with a car at a finance rate he agrees to, but is later told the loan fell through and if he wants to keep the car, he has to agree to much worse terms.
The FTC says 4.5% of all people who finance through dealers are targets of the scam, but the percentage increases to 11% of people with below average credit and to 25% of people earning less than twenty five thousand dollars a year. If you’ve been victimized, you can file a complaint with the FTC, and like Soldier Deehan, defend yourself.