Released: February 06, 2023

Even after you bought a car, dealerships can ‘yo-yo’ you and take it back

Source: Chris Arnold, NPR

A full three weeks after they bought the car and took it home, they got what's called "yo-yo'd."

"I received a phone call from the finance manager of the dealership," Darren Johnson says. The manager told them the financing for the car had fallen through and if the couple wanted to keep it, they had to come back and sign a contract with different terms.

But odds are good that in the paperwork you signed when you bought your own car, there was some legal language saying the sale may not really be final. It often asserts that if the car dealer has trouble with the financing on its end after the sale, it can later cancel the deal, try to get you to agree to different terms, and take the car back if you refuse.

Read Full Article: Even after you bought a car, dealerships can ‘yo-yo’ you and take it back