Friend of John Gear Law Office and outstanding consumer attorney Young Walgenkim, along with a stellar cast of other consumer protection experts, has filed a petition with the FTC to stop one of the worst abuses in the entire US market system, the yo-yo sales scam that auto dealers use.
The yo-yo sale is so bad it reminds you of the old saying that "If you think the illegal stuff is bad, take a look at what's legal."
Basically, a yo-yo sale is where you are stuck with the bargain you made but the dealer gets to revoke it … in other words, they get you psychically invested into and committed to the car you bought and often into sinking money into the car, and then they pull it back (the yo-yo) and demand that you, the consumer accept a worse deal or give the car back. And, believe it or not, today, that's legal.
It’s absolutely a shocking and abusive predatory practice that ought to be outlawed in auto sales just like all other forms of consumer contracts. If the deal isn't binding on them, it shouldn't be binding on you.
Read the rulemaking petition below and then contact your congressional rep and your Senators and tell them you agree:
If an auto dealer isn't bound by the contract, the consumer shouldn't be either.
If a deal's a deal, then it should be binding on both sides or neither side. End Yo-Yo Auto Sales!
The yo-yo sale is so bad it reminds you of the old saying that "If you think the illegal stuff is bad, take a look at what's legal."
Basically, a yo-yo sale is where you are stuck with the bargain you made but the dealer gets to revoke it … in other words, they get you psychically invested into and committed to the car you bought and often into sinking money into the car, and then they pull it back (the yo-yo) and demand that you, the consumer accept a worse deal or give the car back. And, believe it or not, today, that's legal.
It’s absolutely a shocking and abusive predatory practice that ought to be outlawed in auto sales just like all other forms of consumer contracts. If the deal isn't binding on them, it shouldn't be binding on you.
Read the rulemaking petition below and then contact your congressional rep and your Senators and tell them you agree:
If an auto dealer isn't bound by the contract, the consumer shouldn't be either.
If a deal's a deal, then it should be binding on both sides or neither side. End Yo-Yo Auto Sales!
| 2022-04-29_request_for_rulemaking_yo-yo_grppetition_yo-yo_financing_ftc_04-29-22.pdf |
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