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    Home » ‘Greed has taken over’: Why forced financing has some consumers driving away from buying a vehicle
    yyctimes

    ‘Greed has taken over’: Why forced financing has some consumers driving away from buying a vehicle

    yyctimesBy yyctimesNovember 22, 2022No Comments3 Mins Read
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    After waiting months to find an electric vehicle, Vancouver residents Dan West and Bryan Balmer thought the search was finally over.

    They saw an advertised 2020 Volkswagen E-Golf and arrived at the local dealership to take it for a test drive. However, the joy of getting behind a new set of wheels quickly died down when they offered to pay cash for the car.

    “We had the money and it made no sense to fund something we didn’t have to fund,” West said.

    However, West and Balmer said the dealership declined their cash offer and told them the only option was to finance the vehicle.

    “They wanted us to finance it or a portion of it, but something had to be financed,” West said, adding that nowhere in the ad did it say that cash offers were not accepted.

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    “The car fits us like a glove. This is the one I wanted, but we had no intention of doing business with such a dealer.”


    Click to play video: 'Consumer Affairs: Battle for Price Protection'

    3:16
    Consumer Affairs: Struggle for Price Protection


    The nonprofit Automobile Protection Association (APA) told Consumer Matters that forced financing is a deceptive tactic.

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    “For the customer, this amounts to a hidden charge that is not in the advertised price. The customer is asked to pay interest so that the merchant can collect a commission from the lender. It is not right if the customer does not need the loan,” said George Iny of the APA.

    “APA’s position is if they are going to do that, they have to make you whole, because you are paying interest on that loan whether you like it or not for at least three months and in many cases six months.

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    Read more:

    BC couple puts deposit on electric truck only to learn it will be $10,700 more when it arrives

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    • BC couple puts deposit on electric truck only to learn it will be $10,700 more when it arrives

    Iny said the APA has heard several reports of forced financing happening across the country and pressure on the supply chain is only making it worse.

    “What we saw with the shortages that followed is that greed took over,” he said.

    The Vehicle Sales Authority, BC’s auto sales regulator, told Consumer Matters in a statement: “There is no legal requirement for a car dealer, or any BC dealer as far as we can determine, to advertise that they do not accept cash payments. Subject to a specific law to the contrary, a car dealer (or any dealer) may place terms, conditions or restrictions on the sale of their goods or services. This includes how they are paid.”

    So what are prospective vehicle buyers to do? The APA recommends that you try to negotiate a discount that is equal to the interest penalty you will pay on the vehicle if you end up financing the vehicle.

    The other option is to walk away like West and Balmer if the deal just doesn’t feel right. “It didn’t feel premeditated. It felt shady. It felt fraudulent,” Balmer said.

    © 2022 Global News, a division of Corus Entertainment Inc.



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