Auto Leasing Secrets Revealed:
--Deceptive Sales Practices
--Secret Price & APR Increases
--"Disappearing" Cash & Trade-ins
By consumer advocate &
auto expert Mark Eskeldson
Dealers and salespeople claim that
leasing is the "smart" way to drive a car, using lines such as,
"Leasing is simple--instead of paying for the whole car, you only pay for
the part you use." However, consumer advocates and prosecutors have warned
that many people are getting ripped off. In 1994, Ralph Nader said,
"Consumers are getting gouged far too often...It's more like auto fleecing
than leasing." And in 1996, Florida Assistant Attorney General Jack Norris
said, "Consumers are getting robbed."
So who's right, the dealers or the consumer watchdogs?
They both are. Many people have gotten great lease deals, and many others have
been robbed. The ones in the middle ended up with deals that they probably
wouldn't have agreed to, had they understood what was involved in their
If you're thinking about leasing, how can you be sure you
won't be overcharged? Or, better yet, how can you know that you're really
getting a good deal? By reading Leasing Lessons for Smart Shoppers.
When you're done, you'll know a lot more about leasing than most dealers (and
automakers) want you to know.
Ford's Deceptive Leasing Practices
In September of 1991, Mark Eskeldson
was on the radio exposing fraud at Sears Auto Centers--and in June of 1992 the
national newswires announced that Sears had just been busted. Now he's blowing
the lid off what could turn out to be the biggest consumer fraud of the decade:
deceptive sales practices that were taught nationwide, over a period of at least
six years, to dealers and salespeople representing the second largest automaker
in the country.
The author has their training manuals and quotes from them
in a shocking chapter on Ford's leasing practices. You'll read how salesmen were
taught to trick people into leases, secretly increase the prices on vehicles,
and conceal those prices so overcharges would not be discovered. You'll read how
former salespeople have testified to these practices, and you'll read about
actual victims who were cheated because of them.
Leasing Tricks & Scams
Salesmen have tricked many people
into leases by telling them that they would save money, but the truth is that
short-term (2-3 year) leasing costs more than conventional buying if the
purchased vehicle is kept for at least 4 years. (And that's assuming the lease
is an honest one.) Deceptive comparisons are often used to convince unsuspecting
consumers that bad lease deals are cheaper than conventional purchases. Instead
of saving money, people are often victimized by secret price and APR increases
because lease contracts usually provide little-or-no disclosure of these
To help consumers avoid overcharges, all of the typical
deceptive sales tricks are exposed in Leasing Lessons. You'll also
learn how to calculate your own lease and loan payments, how to do an honest
lease-buy comparison, and how to figure out what you really paid (in terms of
price and APR) on previous leases.
How to Get a Good Lease Deal
If you're the kind of person who
would normally buy a new vehicle every 2-3 years, and you don't care if this
practice costs a lot more than longer-term ownership, then you need to learn how
to negotiate (and recognize) a good lease deal. This book will teach you how to
get those "secret numbers" on the real dealer's cost, lease rates, and
residuals so you can be sure you're really getting a good deal. And you'll learn
how to calculate your own payments, which is the only way to be sure that you're
not being overcharged. (Remember this: All of the lease victims had one thing in
common--they trusted the salespeople to calculate payments honestly.)
In this book, you'll learn all about
LeaseWise, the only national service that provides competitive bidding to help
consumers get the lowest prices on new-car leases. LeaseWise is a new program
from CarBargains, the non-profit car-buying service, and is the only program of
its kind in the country. And Leasing Lessons is the only book of
its kind that mentions it.
Leasing Lessons for Smart Shoppers
"Look before you lease."
|Table of Contents
- How Leasing Works: The Pros & Cons
- Buyer Beware: Leasing Tricks & Scams
- Ford's Success Story: Was It Leasing or Fleecing?
- How to Figure Lease Payments
- Comparing Costs: Leasing vs. Buying
- What's a Good Lease Deal? (And How to Get One)
- CarBargains & LeaseWise: Shortcuts to Savings
- The Homework Section:
Resources for Getting the Best Deal
- At the End of the Lease: "To Buy or Not to
- "Single-Payment" or Prepaid Leases
- The Used-Car Lease
- The Future of Leasing?
- Open Letter to Ford Motor Co. &
All Ford/Lincoln-Mercury Dealers
- Payment Tables
Paperback, 144 pages
Published March, 1997
In Association with Amazon.com
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