What is the "we'll pay off your loan or lease" scam?

What is the "we'll pay off your loan or lease" scam?

James Bell (Publisher, Auto Reviewer) gives expert video advice on: What is the "wrecked used car as is" scam? and more...

The 'We'll pay off your loan or lease' scam is very common, because a lot of people have put themselves in long-term leases, or long-term sales contracts, and realized two or three years in that the vehicle doesn't meet their needs any longer, so they'd like to get out of the deal. A dealer would offer to help you pay for that. A dealer's only going to help themselves, they're going to take the vehicle and, in paying off that lease or that financing, you're going to incur extra charges. That balance is going to get shifted into your new financing anyway. It's always better to handle those two transactions, those two vehicles independently. Don't bring the new dealer into your old dealer process.