If you bought a used car from a dealership that proudly claims to put each vehicle through “125-point” or “172-point” inspections, you might assume that your vehicle is safe to drive and that it isn’t under recall for a potentially deadly defect. However, a number of big names in used cars — including CarMax and General Motors — have recently entered into settlements with federal regulators that could allow used car dealers to continue marketing their vehicles as safe even while they may have unrepaired defects. [More]
It probably wasn’t the first time that one man in Pennsylvania has been accused of stealing a car. We’re guessing. That’s because when he took a Mercedes on a test drive at a dealership near Pittsburgh, the Lexus that he left behind the keys to was, um, also reported stolen. From another dealership. [More]
When shopping for a used car, buying from a private party in your real-life social network or who you found through an ad is cheaper than going through a dealership, but has some dangers that you may not think to look out for. There are small-time dealers who pretend to be individual sellers, and here’s another thing to keep in mind: cars can be victims of identity theft. [More]
The owner of a former used car dealership in Arizona that admitted to defrauding dozens of customers just so happens to also be a long-time employee of the federal government, helping consumers with financial issues through an IRS Taxpayer Assistance Center. [More]
Although there is no specific federal law prohibiting used car dealers to sell recalled vehicles, nearly a year ago AutoNation – one of the nation’s largest pre-owned vehicle dealers – suspended the sale of cars with potentially deadly Takata airbag defects. Now, the company plans to take things a bit further, announcing it will no longer sell any vehicle that has an open safety recall. [More]
In a rare, heartwarming tale of the return of a valued possession once thought to be lost forever, the owner of a 1972 Corvette Stingray that was stolen 43 years ago was finally reunited with her “first love.” And she is not going to let it out of her sight ever again.
Purchasing a new or used vehicle can represent quite a commitment for consumers, especially as the length of an average vehicle loan continue to get longer, now reaching all-time highs. [More]
If you were looking to get a Tesla Model S electric vehicle but didn’t feel like paying full price for a new one, your options were limited. It’s not like Craigslist is full of ads for these relatively new cars. But in recent weeks, Tesla has launched an online portal that allows customers to check out the pre-owned Teslas available in their area. [More]
Our global, interconnected economy is an amazing thing. Of course, it doesn’t seem so amazing right now to the person answering the phones at Mark-1 Plumbing in Texas City, Texas. The business has had to remove the batteries from its cordless phones to stop the phones from “ringing off the hook” after a truck with its name emblazoned on the door ended up in the hands of an Islamic militant group in Syria. [More]
Although it’s not illegal for used car dealers to sell recalled vehicles, one of the nation’s largest pre-owned dealers announced it would suspend the sale of cars with the potentially deadly Takata airbag defect that has so far been linked to four deaths and 30 injuries in the United States. [More]
A couple in California who ran a used car dealership embody consumers’ worst fears about buying used cars. They now face almost 80 criminal charges of grand theft by false pretenses, perjury, filing false documents with the DMV, and twenty counts of unlawfully rolling back a car odometer. [More]
Banks Can’t Get Away With Horrible Mortgage Practices Anymore, So Now They’re Doing It With Car Loans
Subprime loans: they aren’t just for mortgages anymore. The next big bubble of ill-advised loans to borrowers who can’t pay is coming due. This time, it’s used car dealers reaping the interest and repossessing the cars.
When CarMax, the nation’s largest seller of used vehicles, claims each of its “Quality Certified” cars has undergone a “125+ point inspection,” and that only 1-in-3 of the cars it considers is accepted for sale, you might assume this means it isn’t selling recalled vehicles. This is not always true, and a coalition of consumer advocacy groups allege that it’s a case of deceptive marketing. [More]
When you sell your car to a used-car operation like CarMax, you’d assume that anything that occurs with that vehicle after that point is not your problem. But a California woman says she was charged with running through a tollbooth in car she’d handed off to CarMax months earlier. [More]
It seems like a good idea on the surface: when an eBay Motors seller types in a car’s Vehicle Identification Number, or VIN, the site automatically determines the make and model from that number and populates the auction with that information.
It’s only a problem if that information is bad…which it was, and just that sort of bad info in a listing led reader S. to spend $1,000 more than he would have for the particular model of used Prius that he bought. [More]