8 most outrageous financial rip-offs of 2012

  • 8 most outrageous financial rip-offs of 2012

    The $46,000 "economy" car

    One elderly man in New Jersey responded to an auto dealer's advertised promise to offer $4,000 for any trade-in, no matter how bad the car's condition, because he wanted the dealer's economy car advertised for sale at $14,999.

    Naturally, when this consumer came in with a trade-in and a $2,000 down payment, he thought he'd be financing around $9,000. When he left the lot, however, he owed $46,000 on his car, which conveniently didn't show a sticker price. When questioned by the county consumer affairs office, the dealer said the price information, which is required by federal law to be on the car window, had been stored in the car's trunk.

    The sticker price of the car was $20,000. How the dealership justified the other $26,000 -- not to mention the missing $4,000 trade-in allowance and $2,000 down payment -- was a mystery. Nabbed by the authorities, the dealer agreed to rescind the deal and give the man the car at the advertised $14,999 price.