Yoyo car financing can drastically change purchase terms

Yoyo car financing can drastically change purchase terms

Buying a new or used car can quickly turn into a financial nightmare if the dealership calls days or weeks later to say the financing fell through.The legal but controversial practice is known as yo-yo financing, and it can leave car buyers stranded without vehicles or out thousands of dollars. When financing falls through after a buyer takes possession of a vehicle, dealerships often ask the consumer to return the car or sign a new contract wit…