O’Bryan Law Offices represents Bankruptcy clients throughout all of Kentucky and Southern Indiana. We offer in-person and video/telephone consultations for people so they can understand their financial options from the comfort of their own home.
Call now for a FREE consultation!
Close this search box.

O'Bryan Blog


The YoYo Scam: Car Refinancing.

Late in the model year, car companies advertise heavily to get you to come in and shop for a new car. All of those television ads may have you thinking about replacing your old gas-guzzler for a newer, better car. Before you go looking for a new or used car, be aware of the latest scam some unscrupulous car dealerships are using to make you pay: the “Yo-Yo” scam!

This scam occurs when an unsuspecting consumer negotiates to buy a car from a “buy here, pay here” dealership and drives off the lot thinking the deal is settled. Then the dealership calls the person back a week or so later saying the financing “fell through” and they either have to give the car back or accept new terms such as a higher interest rate. If you have a signed contract, you do not have to accept new terms that benefit the lender at your expense. They need to honor the contract that you signed.

If you have fallen victim to this scam, you are not alone! Other “bad deals” include rolling an old car loan into a new car loan so that you owe far more than the vehicle is worth, and extremely high interest rates or longer-than-normal payment plans. If you are stuck with a “bad deal” car loan, speak with a Chapter 13 bankruptcy attorney to see if Chapter 13 is a good option for you. A Chapter 13 payment can often be the same or less than your current vehicle payment and resolve all of your other debt, as well. Chapter 13 can give you protection from your creditors and shrink your debt down to size.


Disclaimer: The use of the internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.