FOX 5 Investigates: Yo-Yo Financing Follow-Up - FOX13 News, WHBQ FOX 13

FOX 5 Investigates: Yo-Yo Financing Follow-Up

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COLLEGE PARK, Md. -

Lourie Allsbrooks contacted us complaining that she had been the victim of a practice called “yo-yo financing.” She bought a car and drove home, but days later, the dealer took the car back claiming the financing fell through.

Allsbrooks regrets going to College Park Hyundai after the deal for her Hyundai Sonata went sour. The dealership took back the car, returned her trade-in, and only gave her $600 of her $1,000 deposit -- shorting her $400 for the towing.

"We work too hard for our money and for somebody to come along and want to take it from us is not right,” she said.

Consumer advocates call this "yo-yo financing," a practice banned in Maryland. It is when someone takes a car home thinking the financing is a done deal only to be told days later it's not, forcing you to return the car or often pay more.

After FOX 5 aired Allsbrooks' complaint, she said she was surprised to get a call with a new offer -- and a catch.

“As long as I didn't bring the news people with me, I could come down and talk with him,” she said.

After all this, they were still trying to sell you a car?

“Yep, they were still trying to sell me a car,” said Allsbrooks.

She said no thanks and wanted the rest of her money back. Maryland's Office of Consumer Protection agreed.

In a response to her complaint, it sent a letter stating "you are entitled to the entire amount of your down payment, $1,000, and that the dealer is obligated to satisfy this."

Two months later, she got a check.

“I put it right in the bank,” said Allsbrooks.

In a settlement agreement, College Park Hyundai said it "denies all allegations” and the payment was "a matter of expediency and to avoid further time cost and expenses."

In a nutshell, they didn't do anything wrong.

"They should own up to what happened,” said Allsbrooks. “They know that they were wrong."

There has been no apology, but she's glad she called FOX 5.

Did she ever think she would get all of her money back?

“No,” she responded. “I didn't even think I would get my car back. But with the help of you all, I did.”


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