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Posted in Auto Loans
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deceptive auto loan advertising
Here is the ad that popped up on my screen:

Refinance Your Auto Loan and Save up to $1,716 a Year.

Sounds enticing. So I check in more detail and the offer would extend the length of my loan from 4 years to 7 years! So yes, I would be paying $1716 less per year for the next 4 years, but then I would be paying $2940 per year for 3 more years after my original loan would have been paid off! I could easily see how someone who doesn't really look into or understand the details might just switch because the advertisement makes it seem like a no-brainer. In my opinion, that is a deceptive practice intended to prey on people who do not understand finance. If you are going to offer me a way to save money, be honest about it. Be upfront about the fact that you are comparing a 7 year vs a 4 year loan. I understand that credit karma can offer free credit reports because they allow advertising, and I actually appreciate the offers and ability to compare credit card rewards programs, etc., but this type of aggressive, deceptive practice is not condonable in my opinion.

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