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HomeBlog Personal FinanceFour Damaging Consumer Myths That Just Won’t Die
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Four Damaging Consumer Myths That Just Won’t Die

March 8, 2014 by National Debt Relief

woman looking at documentsWe ran into an interesting article the other day about scientific things that most of us were taught as children that simply aren’t correct. For example, there’s that diagram we’ve all seen of an atom with little protons and neutrons circling the nucleus that just isn’t at all what an atom looks like. Unfortunately, there are also consumer “facts” we’ve learned over the years that are really myths – and that just won’t die. These myths have become so imbedded in our consciousness that most of us are not even aware that they’re false and could be costing us big money. Here are five of those consumer myths that just won’t die.

Myth #1: There are three days where you can take back a car

Of the numerous myths out there regarding automobiles this is one of the largest and is one that many people continue to believe. The fact is that the minute you sign a contract to buy a car or truck, you own it and you have no legal right to give it back within three days. The truth is that you can’t legally return a vehicle in any of our 50 states. However, you can return it if the dealer is willing to write on your contract that you can return it within a specified time period. Other than this, make sure you’re happy with your purchase as that vehicle is now yours. Period.

Another fact you probably don’t know is that your dealer can require you to bring back a vehicle. The reason for this is that dealers often allow buyers to take the car before their credit was approved. But the dealer still owns the car legally until it has been paid by either the institution that is providing the loan or you. So, be aware that you could take that bright, shiny, new car home only to be told the next day that you must return it.

Myth #2: You can just return a car

There was a moment in time when General Motors had a program on its cars and trucks where they could be returned within 60 days. The purpose of this was to boost sales and consumer confidence. The way this worked is that you could buy a GM vehicle and drive it for a maximum of 60 days. If, after that period of time, you weren’t happy with your purchase, you could just return the vehicle. However, if you purchased a vehicle under this program, it was a good idea to read the contract very carefully. This is because the deal had several stipulations. For example the car or truck must have fewer than 4000 miles when you brought it back; there could be no more than $300 in damage; there was an additional $500 fee added to the list price to participate in the program; and you lost any cash-back incentives. If you wrecked the vehicle, the deal could be voided. Your family could not return the vehicle if you died. And if you returned the car or truck after 30 days, you had to still pay the sales tax.

Myth #3: The vehicle’s a lemon

All states have what are called lemon laws but they do vary from state to state. The purpose of a lemon law is to help protect consumers if a vehicle is defective and can’t be repaired or if the dealer will not honor the manufacturer’s warranty. Its purpose is to cover a replacement of the vehicle or a refund. And while you might think that your state’s lemon law covers only a car or truck, this is not true, either. In fact, the law covers nearly every possible vehicle including motorcycles, vans, boats, recreation vehicles and ATVs. For that matter, most state’s lemon laws even cover used cars and trucks. In addition, a dealer warranty or manufacturer’s warranty will sometimes fall under the lemon law.

Myth #4: A store must offer you a refundwoman taking out money from wallet

Do you believe that every store is required to gibe you a refund a purchase? This is definitely a myth. The Federal Trade Commission doesn’t require a store to offer you any refund. The good news is that most retailers will let you return an item as a way to keep their customers happy. However, there is an exception to this called the “cooling-off” rule. It states that if you purchase something in your home or in a location that is not a retailer’s primary place of business and costs more than $25, you have three days to return it.

Merchants, manufacturers and retailers all tend to have different return policies and even a different policy on different kinds of merchandise. As an example of this, a return policy on electronics may not necessarily apply to clothing. Fortunately, if you are unable to return an item that’s defective there are federal laws that could help. What you would need to do is write the Federal Trade Commission and make a complaint. You may also get help from your local Better Business Bureau. Do keep in mind that retailers often have exceptions, explicit policies on returns and definite time limits.

Return policies can be confusing. It’s also sometimes tough to know your consumer rights. When you’re shopping a new store it’s best to spend a few minutes getting information regarding its policies. Before you pay for a purchase, make sure you read the fine print on any contract or financial statement and don’t be afraid to get legal advice if necessary. Before you make that purchase be sure you understand what the store’s policies cover. Some states do require retailers to post their return policies but not all do.

Will you soon get your credit score free?

If you have a Discover card you may have recently been pleasantly surprised to see that your statements now include your credit score. This may soon be true for all credit cards, as the Consumer Financial Protection Bureau has asked the major credit card providers to give their consumers free scores to help them improve their credit.

Lenders are now required to provide your credit score only if they deny you credit, give you interest rates that are less favorable than what you had applied for or when they increase their rates. This is despite the fact that your credit history and credit score determine nearly every aspect of your life – from getting a job to the interest rates you pay on your car insurance and mortgages. As it stands now if you want to learn your financial standing, you must buy your credit score online through a company like FICO or get some version of your score online free.

The problem

The problem is that these free scores are not the same ones that lenders use to decide about extending you credit. Also, since it’s been found that 20% of all consumers have mistakes on their credit reports it’s possible that a lot of these people are being denied credit because of these inaccuracies and this is impacting their credit scores. As CFPB director Richard Cordray recently pointed out, many consumers don’t learn how important their credit standing is until it’s too late – after their identity has been stolen or they have been denied credit. However, this may change and you may soon be seeing your credit score on all of your credit card statements. This way you will know exactly how you stand before you apply for that new loan, credit card or mortgage.

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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Before I begin, I have to let you know that our call may be recorded. Can you tell me, how did you first hear about our National Debt Relief? JOAN: Oh, I don't know. I don't remember. I don't know how I heard about it. Charlotte: What made you decide to work with them? JOAN: Well, obviously, I needed to consolidate my debt. Charlotte: Tell me about the service program that they provided you with. JOAN: Well, I'm not done. But for me, it’s costly. What I did not like about it was that they add on. They say it's going to be X amount of dollars. But then what they do is they say, “Oh, well, we found another creditor that you need to…” So that'll be at a different part of the month and I don't like staggered bills. If I'm gonna pay a bill, whether it's to the phone company, the insurance company, whatever it might be, I want to pay that bill once a month. That's the only drawback. Charlotte: So let me get this. Normally, they are collecting the bills upfront. And then they work to get them paid off at a different rate. So everything wasn't collected all at once, if that's what I'm hearing correctly. JOAN: No, no, no. Every month, money is taken out of your account. And they pay X amount of dollars. Like let's say you owe $5,000 with Citibank, $500 in Credit One, whatever. They work out a deal with them and then they say, “Well, you have to pay $350 a month.” And they'll pay $20 a month towards -- they give you like around about how long it's going to take. Two years, two and a half years. And then they work it out that way. Charlotte: Now, what did you think about your negotiator? JOAN: I don't know. I just called up. It's a completely different department. So when you call up to sign up, it's very different. I don't remember that. It's just that they collected all the information. It was easy for me. I didn't have to go through and find whatever bills I wanted to put in the debt relief. They did that. Charlotte: So say you have questions or concerns. How did you get your questions or concerns addressed? JOAN: I would just ask and they answered it. They're very helpful like that. They'll answer any questions you have. And if they don’t know, they will find out. Charlotte: So was there not a particular person that you spoke with? JOAN: No, you don’t have one person that you deal with that just handles your account. Once you do – they’re like headhunters. Until you sign up, you're going to have that one person and even other people calling. Once your name is out there, they're going to keep calling you. So, once you sign up, then it's whoever answers the phone. It’s customer service. Charlotte: How comfortable did you feel working with National Debt Relief through this process? JOAN: I felt very comfortable, very safe. I was not worried about anything. Charlotte: Is there anything about this process that you would have liked to seen handled differently? JOAN: Yes. The way the payments come out. I'd rather have them one instead of … Charlotte: Everywhere. JOAN: Right. Well, not everywhere. For the most part, the bulk of them were. But then if there's one here, one there, they don't just extend it to another payment. And then the payments change, like the payment amount. You could pay $20 for six months, and then all of a sudden, it's $80 for the next three months, so you really don't know. Charlotte: So if you have to rate this experience on a scale of one to five, five is you’d recommend to friends, one you're pretty dissatisfied… JOAN: No. I would definitely recommend it to a friend. Charlotte: How would you say working with National Debt Relief has impact your life? JOAN: Well, it did help until I hit a speed bump. I'm in the middle of a divorce and my husband closed our checking account, of course. But so far, as a matter of fact, that's why I thought you were calling. I have to postpone the next month, so hopefully, they'll be able to postpone it, because I've been postponing it for a few months. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? Because you did give us some really good feedback. JOAN: Yes, but not using my name. Charlotte: Okay, I will make it anonymous for you. I will also send over a link so that you can have it as a record for yourself at jdola20@yahoo.com. JOAN: Yes, but do not put that public. Charlotte: Oh, no, no, no. That doesn't go public. Definitely. How would you say working with National Debt Relief has impact your life. JOAN: Well, really, it would have helped if I could have stayed on the program. Charlotte: We’re recorded.

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