#Yo-yoFinancing

A man bought a new pickup. A few days after he had driven off the dealer lot, he received a phone call. There were a few changes, please bring paperwork and truck back to the dealer. At the dealer, the man was told that the financing had fallen through. The man jumped over the desk, grabbed the sales manager by the throat and started strangling him. Police were called, and the man was taken away in handcuffs.

This story, described in “ Confessions of an auto finance manager” repeats all too often. Many people become victim of what is called “yo-yo financing:”