Victory State Bank Points to Deceptive Car Ads


Beware Deceptive Car Ads


Staten Island’s only community-base commercial bank discusses red flags

of vehicle advertising



STATEN ISLAND, N.Y. – Whether you’re buying or leasing, shopping for a car can be fun and exciting.

But wading through ads and promotions offered by car dealers also can be stressful. Some advertise unusually low prices, low or no up-front payments, low- or no-interest loans, or low monthly payments.

Others promise high trade-in allowances, free or low-cost options, or rebates.

And if you’re looking to lease a vehicle, ads for very low — or no payment — at signing may be especially enticing.

Victory State Bank would like to remind you to be cautious of ads that seem a little too good to be true.


Vehicles are available at a specific low price or for a specific discount

What may be missing: The low price is after a downpayment, often thousands of dollars, plus other fees, like taxes, licensing and document fees, on approved credit. Other pitches: The discount is only for a pricey, fully-loaded model; or the reduced price or discount offered might depend on qualifications like the buyer being a recent college graduate or having an account at a particular bank.

“Only $99/Month”

What may be missing: The advertised payments are temporary “teaser” payments. Payments for the rest of the loan term are much higher. A variation on this pitch: You will owe a balloon payment — usually thousands of dollars — at the end of the term.

Zero or Low Rate Loans

What may be missing: The low advertised annual percentage rate (APR) may apply only to loans up to a certain amount — which may be a lot less than the purchase price. You will pay a higher APR for loans financing higher amounts. A variation on this pitch: rates may not be stated as “APR,” meaning the advertised rate may not reflect the true “annual” cost of financing, and may exclude certain costs required to be included in the APR.

“$0 Due at Lease Signing”

What may be missing: The fine print indicates that additional fees — sometimes several thousand dollars — are due at lease signing.

You’ve won!

What may be missing: The prize. This is just a tactic to get you into the showroom.



About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online

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