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How to spot auto loan fraud Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators that provide objective and original content. This allows you to conduct research and analyze information for free - so that you can make financial choices without a doubt. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they may appear in the listing categories in the event that they are not permitted by law for our loan products, such as mortgages and home equity, and other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that may be open to you.



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4 minutes read. Published February 28, 2023
The story was written by TJ Porter Written by Contributing writer

TJ Porter is a contributing writer at Bankrate with over eight years of experience in writing about financial matters. TJ writes about a wide range of subjects, including .







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied facts that break down otherwise complicated subjects into digestible pieces.









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As scammers targeted homeowners during the housing downturn however, auto loan frauds are now starting to draw the attention of watchdogs from government agencies. These scams range from illegal financial tricks that force customers into unfavorable financial agreements to deceptive negative equity deals that leave consumers in debt for more car loan debt than they expected. Most scammers target owners of cars who must catch up on their bills and wish to keep their vehicles from being repossessed. The scams could be costly, so understand the signs to watch out for. Car loan modification scams A car loan modification fraud is designed to take your money without offering a service. Scammers for car loan modification scams claim to reduce your auto loan payments. In the exchange for helping you reach their goal, scammers will charge a steep fee in advance. Scammers typically ask for fees in advance or for unusual forms of payment. They can also try to convince you into signing a contract and will often skip checking on your credit report. The scammers may advise you to not make auto loan payments while they "negotiate" with your lender. It's also not unusual for scammers and scammers to demand more money while continuing their so-called efforts on your case. In some instances the scam firm might require for you to pay your car directly to it instead of your lender. "The scams are like the mortgage loan modification scams, and the scammers telling victims that they can stop their car from being repossessed and that they could lower their payment," says Gregory Ashe Senior Staff Attorney with the Bureau of Consumer Protection at the Federal Trade Commission. Repossession may occur within two or three months of non-payment. The longer you delay making the call, the fewer options will be available. "Auto lenders are not usually lowering interest rates or reducing the principal balance on the car," Ashe says. "If you do have any relief that can be found, it's usually to extend the duration of the loan to lower your monthly payments , or to defer missing payments to the close period of loan. The loan will cost you more over the life of the loan and there's no significant savingshowever at least you'll have a chance of affording your vehicle payments." How can you avoid
To avoid being the victims of car loan modification fraud, the FTC suggests that you take action as when you are aware that you are susceptible to being a victim. Also, avoid too-good-to-be-true promises of lowered car payments from suspicious companies.


Yo-yo financing scams The seller dangles a good interest rate in front of the buyer, only to yank it back to make the already committed buyer agree to lower conditions. This is how it operates. A dealer will lead the buyer to believe the financing is complete that they will take a trade-in as an offer for a down payment, and then allows buyers to walk out of the dealership with a brand-new vehicle. A few days, or perhaps weeks, the dealer calls the buyer and say the financing fell through. The buyer has to return and sign a new contract usually with more favorable conditions. Sometimes, the dealership had already offered to sell the trade-in vehicle which leaves the buyer to choose between higher rates or the car is not even available. These scams typically target customers who have fewer financing options due to the limited options they don't have . Yo-yo financing is illegal in every state, says Paul D. Metrey, the senior vice president of regulatory affairs for the National Automobile Dealers Association in McLean, Virginia. However, there are conditional sales and spot deliveries that are completely legal. They are also legal. FTC is currently writing a regulation for dealers in the automotive industry that contains language to protect consumers from yo-yo financing traps. If it is enacted, the rule would prevent dealers from misrepresenting what the transaction actually finalized. What are the best ways to stay clear of
To avoid being a victim of a yoyo scam Buyers can go to the dealership with their credit card secured prior to the time. You will likely get an interest rate that is better through a bank or credit union with which your account is already open. Additionally, coming in with financing already locked down will give you .


Negative equity scams FTC has instituted administrative proceedings to address Truth in Lending Act violations concerning how dealers dealt with negative equity. The dealers did not clearly inform consumers that although they claimed the option to "pay the balance" the outstanding balance to a trade-in but they actually took that negative equity and put it towards the borrower's new car loan balance. Some customers complained that they did not be aware of this until they had signed the new paperwork for auto financing. "Consumers should study the documents before signing it because it doesn't matter how it's written. It matters what's in writing," Ashe says. "If you aren't sure about something, don't sign it." How can you avoid
After reviewing the loan documents, you should make sure the price is the amount you agreed to pay. If you find additional charges Ask the finance manager at the dealership to explain these to you. Your trade-in should be treated as a separate purchase. While you can choose to enter into a new loan but the dealer has to explain how this affects the loan.


The loan packing dealer may be able to make you feel pressured to and services when you buy an automobile. These might include an extended warranty, , tire rotation, rustproofing and service agreements. While some of these options are useful, the majority are not. The primary goal of the dealer at this point is to convince you to spend more money. Be aware that you are not required to agree to any extras. If some of the options interest you, you can try to negotiate the price for the extra item in the same way you bargain the cost of the car itself. Keep in mind that when it's added to the loan you'll be paying the interest. How can you avoid it?
Research what is being offered and consider what you could do on your own or at a shop elsewhere. You might find that you can get the options or services for less cost and of better quality without wrapping them into the loan.


The most important thing to remember is that loan modification scams target vulnerable buyers who have poor credit or who have a history of late payments. But if it sounds too good to be true, then it probably is. If you're having difficulty paying your loan, the best thing to do is talk to your lender directly. Lenders will often be willing to collaborate with you when you demonstrate that you're doing your best to make payments.


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Written by a contributing writer

TJ Porter is a contributing writer for Bankrate with eight years of experience writing about finance. TJ writes about a range of subjects, from to .



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces.






Auto loans editor




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