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How to spot auto loan fraud Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and compare data without cost, so that you can make financial decisions without a doubt. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies who pay us. This compensation may impact how and when products are featured on this website, for example such things as the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity, and other products for home loans. However, this compensation will affect the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial offerings that could be available to you.



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5m3photos/Getty Images
4 min read Read Published 28 February 2023
Written by TJ Porter. Written by the writer who contributed to the writing

TJ Porter works as a contributing writer at Bankrate with over eight years of experience 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 the end of 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-studied data that has broken down complicated subjects into digestible pieces.









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While scammers targeted homeowners during the recession in housing however, auto loan frauds are beginning to grab the attention of watchdogs from government agencies. These scams range from shady financial tricks that force customers into unfavorable financial agreements to deceitful negative equity contracts that put consumers in debt for greater auto loan debt than they anticipated. Many scammers target people who are in need of catching up on their payments and want to avoid getting their cars confiscated. These scams can be expensive and you should be aware of the warning signs to watch out for. The scam of car loan modifications scams. A loan modification scam is a fraud created to extort your cash without offering a service. Scammers for car loan modification scammers offer to lower your car loan payments. In exchange for helping you accomplish the goal they demand a steep fee upfront. Scammers usually ask for fees in advance or for unusual forms of payment. They may also pressure to sign an agreement, and they will usually ignore checking the credit rating of your. The scammers might instruct you to not make auto loan payments while they "negotiate" with your lender. It's not uncommon for scammers to ask for additional money as they continue their so-called efforts on your case. In certain cases the scam firm might require you to make payments on your car directly to it instead of your lender. "The scams are similar to mortgage loan modifications scams and the scammers telling victims that they could stop their car from being repossessing and they could lower their payment," says Gregory Ashe Senior Staff Attorney with the Bureau of Consumer Protection at the Federal Trade Commission. Repossession can occur after just one or two months inability to pay. The longer you wait to contact the lender, the less options you have. "Auto lenders aren't typically cutting interest rates or reducing the principal balance on the car," Ashe says. "If you do have any relief that can be had, it's typically to extend the term of the loan to reduce your monthly payments , or to defer missing payments to the end term of loan. The loan will cost you more over the life of the loan and there's no savings in the long run -- but at least you'll have the chance to pay for your vehicle payments." How to avoid
To avoid being the subject of a vehicle loan modification scam To avoid being a victim of a scam, the FTC recommends as when you are aware that you are susceptible to being a victim. Also, avoid claims of lower car payments from suspicious companies.


Yo-yo financing scams A advertises a low interest rate to buyers, and then pulls it back to make the already committed buyer sign a contract with less favorable terms. Here's how it is done. A dealer will lead buyers to believe the financing is final that they will take a trade-in as down payment, and permits customers to depart the dealer with a new vehicle. Some days or even weeks later, the dealer will contact the buyer to inform him that the financing was not able to be completed. The buyer must come back and sign a new contract usually with less favorable terms. Sometimes, the dealership has already sold the vehicle that was traded in and the buyer is forced to pick between higher prices or none at all. These scams typically target customers with less financing options, as they have . Yo-yo financing is prohibited in all states, according to Paul D. Metrey, senior vice president for regulatory affairs at the National Automobile Dealers Association in McLean, Virginia. However, there are conditional sales and spot deliveries that are perfectly legal. They are also legal. FTC is currently drafting a for car dealers that includes language to protect consumers from frauds involving yo-yo loans. If it is enacted, the rule would prevent dealers from misrepresenting when the transaction is actually completed. How to avoid
To stay clear of a yo-yo fraud, buyers can come to the dealership with secured ahead of time. It is likely that you will get an interest rate that is better through an institution like a credit union or bank that your account is already open. Additionally, coming in with financing already locked down can give you .


Negative equity scams FTC has instituted administrative proceedings in connection with Truth in Lending Act violations regarding how those dealers handled negative equity. They did not explain to customers that even though they claimed for "pay for" the balance due on a trade-in, they actually took the negative equity and applied it to the borrower's new car loan balance. Some clients complained that they didn't know that until they signed the new paperwork for auto financing. "Consumers must study the documents before they sign it, because it doesn't matter what's written. It matters what's in writing," Ashe says. "If you don't comprehend something, don't sign it." How to avoid
After reviewing you loan documents, check to make sure the price is what you agreed to pay. If you discover additional costs Ask the finance manager at the dealership to explain these to you. Your trade-in is treated as a separate purchase. Although you may choose to make an existing loan but the dealer has to explain how that will affect your loan.


Loan packing Dealers may be able to make you feel pressured to and services when you buy an automobile. This could include an extended warranty, tire rotation, rustproofing and service contracts. Although some of these products are useful, the majority aren't. The main goal of the seller for this moment is persuade you to spend more money. But remember that you are in no way bound to any additional items. If any of the options are appealing to you, try to negotiate the price of the additional product just like you negotiate the price of the car itself. Be aware that when you add it to the loan, you're paying an interest rate on the loan. How to avoid
Find out what's available and see what you can do yourself or get done at a shop elsewhere. You may find that you can find the products or services at less cost and of superior quality without having to wrap them in your loan.


The most important thing to remember is that loan modification scams target vulnerable buyers who are not creditworthy or are late on their payments. If it appears too promising to be true, it's likely to be. If you're having difficulty paying your loan the best way to resolve the issue is to contact your lender directly. The majority of lenders are willing to collaborate with you if you show that you're doing your best to make payments.


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Written by the writer who contributed to the article.

TJ Porter is a contributing writer for Bankrate with eight years of experience in writing about financial matters. TJ writes on a variety of subjects, from to .



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping their readers to control their finances with precise, well-studied facts that break down complex topics into manageable bites.






Auto loans editor




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