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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 that provide objective and original content. This allows you to conduct research and compare information for free — so that you can make financial choices with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies who pay us. This compensation may impact how and when products are featured on the site, such as, for example, the sequence in which they appear in the listing categories, except where prohibited by law. Our loans, mortgages, and other home loan products. However, this compensation will have no impact on the information we provide, or the reviews that you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.

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4 min read Published on February 28, 2023.

The story was written by TJ Porter. 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, including .

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances through providing precise, well-studied data that has broken down otherwise complicated topics into bite-sized pieces.

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While scammers targeted homeowners during the recession in housing and the recession, car loan frauds are now starting to attract the attention of government watchdogs. These scams range from illegal techniques for financing that force consumers into unfavorable financial agreements to misleading negative equity agreements that leave consumers with higher auto loan debt than they expected. Most scammers target owners of cars who are in need of catching up on their bills and wish to avoid getting their cars repossessed. These scams can be costly to avoid, so be aware of the dangers to look out for. Car loan modification scams A car loan modification scam is a scam created to extort your cash without providing a service. Car loan modification scammers offer to lower your car loan payment. In exchange for helping you achieve the goal they will charge an unfathomably high fee in advance. Scammers usually ask for fees upfront or unusual forms of payment. They might also force to sign a contract and will often not even check on your credit report. They may also advise you to not make auto loan payments as they «negotiate» with your lender. It’s not uncommon for scammers and scammers to demand additional money as they continue their»efforts» on your behalf. In some instances the scammer may ask for you to pay your car directly to them instead of your lender. «The scams are similar to mortgage loan change scams and the scammers telling customers that they can keep their vehicle from being taken away and that they can reduce their monthly 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 inability to pay. The longer you wait to call, the fewer alternatives you will have. «Auto lenders are not typically lowering interest rates or reducing the principal balance on a car,» Ashe says. «If you do have any relief that can be obtained, it’s generally to extend the term of the loan to reduce the monthly payment or delay payments that aren’t made until the finalization period of loan. There will be a higher cost throughout the term of the loan, so there’s no significant savingshowever at least you’re given an opportunity to make car payment.» How can you avoid

To ensure that you do not fall victims of car loan modification scam, the FTC recommends that you do so as soon as you realize you will And ignore any too-good-to-be-true promises of lowered payment on your car from companies that are not trustworthy.

Yo-yo financing scams The seller advertises a low interest rate in front of a buyer, then yanks it back to make the already-committed buyer agree to worse conditions. This is how it operates. A dealer will lead buyers to believe the financing is final and will accept a trade-in or down payment, and permits customers to depart the dealer with a brand-new car. Days, or perhaps weeks the dealer calls the buyer to inform him that the financing fell through. The buyer will have to come back and sign a new agreement, typically with less favorable terms. Sometimes, the dealership has already sold the trade-in vehicle, leaving the buyer to select between higher rates or no car at all. These scams typically target customers with less financing options, as they don’t have . Yo-yo financing is illegal in every state, says Paul D. Metrey, executive vice president for regulatory affairs at the National Automobile Dealers Association in McLean, Virginia. However, there are other forms of conditional sales and spot deliveries that are perfectly legal. The FTC is currently writing a regulation for dealers in the automotive industry that contains the language needed to safeguard consumers from yo-yo financing traps. If it is enacted, the rule would stop dealers from misleading consumers what the transaction actually concluded. What can you do to prevent

To avoid a yo-yo scam, buyers can come to the dealership with secured before the scheduled time. It is likely that you will get the best interest rate by using an institution like a credit union or bank that you already have an account. Additionally, coming in with financing already locked down gives you .

Negative equity scams The FTC has instituted administrative proceedings in connection with Truth in Lending Act violations regarding how those dealers handled negative equity. The dealers failed to clearly explain to consumers that though they promised for «pay off» the outstanding balance to a trade-in, they actually took the negative equity and applied it to the borrower’s new car loan balance. Many clients complained that they didn’t be aware of this until they signed their new auto financing documents. «Consumers should read the paperwork before signing it because it doesn’t matter what’s said. It matters what’s in writing,» Ashe says. «If you don’t comprehend something, then don’t write it.» How can you avoid

After reviewing the loan documents, make sure to confirm that the loan amount is what you were obligated to pay. If there are additional costs, ask the finance manager at the dealership to explain these to you. Your trade-in should be treated as a separate transaction. Although you may choose to into an existing loan however, the lender needs to be clear about how this affects the terms of your loan.

Loan packing dealers can make you feel pressured to and from services when you purchase a car. These might include extended warranties , the rustproofing process, tire rotations and service agreements. While some of these options are useful, the majority aren’t. The primary goal of the dealer for this moment is persuade you to spend more money. However, you’re not required to agree to any add-ons. If some options appeal to you, you can try to negotiate the cost of the additional item in the same way you bargain the cost of the car. Be aware that when you add it to the loan, you’re paying the interest. How to avoid

Research what is being offered and see what you can make yourself or purchase in a different shop. You might find that you can purchase the services or options at an affordable price and with better quality without wrapping them in your loan.

The main point is that loan modification scams target vulnerable buyers who have poor credit or who are late on their payments. If the offer seems too appealing to be true it’s probably true. If you’re having difficulty paying your loan the best option is to contact your lender directly. The majority of lenders are willing to collaborate with you when you demonstrate that you’re taking a genuine effort to continue making payments.

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Written by the writer who contributed to the article.

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

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers to manage their finances through providing precise, well-studied facts that break down complicated topics into bite-sized pieces.

Auto loans editor

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