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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 better financial choices by providing you with interactive financial calculators and tools as well as publishing original and objective content, by enabling you to conduct research and analyze information for free - so that you can make financial choices with confidence. Bankrate has agreements 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 come from companies that pay us. This compensation may impact how and where products appear on this site, including such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our loans, mortgages,, and other products for home loans. This compensation, however, does not influence the information we provide, or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be available to you.



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4 min read Read Published on February 28, 2023.
Authored by TJ Porter. Written by the writer who contributed to the writing

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







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances by providing clear, well-researched data that has broken down complex topics into manageable bites.









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When scammers targeted homeowners in the downturn in housing prices however, auto loan frauds are now starting to grab the attention of government watchdogs. The scams vary from illegal financial tricks that force customers into unfavorable finance agreements, to deceptive negative equity deals which leave customers on the hook for greater auto loan debt than they anticipated. Many scammers target people who must catch up on their bills and wish to avoid having their cars confiscated. The scams could be costly and you should be aware of the warning dangers to look out for. The scam of car loan Modification scams A loan modification scam is a fraud created to extort your cash without offering a service. The car loan modification scammers offer to lower your car loan payment. In the exchange for helping you reach their goal, scammers demand an astronomical amount in advance. Scammers usually demand fees upfront or unusual forms of payment. They might also force to sign a contract and will often not even check the credit rating of your. They may also advise 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. And in some cases the scam firm might require you to make car payments directly to it instead of your lender. "The scams are similar to the mortgage loan change scams with the scammers telling victims that they can keep their vehicle from being repossessing and they can reduce their monthly payments," says Gregory Ashe Senior Staff Attorney with the Bureau of Consumer Protection at the Federal Trade Commission. Repossession can occur after just two or three months of not paying. The longer you wait to make a phone call, the less options will be available. "Auto lenders are not usually lowering interest rates or reducing the principal balance on a car," Ashe says. "If there is any relief to be found, it's usually to extend the duration of the loan to lower your monthly payments or to postpone payments due to late payments until the close of the loan. The loan will cost you more over the life of the loan, so there's no real savings -- but at least you'll have the chance to pay for your car payments." How to avoid
To ensure that you do not fall victims of car loan modification fraud, the FTC recommends as immediately as you can tell you are susceptible to being a victim. Also, avoid claims of lower payment on your car from companies that are not trustworthy.


Yo-yo financing scams A advertises a low interest rate to a buyer, then yanks it off to make an already-committed buyer agree to worse conditions. This is how it works. A dealer will lead buyers to believe the financing is done, accepts a trade-in or an offer for a down payment, and then allows buyers to walk out of the dealership with a brand-new vehicle. Days, or perhaps weeks, the dealer will call the buyer to inform him that the financing did not go through. The buyer must come back to sign a new contract generally with less favorable terms. Sometimes the dealership had already offered to sell the vehicle that was traded in and the buyer is forced to pick between higher prices or no car at all. These scams often target consumers with less financing options, as they have . Yo-yo financing is illegal in all states, according to Paul D. Metrey, the senior vice president of 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 writing a regulation for dealers in the automotive industry that contains language to protect consumers from frauds involving yo-yo loans. If the rule is adopted, it will prevent dealers from making false representations the fact that the transaction has been finalized. How to avoid
To avoid a yo-yo scam Buyers can go to the dealership with their credit card secured ahead of time. It is likely that you will get a better interest rate through a bank or credit union with which your account is already open. Also, bringing in financing already locked down can give you .


Negative equity scams FTC has initiated administrative actions in connection with Truth in Lending Act violations concerning how dealers dealt with negative equity. The dealers did not clearly explain to customers that even though they offered the option to "pay off" the outstanding balance to a trade-in however, they actually took the negative equity and applied it to the borrower's new car loan balance. Many customers complained that they didn't be aware of this until they had signed their new auto financing documents. "Consumers should read the paperwork before they sign it, since it doesn't matter what's said. It matters what's in writing," Ashe says. "If you aren't sure about something, then don't write it." What can you do to stay clear of
When you review your loan documents, check to ensure that the amount is what you were obligated to pay. If there are additional costs Ask the finance manager at the dealership for a detailed explanation of these costs. Your trade-in should be treated as a distinct transaction. While you can choose to into the new loan, the dealer needs 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 a car. These might include an extended warranty, , tire rotation, rustproofing and service contracts. While some of these options are useful, the majority are not. The primary goal of the dealer in this instance is persuade you to spend more money. But remember that you are in no way bound to any extras. If some options appeal to you, you can try to negotiate the price for the extra product just like you discuss the price of the car. Remember, when it's added to the loan you'll have to pay the interest. How can you avoid it?
Find out what's available and then see what you can do on your own or at a shop elsewhere. It is possible that you can purchase the services or options at less cost and of better quality without wrapping the costs into your loan.


The most important thing to remember is that loan modification frauds target buyers with weak credit scores. have bad credit or are in arrears with their payments. If it sounds too promising to be true, then it probably is. If you're struggling to pay your loan, the best way to resolve the issue is to contact the lender directly. Most lenders will be willing to work with you when you demonstrate that you're taking a genuine effort to make payments.


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Written by Contributing writer

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



The edit was done by 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 their readers to take control of their finances through providing concise, well-researched and well-written data that breaks complicated topics into bite-sized pieces.






Auto loans editor




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