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4 minutes read. Published February 28, 2023
Authored by TJ Porter Written by Contributing writer

TJ Porter is a contributing writer at Bankrate with 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 the confidence to manage their finances by providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.

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When scammers targeted homeowners in the downturn in housing prices, car loan scams are now beginning to attract the attention of watchdogs from government agencies. These scams range from illegal techniques for financing that force consumers into unfavorable financing agreements to deceitful negative equity contracts which leave customers in debt for greater car loan debt than expected. Most scammers target owners of cars who need to catch up on their debts and want to avoid getting their cars confiscated. These scams can be costly, so understand the signs to watch out for. The scam of car loan modification scams A car loan modification fraud is that is designed to steal your money without providing a service. Scammers for car loan modification scams promise to lower your auto loan payment. In exchange for helping you achieve their goal, scammers charge a steep fee upfront. Scammers typically ask for fees upfront or unusual forms of payment. They can also try to convince you into signing a contract and will often ignore checking the credit rating of your. The scammers may advise you to not make auto loan payments as they "negotiate" with your lender. It's also not unusual for scammers and scammers to demand more money while continuing their"efforts" on your case. And in some cases, the scam company might ask you to make car payments directly to them instead of your lender. "The scams are similar to the mortgage loan change scams and the scammers claiming that they can keep their vehicle from being taken away and that 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 one or two months non-payment. The longer you delay making the call, the fewer options will be available. "Auto lenders are not usually offering lower interest rates or decreasing the principal balance on an automobile," Ashe says. "If there is any relief to be had, it's typically to extend the duration of the loan to lower the monthly payment or defer missing payments to the finalization period of loan. There will be a higher cost during the duration of the loan and there's no savings in the long run -- but at least you have the chance to pay for your vehicle payments." How can you avoid
To avoid being the victim of a car loan modification scam to avoid falling victim to a fraud, the FTC recommends as immediately as you can tell 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 A dangles a good 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 car dealer leads a buyer to believe that the financing is final that they will take a trade-in as a down payment and allows buyers to walk out of the dealer with a brand new vehicle. A few days and even weeks after, the dealer will call the customer and inform them that the financing fell through. The buyer must come back to sign a new contract, typically with less favorable terms. Sometimes, the dealership had already offered to sell the car that they traded and the buyer is forced to select between higher rates or none at all. These scams often target consumers with fewer financing options because they do not have . Yo-yo financing is prohibited 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 spot and conditional sales that are completely legal. They are also legal. FTC is currently working on a rule for dealers in the automotive industry that contains language to protect consumers from frauds involving yo-yo loans. If it is enacted, the rule would prevent dealers from misrepresenting what the transaction actually concluded. What are the best ways to stay clear of
To avoid being a victim of a yoyo scam, buyers can come to the dealership with their credit card secured ahead of time. You'll likely receive an interest rate that is better through the credit union or bank with which there is an existing account. Additionally, coming in with the money already secured will give you .

Negative equity scams FTC has taken administrative action for Truth in Lending Act violations regarding how those dealers handled negative equity. They did not explain to consumers that though they offered to "pay off" the balance due to a trade-in however, they actually took the negative equity and put it towards the borrower's new car loan balance. Many customers complained that they didn't realize this until they had signed the new paperwork for auto financing. "Consumers should go through the document before signing it because it doesn't matter what's said. It matters what's in writing," Ashe says. "If you don't understand something, then don't write it." How can you avoid
After reviewing you loan documents, make sure to make sure the price is the amount you agreed to pay. If there are additional costs you aren't sure about, ask the finance department at the dealership to explain these to you. The trade-in must be considered as a distinct transaction. If you decide to enter into the new loan however, the lender needs to make it clear how this affects the loan.

Loan packing Dealers may be able to make you feel pressured to or provide services when buying the car. They could offer extended warranties , rustproofing, tire rotation and service contracts. While some of these items are useful, the majority are not. The primary goal of the dealer for this moment is persuade you to pay more. Be aware that you are in no way bound to any additional items. If some of the options are appealing to you, try to negotiate the price for the extra item just as you would negotiate the price of the car itself. Remember, when it's added to the loan you'll have to pay the interest. How to avoid
Research what is being offered and then see what you can make yourself or purchase at a shop elsewhere. You may find that you can get the products or services at an affordable price and with better quality without wrapping the costs into your loan.

The main point is that loan modification frauds target those who are not creditworthy or are in arrears with their payments. If it sounds too good to be true, then it probably is. If you're having trouble paying your loan the best way to resolve the issue is talk to your lender directly. The majority of lenders are willing to collaborate with you if you show that you're taking a genuine effort to make payments.

Written by a contributing writer

TJ Porter works as a contributor writer for Bankrate with eight years of experience writing about financial matters. TJ writes about a wide 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 committed to helping readers gain the confidence to control their finances by providing concise, well-researched and well-written information that breaks down otherwise complex subjects into digestible pieces.

Auto loans editor

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