New Auto Loan Modification Schemes
New Auto Loan Modification Schemes
Another scheme is surfacing the business industry today. It is about automobile loan modification companies that promise consumers that they would take care of their automobile loans for a large price.
Sadly, many Americans have fallen into the trap of these crooks. The victims had their car repossessed by their automobile loaning company, others were told by the modification companies to hide their vehicles to prevent them from being taken away. The worse reality is that the customers are left by these companies their deal broken; the victims are left with no car, and no refund.
BBB Serving Northeast Carolina has been credited by the Federal Trade Commission for their involvement in preventing two scenarios of auto loan modification schemes. According to the company, these crooks trick consumers by promising them two things: first, that they could prevent cars from being re taken by the auto loan company, second, they can lessen the monthly fee of the car loan. They will then charge customers with about a hundred bucks as an up-front fee and tell them to disregard their loan bills from their auto lender.
The victim is hoping to have 30 to 50 percent of their total payments off in exchange for only 200 dollars to 500 dollar, which is why they fall into the trap of these hooligans.
Two years ago BBB contacted an auto loan modification company called Hope for Car Owners to prove their advertisement. They further state that the company’s website may just contain false statements and claims to get desperate customers to trust them.
Last year, they challenged the Auto Debt Consulting to prove their claims in their advertisement but they never got a reply. Both the companies that BBB contacted had earned “F” rating.
011, the BBB challenged Auto Debt Consulting’s advertising, but received no response. Both companies have currently earned an “F” rating.
However, according to FTC none of the claims of these companies are ever true. Once you give them the money you have been robbed.
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Filed under: auto loans • car loan • Loans
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