At Approved Loan Store, we get asked all the time why we can’t give car loan approvals over the phone and why our customers need to bring their driver’s license, Social Security card, proof of income, and other identification to their appointment. Yesterday, there was a perfect real-life example in Dedham, Massachusetts, and we would like to share it with our readers so they understand why approvals-by-phone simply don’t happen.
Arthur Roberts wanted to get a new car. His previous car had been repossessed, and he was looking to get a car loan. Rather than take less-than-favorable rates or a cheaper car, Roberts forged documents from Attorney General Martha Coakley’s office and a credit bureau claiming that he had been the victim of identity theft. As a result, he got approval for a $22,000 car loan.
It wasn’t long until the law caught up with Roberts. He was indicted last March, and yesterday, he pleaded guilty to one count of larceny by false pretenses and three counts of common law uttering. He was sentenced to two years in jail, but due to medical reasons, he was put on three-year probation. The conditions of his probation are that he has to report any purchases made over $3,000, provide his quarterly credit reports to his probation officer, and inform his probation officer if he applies for credit.
This is why approvals-by-phone do not happen. There is too much of a risk that criminals will submit other people’s personal information, claim that they earn a higher income than they really do, and commit fraud just to get a car. At Approved Loan Store, we set up appointments for our customers to meet with a Special Finance Representative so that we can verify all of your personal information. We do not and nor will we ever stand for illegal activities, and the best way we can prevent that is by insisting on approvals in-person and with the proper documentation.
Are you having trouble getting approved for a car loan? Approved Loan Store can help! Fill out our auto loan application here, and keep up with the latest news and consumer education by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.
At Approved Loan Store, we take the hassle out of car buying. We make the process easy, even if you have challenged credit. Still, we want our customers to understand our process and why we are the best way to get into a new or used car quickly!
These days, a lot of companies are promising the world to people with challenged credit who are looking for a way back. One of the fastest ways to re-establish credit is through a car loan, so there is a high demand for car loans from people with challenged credit. Unfortunately, this means that some businesses will take advantage of that demand and take advantage of less-informed consumers. We wanted to clear up some misconceptions and misinformation that is spread about credit restoration and auto loans. If more consumers are educated, then less people will fall prey to these predatory companies.
You go into a dealership and they set you up with car that you want. You sit down with the man in charge of finances and he gets you set up with a great deal. Everything is looking great and the dealership even lets you drive home with car even though the sale hasn’t been finalized. You get home and can’t help but smile at your good fortune. The house of cards doesn’t crumble until the next day, when the dealership calls to have you come back in. Suddenly the financing that you were offered has fallen through and now you’re being asked to sign a new deal with a higher interest rate or a much higher required down payment.
This week, Approved Loan Store hit a major milestone. We got our 100th customer testimonial, posted right here on ApprovedLoanStore.com!
Scam artists are always looking for new ways to pull the wool over people’s eyes. One such case is a new fraud scheme that’s targeting car owners who are having troubles with car loans. It’s very similar to a scheme that was running rampant during the peak of the housing crisis where a company would offer assistance to struggling homeowners in securing a modification on their loan. They would collect up front fees from the unknowing victim and run with the money.
In the midst of the partisan bickering in Washington D.C. over the budget recently, the auto industry has been 
With U.S. auto sales on the rise, 
The news has been coming out recently about how much consumers are looking to getting more fuel efficient cars in an effort to deal with the rise in gas prices. Many hybrid classes have benefited not only from the resurgence of the auto industry such as the Ford Focus. It’s clear that the pump is what is really on people’s minds these days when looking to invest in buying a car.