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.
An article posted on the Huffington Post shows that the FTC is starting to target these fraud companies. The agency has filed charges with two California companies. The charges allege that the companies, Hope for Car Owners and Auto Debt Consulting, have been tricking troubled car owners with problematic practices. They charged up front fees on service they did not provide, refused to give any refunds, all of which went against the services they advertised and even guaranteed. These charges represent the first case the FTC has brought against companies that offer car loan modifications.
Businesses like this are what give loan modification companies such a bad name. It never ceases to amaze me just what people do to take advantage of those who are desperate for help in hard financial times. Many people are just starting to get back on the right track of paying back car loans with a rebounding economy. The last thing they need is someone looking to steal their hard earned cash. To make sure the decisions you make when times are rough, the FTC has a page dealing with auto loan scams worth checking out.
Be assured that Approved Loan Store is one of the legitimate companies looking to help you drive away in the car you want. We love working with people with bad credit. Go online and fill out an application to see how the process works for yourself. Also make sure to like us on Facebook and follow us on Twitter to see the latest in news and trends from the auto industry.