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Consumer Law

: Lemon Law Blog

FTC Attacks Auto Loan Modification Scams

By Kemnitzer, Anderson, Barron, Ogilvie & Brewer


The Federal Trade Commission took strong action today against companies offering deceptive California auto loan modification schemes. The FTC charges that three companies, " NAFST VLM, Inc.," "Kore Services dba Auto Debt Consulting" and "Hope for Car Owners" are basically scams.

Following its success in going after fraud artists who took advantage of consumers' confusion about home foreclosures, the FTC is zeroing in on similar deceptive practices in connection with auto repossessions. It alleges that the named companies falsely promised auto loan modficiations in exchange for hefty up front fees. You can read the governemnt press release here.

The FTC charges that companies promise to lower monthly car payments in exchange for up-front fees of $350-700, or more. In the case of these scams, the FTC says that false testimonials and deceptive advertisements bait and hook desparate borrowers. In general, it is a bad idea to give any company fees up from for refinancing a consumer loan or obtaining credit relief. That is usually an example of throwing good money after bad.

Full post as published by Lemon Law Blog on April 04, 2012 (boomark / email).

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