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: Lemon Law BlogFTC 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).
Auto Relief Group: Florida AG McCollum Sues Car Loan Modification Firm for Deceptive Practices
This press release from the Florida Attorney General does not surprise a all. Just last week I wrote an article warning my readers about car loan modification scams and how mortgage modifiers have now entered the auto loan business with their incredibly deceptive advertising...
Modification Scams
While the loan origination fraud is largely shut down, the foreclosure crisis has spawned a whole new consumer fraud in the form of foreclosure rescue and loan modification scams. These companies offer to help consumers get a loan modification or...
Beware of Loan Modification Scams
I’ve done dozens of stories about loan modification scams. They prey on people who have gotten behind on their mortgages, who are in danger of losing their home? or have already received the dreaded foreclosure notice...
BBB: Consumers should be cautious with car loan modification offers
The Greater Cleveland Better Business Bureau says there’s a new twist on home loan modification offers targeting consumers who need help keeping up with their car loan payments...
Loan modification scams claim more victims
Two national news reports show the devastating effects of loan modification scams. ...
Loan Modification Scams Not Slowing Down
(Source: 8 News Now) LAS VEGAS — A Las Vegas woman accused of stealing thousands of dollars in a home foreclosure scam faced a judge Wednesday. The Nevada attorney General’s Office says Rena Starks promised loan modification help, but instead, just took her client’s money without doing any work...
Whats a Home Loan Modification?
How to Qualify for a Home Loan Modification
Truth In Lending Act
Consumer Loans and Consumer Credit Protection Act
The Mortgage Forgiveness Debt Relief Act
Phantom Income Relief on Debt Cancellation
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