You've seen the explosion in mortgage fraud and foreclosure fraud by scam artists I'm sure if you've been watching your news lately. Well scammers tend to thrive and proliferate in bad times and boy are they doing that now. Now they've found a new way to rip off consumers in desperate situations. They are playing a similar scam to the foreclosure payoff scams but this time they're doing it or trying to do it with your car loan.
These scam artists may contact you by mail, in person or by phone and they will promise you that they can take care of your car payments or maybe even show you a way to pay off your car or the you don't even have to pay off your car should be yours anyway. Their lines are many and all of them are falsehoods. Basically whether it be with your mortgage, your house, your car or truck or anything else if someone calls you up and tells you that they can and all your troubles and take care of everything for you it is probably a scam.
One thing that everyone should stick to is if something sounds too good to be true it almost always is. At least some states with the foreclosure of mortgage scams have made it illegal for anyone to charge you a fee up front for providing their payment help or whatever other help they are going to provide with keeping you in your house or whatever. The scammers seem that this is the case are now going after somewhere were there isn't that law - your car, truck, SUV, RV, etc. there currently is no laws protecting you from someone charging you a fee to supposedly help you out of your car payments or loan.
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Now once enough of these scams go around enough people are ripped off or affected by it in one way or another there will eventually be legislation put into place to curb this practice. But for now it is another new frontier for these scam artists to play in. If you should receive an e-mail, phone call, letter, etc. or see an infomercial, commercial or placard, advertisement or sign stating that they will reduce or remove cure your car payment or car loan know that this is just not going to be the case. Just like with foreclosure related scams they will ask you for a big upfront fee and then most likely you will never see them again. Or if you do it will be to ask you for more money which will make it even worse.
If you do receive a call from someone and it sounds legit or you hope it's legit, do your due diligence. Check it out by contacting your bank or whomever holds your car loan and see what they say. Generally there is no renegotiating of a car loan or car payment. Once you fall behind and once you've crossed that threshold of whatever your states requirements are they repossess the vehicle. Then you only have a certain number of days to rectify in full your account or they sell the vehicle at a wholesale auction. You then become liable for the remainder of any amount owed beyond the sale price.
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This then goes on your credit as a repossession and a major ding to your credit history and score. Basically this means you can not and will not get a regular car loan for many years to come. You will then be classified as special finance or worse. Special finance means, of course, high interest rates like 16% to 29% (this varies depending upon your states usury laws - each state has different usury laws and requirements). The worst is buy here pay here (BHPH). That is where you can get financed anywhere except for directly from the used car dealership that does BHPH. You would then have to make weekly payments in cash and you almost always end up putting a down payment that covers the wholesale cost or the dealer's cost of the vehicle.
This way the dealer never loses money. You are ready paid his costs on the car in your down payment and if you stop paying him he will just repossess the vehicle and sell it to make a profit. This profit is almost assured. In any case rather than let this happen to you or be taken advantage of, just beware of the scammers and con artists out there. They thrive in desperate times and bad economies like what we're having today. They don't just have to exist in car loans or foreclosures. They can exist in just about anything you can think of - from falsely claiming to be your local fire department calling for donations, to claiming to call on behalf of charities, to even trying to represent themselves as the IRS and telling you that you need to make an immediate payment to them by wire transfer - I heard of this one the other night and it blew my mind as to how low at how far these idiot con artists will go.
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The point here is the con artists are out there and they are multiplying and moving into anything that they can get their hands on. You need to be aware that and be alert. Check things out. If they say they're from your bank when they call you then hang up the phone and call your bank and see if there really was them. If someone asked you for personal information don't give it to them. The IRS, banks and other entities do not need to ask you for your personal information because they already have it. Anyone asking you over the phone for these items is a fraud. Anyone promising you that they can quickly, overnight make your life easier by reducing or even getting rid of your car payments or car loans is also a scam. The best advice here is just hang up the phone, don't even say anything, just hang it up. Good luck and stay scam free in 2009 and beyond.
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Article provided by MDWholesale.com headlight cleaner, a website devoted to automotive safety.
