Are you a victim of car loan fraud in Bangalore? Let others know issues you faced so that they can avoid falling in the same trap.
Types of Car Loan Scams
- Guaranteed approval: As per Indian Money reviews, there is no such thing as a guaranteed loan. Any lender will first run a credit checkbefore approving the loan. So, if you have a bad credit score, your car loan will not be sanctioned.
- Upfront payment: According to IndianMoney dot com review, some dealers may ask for upfront fees. The lender lures the customer to pay a fee before the application is processed or before the funds are disbursed. Thistype of scam typically takes place online.
- Packaging payments: As per consumer IndianMoney complaints, the dealer in this case tries to gain some extra profit by charging for packaging payments. There are certain accessories or customizations that are offered as added benefits along with the car. A dealer sometimes rips money from the customer to earn extra cash.
- Loan modification scam: A loan modification scam happens after a buyer avails a loan and struggles to make payments. Fraudsters promise to save you from foreclosure and demand money for the same.
Loan modification scams:
This is a type of scam where the scammers target people who have loans or debt problems. Car loan modification scams are schemes where the scammers target your money by making false promises of saving you from foreclosure or guiding you to pre-closure. According to Indianmoney.com review, the scammers can ask for the following:
- Ask you to pay high fees upfront to receive services.
- Promise to get you a loan modification.
- Ask you to sign the title to your property.
- Ask you to sign papers that you do not understand.
- Say you should start making payments to someone other than your servicer or lender.
- Ask you to stop making car loanpayments altogether.