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Post Your Complaints On IndianMoney - Car Loan Scam

IndianMoney.com Research Team | Posted On Friday, November 23,2018, 05:51 PM

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Post Your Complaints On IndianMoney - Car Loan Scam

 

 

Banks finance the purchase of a new car or a used car through a car loan. Car loans are available at reasonable interest rates and a tenure which enables easy repayments. Car loans help you buy the dream car at a young age.

Want to know more on Car Loans? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

Post Your Complaints on IndianMoney If You Are Cheated in Car Loan

Car loan Fraud:

Car loan Scams are committed by both dealers and financing agents. These are some of the scams you should be aware of:

  • Guaranteed approval: There is no such thing as a guaranteed loan. Any lender will first run a credit check before approving the loan. So, if you have a bad credit score, your car loan will not be sanctioned.
  • Upfront payment: 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. This type of scam typically takes place online.
  • Packaging payments: 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.

SEE ALSO:Post your complaints on Indianmoney.com if you are cheated by personal loan

Financing scam:

Another type of fraud related to vehicle financing is when the dealer incorrectly discloses the financial terms of the loan. This dishonest practice is designed to dupe the buyer into thinking that the loan is more favourable than it really is. The dealer misguides the buyer by not disclosing the amount financed, the charges on the amount sanctioned and the annual percentage rate. A dealer must clearly explain the terms and conditions of the loan to the buyer before finalizing a car loan. The buyer can then compare the interest rates offered by various banks and finalise the loan according to his convenience and repayment capacity.

SEE ALSO:IndianMoney Explains How You Can File Complaint Against a Credit Card Company

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. 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 loan payments altogether.

SEE ALSO:Review By IndianMoney On Getting Money Back From Online Fraud

Are you cheated by Loan Providers? Lodge a complaint on Iamcheated.com which is a free online consumer complaints portal, which registers consumer complaints online and helps resolve them. If you have been cheated by banks or do not receive any response, do get in touch. You can post your complaint on Indianmoney.com complaints portal IamCheated.com.

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