Beware of Deceptive Auto Loan Modification Offers

Better Business Bureau 
July 30, 2010

The Better Business Bureau recommends that borrowers try to work out deals with their auto title lenders before paying out a large sum of money in upfront fees to a loan modification company. As the economy continues to lag and families struggle to make ends meet, the number of repossessed cars is rising. Companies have seen an opportunity in this and have begun charging large, upfront fees to work with the lender to modify the terms of a loan. However, many of these businesses are turning out to be scams -- taking the upfront fee without providing the loan modification service. The BBB recommends that borrowers start with their lender, do some research into any third-party companies they are considering, be cautious when a business demands an advance fee, ask for documentation from the company, and issue a complaint to the BBB if they feel they have been misled.
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