False Hopes, Hassles and Auto-Loan-Modification Offers

Main Line Media News
August 24, 2010
Johnson, Edward

The frequency of car repossessions is increasing as many families struggle to make ends meet in a time of high unemployment, and some businesses are seeing an opportunity to offer auto loan modification services. Unfortunately for car owners, auto loan modifiers are following in the footsteps of unscrupulous mortgage-modification companies, claiming they can help keep borrowers out of debt but really pulling them in deeper. The Better Business Bureau (BBB) recommends that consumers save their money by trying to work out a deal with the lender directly before paying large upfront fees to a loan modification business that cannot promise permanent help. For consumers struggling to make their auto payments, the BBB recommends approaching the lender for help first, researching third parties, watching out for advance fees, getting all contracts in writing, and complaining to the BBB if they feel they have been misled.
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