Unscrupulous Car Loan Dealers

There is a new scary trend out there, and you could fall victim to it if you are not careful. It seems that there are some car loan financiers who are offering to stretch the truth a bit to get you a new auto loan, and people are letting them do it. The idea is that they simply give information that is not true to the powers that be so that you qualify for a car loan instead of walking away empty handed.

The car loan people are offering it because they need to sell cars. They know that if they tell the truth about some of the people who walk through their doors that they will sell fewer cars and thus not make their quotas. The dealerships are breaking the law, but it is the consumer that pays the price.

One woman testified in court against the dealership on behalf of the auto loan finance people telling them that the dealer offered to fudge her numbers because she did not have a job or a salary. They told her that she could buy a $36,000 Ford Expedition, and that they would handle the rest. They had one of their employees pretend to be her boss when they called to verify salary and she got the auto loan. Well, without a job or income she soon lost the car and it was repossessed.

The state is now saying that it may be necessary to make sure that all car loan personnel be put through a background check and fingerprinting to try and keep out those that are not as scrupulous as others are. With them having access to your financial records and social security numbers it may be a wise move to stave off the inevitable crime spree that could occur if put into the wrong hands.

Since auto loan people are not currently regulated, it makes sense that it could turn out to be a bad move for some people depending on where they go. With other financial people having to be regulated in the state, auto loan personnel should as well.





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