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Liar! Liar! Some Loans are Liars!

Liar! Liar! Some Loans are Liars! - The Beacon

10-2014

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By: Michael

Liar! Liar! Some Loans are Liars!

Your BBB occasionally receives calls from people who have entered in to questionable auto loans.

Authorities across the nation including in Indiana are on watch for subprime auto loans or so-called, “liar loans.” The alleged practice is being probed in states like New York, Texas and Alabama, but the Indiana Attorney General’s office says it has also received consumer complaints. It involves used car dealerships falsifying loan applications to help borrowers with bad credit, with low or fixed incomes, or those who are unemployed to buy vehicles. Indiana Consumer Protection Deputy Director Terry Tolliver says the practice is especially damaging to consumers who might not ever be able to repay the loans. Tolliver says consumers need to make sure they themselves completely fill out loan applications and that they understand them before signing on the dotted line. If you, or someone you know, believes you may have entered in to one of these agreements.

Contact Your BBB, Your State Attorney General or the Consumer Financial Protection Bureau – 855-411-2372.

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Michael

Michael is our Business Information Specialist and will be writing at least one article per week for the consumer education blog. He works with accredited businesses to ensure we maintain current contact information and licensing. He is usually first to answer the phone; so odds are good you will be speaking with him when calling our office.