7 On Your Side
Scammers target those with auto loans
The federal government is warning about a new loan modification scheme. This one is not for home mortgages, but for auto loans.
The Federal Trade Commission filed charges against two companies that claim they will reduce auto loan payments. The FTC says the companies took hundreds of dollars up front from consumers, but failed to actually modify the loans. At least one customer lost her car as a result.
One of the companies, Auto Debt Consulting, tells us the charges are false and customers get refunds if their loans can't be modified. We could not reach the second company, Hope For Car Owners.
The government has previously cracked down on companies that make phony promises to modify home loans.
auto industry, scam, loans, 7 on your side, michael finney
- Injunction filed to keep Jahi McMath on life support
- Senator Harry Reid in hospital for observation
- BART Board president wants to ban transit strikes
- 'Wonder Girl' cancer patient is inspiration for Vallejo
- Garbage truck fatally strikes man in Tenderloin
- Female victim shot near Lake Merritt Friday morning
- Car crashes into San Jose home this morning
- Target shopper files suit over security breach
- San Jose charity 3,000 short of toy distribution goal
- VIRAL VIDEO: Oscars® Trailer: Ellen...
- abcnews: Dancing doctor gets tickets to Beyonce show
- Bay Area New Year's Eve fireworks and events
- roundup: Oakland shooting; DUI checkpoints
- weather: Bay Area weather forecast for Saturday 24 min ago
- Bay Area weather forecast for Saturday
25 min ago
Most Viewed StoriesMost Viewed Photos