Consumer Car Buying Advice Blog

According to the Federal Trade Commission, the current subprime crises has meant big business to fraud promoters and scam artists…

Guaranteed results – for a fee

Here at Auto Credit Express, we are always on the lookout for fraudulent scams that will do nothing to help a customer’s credit rating. We came across one just the other day.

According to the FTC, consumers often respond to ads in the classified sections of newspapers and magazines that promise loans or credit cards regardless of the financial situation of the borrower. The ad lists a phone number to call to begin the process. When the borrower calls the number, they are put in contact with a telemarketer (fraudulent) that then explains that they must pay a fee, in advance, for processing the loan. This fee, incidentally, can range from $25 to several hundred dollars.

The telemarketer goes on to explain that they have nothing to lose, since a decline will result in a refund of the fee. At this point, one of two things happens: either they are referred to another “company” that requires additional fees, or nothing happens and they never hear from the telemarketer. Either way, they never see a refund.

The Bottom Line

If a stranger sat down next to you and asked you for $50 to arrange a loan, explaining that they would take the money and then call you later on with the results, most people would walk away. And yet, when something is printed in the paper or posted on the internet, many people fall for the same ploy. Remember, just because you see it in writing doesn’t make it legitimate.

At Auto Credit Express, we never charge fees. Period.

We have helped thousands of customers with bad credit buy a car and rebuild their credit at the same time. Our nationwide network of affiliate dealers specialize in bad credit car loans. The Auto Credit Express web site has resource pages and loan calculators that will give you a better idea of what you can afford and what your car payment fits into your budget. When you get ready to apply, you can fill out our secure application in the comfort and privacy of your home.

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