Consumers with questionable credit currently paying on an auto loan should be aware of the scams they may encounter
Here at Auto Credit Express we find ourselves reminding applicants with problem credit that the internet is not always the safest place to be – especially if they qualify for a car loan.
We should know because for more than twenty years we've been helping car buyers with questionable credit searching for online auto loans find those dealers than can give them their best chances for auto loan approvals.
Like many neighborhoods, there are thieves out there on the internet hoping to take advantage of the unwary. But instead of ripping off a flat screen TV, these scammers want to steal private information so they can assume someone else's identity.
Kia lottery scam
One such instance involved Kia Motors – a manufacturer of some of the most affordable new cars – many of which make a lot of sense for car buyers with problem credit.
A couple of years ago an online hoax resulted in a press release being issued by Kia Motors New Zealand which warned of a mobile text message bearing the Kia Motors logo and informing recipients that they'd won a Kia-sponsored lottery.
Here is how the press release was worded:
Kia Motors New Zealand is warning anyone receiving a mobile phone text message telling informing them of a lottery win and asking for banking details that it is a hoax.
The company's Auckland head office was alerted to the hoax after receiving a number of calls from people who had received the text, asking if it was real.
"It most certainly isn't – it's a scam and my advice to anyone who receives such a text is to ignore it, delete it," says Todd McDonald, General Manager of Kia Motors New Zealand.
The text message uses the Kia Motors "Power To Surprise" logo and is headed "Fill In and Return Kia Motor Lottery Verification Form For Approval."
The sender is signed Dr Lewis Anderson, purporting to be the Cash Officer for Kia Motors in the Region, but the giveaway was that his email address uses Google mail not the official Kia Motors email address.
Recipients are told their lucky mobile number has won them £497,000 (British Pounds Sterling equal to $819,500) and a Kia model and on a second page asks for delivery details, including online banking. "Presumably they want to obtain a bank account number and a password, which is typical of these types of scams," adds Mr. McDonald.
"This one is a slightly different take on the emails to computers purporting to be from banks. It's the first I have heard of scams messages to mobile phones. Whoever is behind this has got hold of a mobile phone list - not one of ours, I hasten to add – and they are passing themselves off as representing Kia Motors and using our logo to make people believe that it is a real offer."
As we see it
A high-risk car loan is a good way to improve auto credit but maintaining it could be difficult if a scam artist gets a hold of that person's personal information. Remember, "if something sounds too good to be true, it probably is."
One more thing that should be remembered: Auto Credit Express matches people that have experienced difficulties with their car credit to those new car dealers that can offer them their best chances for approved auto loans.
So if you're ready to reestablish your credit, you can begin now by filling out our online auto loan application.