Brought to you by WBIW News and Network Indiana
Last updated on Thursday, October 9, 2014
(UNDATED) - 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 gotten consumer complaints. It involves used car dealerships falsifying loan applications to help borrowers with bad credit, low income or those who might be unemployed 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 the dotted line.
1340 AM WBIW welcomes comments and suggestions by calling 812.277.1340 during normal business hours or by email at comments@wbiw.com
© Ad-Venture Media, Inc. All Rights Reserved.