Scam Alert: Auto loan modifications - WNEM TV 5

Scam Alert: Auto loan modifications

Posted: Updated:
© CBS 5 © CBS 5

The Federal Trade Commission is cracking down on companies that claim to be able to modify existing auto loans. According to the FTC, many of these companies charge a hefty fee up front and fail to deliver what they promised.

The FTC filed charges against two California-based companies today. In its filings, investigators allege the companies charged between $200 and $800 up front and claimed to be able to save consumers between 30 and 50 percent on their monthly payment.

If you are behind in payments, the FTC recommends you contact your loan servicer as soon as possible to investigate option you may have.

Copyright 2012 CBS 5 (Meredith Corporation). All rights reserved.

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