PROVIDENCE, R.I. (WPRI) – Could you deal without your car? If you’re having trouble making payments on your car loan, beware if a company comes calling, offering to modify your car loan — many of these companies are simply not keeping their promises, and stranding drivers with worse debt.
Paula Flemming of the Better Business Bureau tipped off Call 12 For Action to this unscrupulous practice. Auto loan modification companies are following in the footsteps of mortgage modification companies — targeting struggling families just trying to keep their heads above water.
Flemming said there’s been an increase in cars being repossessed due to high unemployment in Rhode Island and around the country. Last year, 1.9 million cars were repoed.
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