Auto loan or lease fraud set to reach record level

June 7, 2025 2:15 am
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Auto loan or lease fraud set to reach record level© CBS New York/YouTube

Steve Simon’s trouble began when he visited a local car dealer to inquire about buying a vehicle, and the transaction didn’t work out. He had given the dealer permission to run his credit. “I didn’t like the interest rate on it, so I denied it, left, went home,” said the delivery truck driver.

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Unfortunately, this wasn’t the end of the story, but the beginning of a nightmare. He told CBS New York that in the days following his visit to the dealer, he received repeated notices of hard inquiries being placed on his credit. Those can damage your score if you get too many.

Worse still, weeks later, he received a letter from Ally Bank indicating he’d been denied the lease he’d co-applied for at the dealer with a woman named Michelle. “I don’t know no Michelle, no person like that, and if I’m not able to get a vehicle, I damn sure not gonna co-sign for someone else to get a vehicle,” Simon said.

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