Owning a car can be a big responsibility. And while you may have gotten up to speed on proper tire inflation and when to replace worn wiper blades, there are some other key things to know. 

For instance, if you took out a loan to buy your car, you don’t own the car until you pay off the loan. If you don’t pay, the lender can repossess the car. You might be tempted by companies that promise to lower your monthly car payments if you pay them a fee first. They might even claim they can help you stop the repossession process. Put on the brakes. Those promises usually are lies or half-truths from scammers who can’t possibly deliver.

In fact, the FTC recently charged Auto Debt Consulting with taking hundreds of thousands of dollars from car owners and not helping them as they had promised. According to the FTC, the company told people not to pay their auto loans. That “advice” increases the risk of repossession — and some people who paid for help did lose their vehicles.

If you can’t make your car loan payments, you have options, including contacting your lender directly. It’s in everyone’s best interest to work something out. Watch our new video and get more tips about how to steer clear of refinancing scams.