US set to see record number of fraudulent auto loan or lease reports in 2025 — how to protect yourself
Steve Simon’s problem began when he visited a local car dealer to be interested in buying a vehicle, and the transaction was not received. He gave dealer permission to drive his credit. “I didn’t like the interest rate on it, so I rejected it, I left, went home,” said the driver’s truck driver.
Unfortunately this was not the end of the story, but the beginning of a nightmare. He said CBS New York: In the next days of his visit to the dealer, he received the double notices of heavy inquiries on his loan. They can damage your score if you get too much.
Worse, after weeks, he received a letter from the allied bank, noting that he was rejected for the lease he would turn to a woman named Michelle, which he would turn to a dealer. “I don’t know any Michelle, no people I can get a car, I’m not a junk damn that anyone will not give anyone.” Simon said.
Now Simon is looking for answers, but dealers cannot explain what happened. Although it is clear that Simon is a victim of identity theft, he is not the only one.
Theft of identity loans and leases arises much more often than you can expect. In 2024, the Federal Trade Commission was 60,189. This was 16% growth compared to the previous year.
Everything doesn’t look better this year. FTC data reveals such auto-lease or lease identity theft 21.446, only in the first quarter of 2025, only 71% of the same period last year. If this trend continues, 2025 will see a record number according to CBS New York.
Synthetic identities combining real person’s information, such as their Social Security number or false information, are growing problems due to productive AI. $ 3.3 billion in auto loans last year, bank credit cards, retail credit cards and unsecured personal loans were held with such false identities, according to a Products:A number
The type of identity theft, which Simon Export can have harmful consequences on the victim’s credit score, the ability of borrowing and financial well-being.
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