Business

Auto Loan Fraud Surges 16 Percent, Driven by ‘Array of Misrepresentations’: Analysis

From inflating salaries to credit washing, auto loan fraud takes many forms.
Auto Loan Fraud Surges 16 Percent, Driven by ‘Array of Misrepresentations’: Analysis
New Hyundai cars are displayed on the sales lot at San Leandro Hyundai in San Leandro, Calif., on May 30, 2023. Justin Sullivan/Getty Images
Andrew Moran
|Updated:
0:00

Auto loan fraud surged more than 16 percent to $9.2 billion last year, driven by “an array of misrepresentations,” according to a new report.

Point Predictive, an artificial intelligence (AI) solutions provider for consumer lending, assessed a treasure trove of data for lenders and dealers. This included 256 million historical applications, 300 million reported incomes in submitted applications, and billions in reported fraud and default.

Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."