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Straw borrowing fraud costs auto lenders $600M annually

Index tracking these scams rose to 137.6 in July, 2nd highest since 2023

Scammers are recruiting people with good credit to sign car loans, then exporting or renting those vehicles without paying lenders. Straw borrowing — where a customer is paid to sign or co-sign for a car loan — is increasing at a major captive, a person directly familiar with the matter told Auto Finance News on […]

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