Filed under- Buyer's are liars and sellers are storytellers
Some car shoppers are trying extreme measures to secure financing, going all the way to fraud. Point Predictive, a research company reliant on machine learning, says it uncovered over 5,000 auto loan applications tied to fake employers. We're not talking about applicants simply making up an employer's name to jot down on a credit application. The schemes are pretty extravagant.
Unsurprisingly, applications tied to fake employers have incredibly high default rates. The company estimates the default rate at 40% to 100% for someone involved in one of these schemes.
What's next? Wrestling is FIXED?!
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