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Fraud rates of US car loans soaring

They are approaching levels seen in mortgages during 2009 housing bubble: data analytics firm

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Lenders' losses from deception may double this year to US$6 billion from 2015, according to Point Predictive. However, the impact on the overall economy will likely be much more muted than with the housing crisis because there's less car debt outstanding.

New York

BORROWER fraud in US car loans is surging, and may approach levels seen in mortgages during last decade's housing bubble, according to a startup firm that helps lenders sniff out bogus borrowers.

As many as one per cent of US car loan applications include some type of

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