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Dealers should establish policies to handle claims and develop strategies to mitigate claims.
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These scams and schemes could impact any dealership’s profits and put their reputations with lenders on the line.
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The office of California Attorney General Xavier Becerra has charged the 10-rooftop Paul Blanco’s Good Car Co. with credit application fraud, payment packing, and false and deceptive advertising.
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Six operators of a nonexistent auto finance company have been sentenced to federal prison or probation for fraudulently obtaining $1.7 million worth of loans from banks and credit unions.
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Expert lists four all-too-common situations in which failing to understand underwriting guidelines or falsifying required stips — by dealership or finance source personnel — can constitute not just noncompliance but outright fraud.
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Gene Earl Easterling will serve 63 months in federal prison on bank fraud, mail fraud, and drug charges following an investigation that determined he posed as an auto dealer to obtain $682,980 in loan checks.
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According to the U.S. Attorney’s Office, Hallman Chevrolet falsified loan documents as well as costume jewelry brought in by customers as collateral for purported down payments over a six-year period beginning in 2009. The dealer, David Hallman, accepted responsibility for the scheme and agreed to pay a $1.4 million fine and more than $737,000 in restitution to end federal prosecution.
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Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.
Read More →The indictment of the five dealership employees follows federal charges levied against two other Serra Nissan sales managers earlier this year. They are facing federal charges related to a scheme to fraudulently boost loan approvals and car sales.
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Fraudulent paystubs are a serious threat to your dealership and the trust you’ve built with your finance companies.
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