Thank you for posting
Its a unbelievable scam
Ive forwarded it to my sales guys
Just shows how careful you have to be
Or as we say
If it seems to good to be true it probably is
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If the scroats trying this with high end cars aren't also trying it with high-end watches I'd be staggered.
Vid below on FB watch from the dealer in Scotland who almost "sold" a Cayman GTS for £40k+ to a man who turned out to be buying it with a Bounce-Back Loan he's applied for - and got - from Government in the car dealer's name, after getting the necessary details from the invoice for the car. Vid and article from Car Dealer magazine below.
https://www.facebook.com/jamesglen.c...8150723925568/
https://cardealermagazine.co.uk/publ...cks-80k/197520
Thank you for posting
Its a unbelievable scam
Ive forwarded it to my sales guys
Just shows how careful you have to be
Or as we say
If it seems to good to be true it probably is
Sent from my iPad using Tapatalk
Guaranteed they’ll get away with it in a few places where not so much due diligence is used. Such a simple scam but effective, scary......
Got to admire their ingenuity.
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clever scam if you don't have a bounce back loan already. As plenty I know applied for it to buy a car or extension on house
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If only they put their minds to honest pursuits, clever scam.
Scary stuff! Can see that getting past a lot of businesses.
When I worked in a prison I met a few highly intelligent people who seemed to have that drive and charisma needed for success. The majority had broken the old rule/adage 'If you are going to commit a crime never, ever tell anyone', or some just unlucky.
But the usual answer to "Why did you do it? you could have achieved wealth and success legitimately"
The Buzz, thrill whatever you want to call it. The Getaway.
I believe for the bounceback loans, there is no personal guarantee required, so debts rest with companies.
I have heard of cases where an individual has many companies and has therefore applied for numerous bounce back loans!
There are minimal checks and from what I understand you self-certify revenue (which is linked to the amount they lend you). The whole scheme is quite susceptible to dodgy practices unfortunately.
From the article:
"If we’d released the car we’d have lost the money on that and had to pay the loan back so we could have potentially lost £80k!"
Am I missing something? He sells £40k car to fraudster who has used a Bounce Back Loan in the owners name. Bank sends £40k, guy releases car and discovers the scam...how did his losses double to £80k? Surely he returns the fraudulent Bounce Back Loan and his loss is the £40k car? It seems to imply somehow the fraudster has got the Bounce Back Loan money too.
Don’t see fraudster gets loan money and even if he did, dealer wouldn’t be liable.
The company gets the debt and loses the car.
Sheesh, the maths is simple:
Dealer gets the £40k funds, but also the debt for same. He can repay the latter with the former.
He has provided the car to the fraudster and this alone is his loss - awful though that is.
Surprised the company hadn’t already taken out the bounce back loan
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The government will be lucky if half the bounce back loans make it back to the treasury.
Expensive policy.
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Exactly...the car alone is the loss, which is why I'm questioning why he has gone to press in the article saying his loss is doubled to £80k. I was initially confused if I missed an extra part of this scam where the conman gets the loan too but I think it's just that maths isn't the victims strong point.
As I understood it the fraudster uses the company information given on the invoice for the car then applies for a bounce back loan in the garages name. Uses that money to buy the car and in 12 months the garage receives the request to pay back the loan . Hence costing him double.
That's how I understand it, could be wrong?
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https://youtu.be/4RvOfI6UKHM
Don't worry, Paul Thorpe's on the case...
I wonder why they didn’t go for a £50k car. You might as well go all in and not 80%.
What I find strange is that apparently fraudster did all this on phone never bothered to look at car only asked about tyres Now come on the man in the video said it raised his suspicion but went along with it when he saw he got the money Who buys a car via the telephone and salesman goes with this story Something is strange about this
As the car is effectively stolen, it can be reported to the police and put on the database. If/when it appears, it can be repossessed and returned to the rightful owner.
Unfortunately, if it’s sold on then the purchaser will be out of pocket but should carry out due diligence on the seller.
If it’s shipped abroad or broken then the garage will still lose out.
It’s not a rare as you think, I’ve sold quite a few High value cars over the years with people just asking the basic cursory questions, I’ve had secretary’s ringing on behalf of the boss , literally no questions just where do we send the money. Yes, it does raise your scam radar, but it does happen.
In the current climate the scam has more chance working, dealers offering delivery etc....
This scam was attempted in relation to a £39,500 watch on Merseyside, earlier today.
I cannot confirm what breed of dog created the turd carefully placed inside the Rolex box that was handed to the feckless rotter's unknowing taxi driver.