“My first reaction was that it wasn’t a real device,” said Scott Emry, owner of Hum Motors at 6719 Cleveland Blvd. “I picked it up and looked at it, went through all the (serial) numbers and realized I shouldn’t be handling this.”
Albany, OR – 16 May 2017 – Used Car Dealer, Shannon Jones, will spend two and a half years in federal prison for defrauding customers and business associates of his Corvallis used car dealership out of more than $1.3 million.
Borrower fraud in U.S. auto 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 1 percent of U.S. car loan applications include some type of material misrepresentation, executives at data analytics firm Point Predictive estimated based on reports from banks, finance companies and others. Lenders’ losses from deception may double this year to $6 billion from 2015, the firm forecast.
Sales are showing signs of leveling off. When December figures come in Wednesday, they may be enough to eke out a seventh straight year of gains, edging past last year’s record of 17.5 million cars and trucks. But sales are expected to fall in 2017.