Bought 6 cars Worth $385K in 4 days
It’s official; Miami is now the nation’s auto loan bust out fraud capital. At least the police are taking it serious as evidenced by the recent arrest of another man who purchased six cars in four days using fake pay stubs.
“Credit bust outs” happen when a person purchases numerous vehicles during a short period of time taking advantage of the lapse between obtaining new credit and it being reported on the credit bureaus. This often includes manipulated credit history to conceal negative activity and, or the use of fake paystubs to prove income. And that paints the picture of our most recent bust.
On Saturday August 16th, 42-year-old Yumaikel Angulo, a Miami-Dade resident was arrested after authorities said he fraudulently purchased multiple expensive vehicles worth hundreds of thousands of dollars in an alleged “credit bust out.”
Angulo was arrested on one count of organized fraud, and six counts each of grand theft, obtaining a vehicle by trick, and obtaining property or credit by false statement, records show.
According to an arrest report, authorities learned of an in-progress “credit bust out” involving Angulo, who records showed had seven cars registered to him.
Investigators discovered that he’d purchased and financed six of the cars between August 11th and the 14th. All had been financed through five different automotive finance lenders and purchased from multiple dealerships according to the report.
Financial documents included Angulo’s driver’s license, personal bank statements and employer pay stubs, which included fraudulent application information claiming his yearly wage as a driver was $145,000, with a monthly income over $12,000, the report said.
But of course, Angulo’s actual monthly earnings were well below the claimed amounts and his employer pay stubs appeared to be fictitious or altered, according to police.
Angulo was taken into custody on Saturday at a Buick dealership in Doral before he was booked into jail.
The cars included in the “credit bust out included: a 2022 Chevrolet Corvette worth $71,990; a 2025 Lexus GX550 worth $73,423; a 2025 Toyota 4Runner worth $45,770; a 2024 Ford Ranger Raptor worth $55,720; a 2023 Cadillac Escalade worth $79,295; and a 2022 Yukon Denali worth $58,895, the report said.
The total approximate value of the cars was $385,093.
This type of fraud is nothing new and has been occurring for decades. As Miami takes on this type of fraud head on, it is disappointing that in most of the nation, this type of fraud is treated as a civil matter and police rarely respond or take reports on it. Until criminal punishment for these crimes begins to be taken seriously, it can be expected to flourish.
Source: NBC Miami
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