{"id":3189,"date":"2016-08-18T10:54:38","date_gmt":"2016-08-18T10:54:38","guid":{"rendered":"https:\/\/blog.carro.sg\/?p=3189"},"modified":"2025-11-05T17:32:46","modified_gmt":"2025-11-05T09:32:46","slug":"man-jailed-over-3-2m-used-car-scam","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/man-jailed-over-3-2m-used-car-scam\/","title":{"rendered":"Man jailed over $3.2m used-car scam"},"content":{"rendered":"Used-car dealer Cars Today had been running a scam and defaulted on the repayment of loans, which it had taken to buy the cars.\u00a0In all, the company cheated 71 buyers, 14 sellers and four finance companies out of a total of $3.16 million in money and cars.\r\n\r\nFrom a Lexus GS300 and a Porsche Boxster to a Geely CK and a Chery QQ, a range of cars paid for by 50 buyers between January 2013 and February 2015\u00a0were repossessed by finance companies.\u00a0Unbeknown to the buyers, <strong>the second-hand cars had not been registered under their names<\/strong>.\r\n\r\nThe buyers and sellers lost at least $1.42 million in total. Unknown to its buyers, the company <strong>did not transfer the ownership of cars<\/strong> to them after they had paid for and collected the vehicles.\r\n\r\nIn some cases, Cars Today would buy a car and sell it, and thereafter <strong>apply for a loan under a flooring agreement<\/strong>. It would thus get a loan and transfer the car's ownership to the finance company, instead of the buyer who had already collected it.\r\n\r\nCars Today also<strong> forged documents to mark up the purchase price of cars<\/strong>, deceiving its financiers into giving out larger loans as a result.\r\n\r\nSellers, meanwhile, were cheated into delivering their vehicles to Cars Today, thinking the company would settle their outstanding car loans, but the company failed to do so.\u00a0After delivering their cars, <strong>some sellers still had to pay road tax and insurance premiums<\/strong> because they were still listed as their cars' registered owners.\r\n\r\nThe company's boss will be <strong>jailed for 7 years<\/strong>, while his wife and son will be\u00a0<strong>fined $3,000 and $15,000<\/strong> respectively.\r\n<p style=\"text-align: right;\">-- Source: <a href=\"http:\/\/www.straitstimes.com\/singapore\/courts-crime\/man-jailed-over-32m-used-car-scam\" rel=\"nofollow noopener\" target=\"_blank\">Straits Times<\/a><\/p>\r\n<p style=\"text-align: left;\">Want to purchase a second-hand car but have no idea where to start? Find out how to <a href=\"https:\/\/carro.sg\/blog\/scammed-car-dealer\/\" target=\"_blank\" rel=\"noopener\">prevent your next car dealer scam<\/a> or come by our office to speak to one of our car experts today.<\/p>\r\n&nbsp;\r\n\r\nRead more: <a href=\"https:\/\/carro.sg\/blog\/6-ways-to-make-sure-your-car-dealer-is-reliable\" target=\"_blank\" rel=\"noopener\">6 ways to make sure your car dealer is reliable<\/a>","protected":false},"excerpt":{"rendered":"<p>Used-car dealer Cars Today had been running a scam and defaulted on the repayment of loans, which it had taken to buy the cars.\u00a0In all, the company cheated 71 buyers, 14 sellers and four finance companies out of a total of $3.16 million in money and cars. From a Lexus GS300 and a Porsche Boxster &hellip;<\/p>\n","protected":false},"author":2,"featured_media":3397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-3189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/3189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=3189"}],"version-history":[{"count":2,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/3189\/revisions"}],"predecessor-version":[{"id":14783,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/3189\/revisions\/14783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media\/3397"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=3189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=3189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=3189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}