The concept of financing “livery vehicles” with consumer auto loans was attempted by a few men in the New York area.
On March 9, 2016 the US Attorney of Southern New York charged a group of fraudsters from New York with securing “consumer” auto loans in order to obtain a lower interest rate. How often is this scheme repeated by ridehsaring drivers and the people that lease vehicles to them?
Since “ridesharing” was legalized and promoted in California in 2013 there has been a huge rise in the level of defaults and fraud in the auto loan market. According to an auto loan fraud experts Uber leasing networks and the black market for Chinese exports are the two main factors.
*How much “ridesharing risk” is the auto loan market exposed to?
*How is an industry that expands a fleet with auto loan fraud worth billions?
*How much uninsured activity is taking place?
*How much auto loan and warranty inflation has taken place because of this activity?
*When will a federal agency or private attorney general step in and stop the unfair business practice?
*SF shooter13 is a protected source Author for Ride Safe.