Auto Loan Fraud 2.0

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.

TOWNSVILLE, QLD, Australia’s dirty Rideshare secret, that isn’t a secret

Today we take a quick hop to the other side of the planet to see if the average number of uninsured rideshare drivers is near too or matches that of their counterparts here in the US.

Currently 98.5% of ALL US rideshare vehicles reported to our database have come up entirely uninsured for providing commercial transportation.

An average of 27% have criminal records which would have barred them from operating commercially for vetted commercial transportation services such as buses, taxis, railways and of course air travel.

Though criminal records are currently not as easy to find in Australia as they are in the US, the Australian motor vehicles department has an amazingly simple to use vehicle registration search.

With just the vehicle’s plate number, you are provided (in public information) the vehicle’s VIN number, Make model, production year AND it’s usage classification.

Just as in the US, a motor vehicle department’s usage classification is also noted by the vehicle owner’s insurance company to ensure proper insurance is provided.

Just as in many US states, including my home state of Wisconsin, if the vehicle’s usage classification is not properly noted to the motor vehicle department, this constitutes insurance fraud and is grounds for the loss of insurance coverage.

Not to mention additional fines and fees if local, state or national laws require the proper notification of the vehicle’s usage.

In Wisconsin, it is still a $1200.00usd fine if you fail to report proper usage (commercial or private) to the DMV.

So let us look at just the first 51 Uber vehicle reports from our good friends in Townsville, Queensland, Australia (listed below).

Vehicles without commercial registration or insurance are marked ‘private’.

Those with proper registration and insurance are marked ‘commercial’.

Out of 51 vehicles reported only 4 were found to be properly listed as commercial vehicles.

Meaning that in Townsville Australia, more than 91% of the rideshare drivers submitted to our database DO NOT have proper insurance OR motor vehicle department listings on their vehicles.

We have advised Uber.

We have also made sure to report the VIN Numbers of ALL the vehicles submitted so future buyers or policy holders on these vehicles will not be defrauded if the owners neglect to inform them of their commercial use.

If you are a resident of Townsville and happen to spot one of these 51 uninsured vehicles operating as rideshares after having read this article, please let us know.

*4 reports are duplicates and have been tallied out accordingly in the final total of 51.  Duplicate reports show that the vehicle was operating so frequently that it had been reported by more than one person.*


Ride Safe World Database

E557674 – Illinois plate for 2015 Ford VIN# 3fa6p0g74fr167940:

What our public records search found for this vehicle being operated for BOTH Uber and Lyft:

No commercial insurance, No notification on VIN number of commercial use.

Y964971 – Illinois plate for 2012 FORD ESCAPE VIN# 1FMCU0D7xC

What our public records search found for this vehicle being operated for BOTH Uber and Lyft:

No commercial insurance, No notification on VIN number of commercial use.

 

Do your part to #DeleteUber & to #LoseLyft!

Help clear the roads from the vast number of TNC Drivers that are uninsured or have dangerous criminal records.

We will remove one vehicle at a time if we have to.

Register and enter your verifiable pics here.

Report Rideshare, Taxi and Other commercial plates

If Lyft & Uber Drivers have nothing to hide, there should be no concerns that insurance companies and carfax are notified.

Do Carfax and insurance companies through out the US have any idea of the vast number of vehicles being used commercially and then sold with no notification to future buyers of commercial use?

They will.