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If you want a good laugh, go to Edmunds.com and go through the "sell my car" / "get an offer" section. I think it valued my car at between $ 2500-$ 6,500- lol.
If you want a good laugh, go to Edmunds.com and go through the "sell my car" / "get an offer" section. I think it valued my car at between $ 2500-$ 6,500- lol.
There’s a way to track car sales at national level. This data is used by finance companies to justify dollar amounts and risk lending loans. There’s nothing that can justify tge crazy prices as posted all over tge internet. So maybe is a fantasy sale that closes in Disney land…..??????.” Follow the money“
This is a Turbo, but thought any 993 enthusiast would find it interesting. This is a triple yellow 993 Turbo with 1,755 km (1090 miles) that was formerly ordered by the Sultan of Brunei. He has the world’s largest car collection with thousands of cars. This spec is probably not to everyone’s taste (including mine), but it’s certainly up there with one of the most unique 993’s I’ve ever seen.
I read through the comments a few days. Buyer backed out and neither the seller or BaT could get ahold of them. So back on the block it goes.
Seems to be an exception, not the norm. Apparently the buyer who walked away left $7500 on the table when vanishing.
PRESS RELEASE
Three Individuals Charged in Multi-Million Dollar Scheme to Defraud Automobile Auction
Monday, October 23, 2023
Share For Immediate Release
U.S. Attorney's Office, Middle District of TennesseeNASHVILLE – A federal grand jury returned an indictment last week charging Stephanie Louise Baker, 53, of Mount Juliet, Tenn., Brian Baker, 52, of Mount Juliet, Tenn., and Jerry W. Hutchins, 48, of Dowelltown, Tenn., for engaging in a wire fraud and money laundering scheme to defraud a used automobile auction business in Murfreesboro, Tennessee, announced United States Attorney Henry C. Leventis for the Middle District of Tennessee.
All three defendants surrendered to federal agents last Friday and made an appearance before a U.S. Magistrate Judge that day.
The federal indictment charges Stephanie Baker and Brian Baker, who are married, and Hutchins with a wire fraud conspiracy and money laundering conspiracy. The indictment also charges all three defendants with substantive offenses for acts of money laundering.
According to the indictment, between February 2017 and November 2018, Stephanie Baker was the General Manager of the Dealers Auto Auction Group’s Murfreesboro auction location. Brian Baker and Jerry Hutchins each owned and operated used car dealerships and did business at the auction. The defendants devised a scheme to defraud Dealers Auto Auction Group, LLC by creating fake transactions to make it appear that the defendants’ businesses had sold cars at the auction and were entitled to receive funds from Dealers Auto Auction Group, when in fact the defendants had not sold vehicles at the auction. Based on the fake transactions, Stephanie Baker caused Dealers Auto Auction Group to issue checks to Brian Baker’s and Hutchins’ businesses. Then, monthly, the defendants would create additional fake transactions using the same vehicles in order to conceal the original fraud and avoid detection. Brian Baker and Hutchins then converted proceeds of the fraud scheme for their own personal use and benefit.
As a result of this scheme, the defendants defrauded Dealers Auto Auction Group of more than $2 million.
If convicted, the defendants face up to 20 years in prison for the wire fraud conspiracy, the money laundering conspiracy, and the concealment money laundering offenses, and up to 10 years in prison for money laundering. The indictment also contains a forfeiture allegation in which the government seeks to forfeit any property derived from the proceeds of the crimes, including a money judgment in the amount of at least $2,041.170 from Stephanie Baker, $1,357,310 from Brian Baker, and $683,830 from Jerry Hutchins.
This case was investigated by the IRS-Criminal Investigation and the Federal Bureau of Investigation. Assistant U.S. Attorney Chris Suedekum is prosecuting the case.
An indictment is merely an accusation. The defendants are presumed innocent until proven guilty in a court of law.
What does the above have to do with anything we're discussing here? The above is about in-person car auctions and these defendants devising a way for the auction house to cut them checks.
Not at all part of scenario with BaT or the point you've been trying to make that high dollar cars never really trade hands. Or that banks somehow have some sort of data that tells them that. Newsflash, we don't have some top secret data. In fact we probably have less data about niche transactions, which is why we provide artificially low valuations. I've worked in the banking/financial industry my whole 25 yr career. Banks don't want to lend people money for toys. That trend has continued since the sub-prime lending days came to a head. Toys stop getting paid for before mortgages do. The bigger the bank, the less risk they generally want to take on. Smaller banks are more likely to take on riskier or sub-prime lending. I work for the second largest bank, we don't even partner with many car dealerships any more because we don't want to guarantee we'll approve 9 out of 10 people that walk through the door for a loan in order to maintain that partnership with the dealership. We don't want to be in the business of repossessing vehicles and selling them at a loss. And those are primary vehicles (commuter cars to get you to/from work), not $100k, 200k, 300k+ "toys" which is a whole different level of risk.
As Gbos1 implied above (btw, he also works in the same industry) people that are buying these cars at these prices aren't out trying to take loans on them. They typically pay cash. I'm personally friends with at least a handful of people that are constantly buying/selling $150k-400k cars. They change cars like underwear.
Last edited by boomboomthump; 04-07-2024 at 01:32 PM.
Take your blood pressure pill, there’s more coming
Originally Posted by boomboomthump
I read through the comments a few days. Buyer backed out and neither the seller or BaT could get ahold of them. So back on the block it goes.
Seems to be an exception, not the norm. Apparently the buyer who walked away left $7500 on the table when vanishing.
Originally Posted by boomboomthump
What does the above have to do with anything we're discussing here? The above is about in-person car auctions and these defendants devising a way for the auction house to cut them checks.
Not at all part of scenario with BaT or the point you've been trying to make that high dollar cars never really trade hands. Or that banks somehow have some sort of data that tells them that. Newsflash, we don't have some top secret data. In fact we probably have less data about niche transactions, which is why we provide artificially low valuations. I've worked in the banking/financial industry my whole 25 yr career. Banks don't want to lend people money for toys. That trend has continued since the sub-prime lending days came to a head. Toys stop getting paid for before mortgages do. The bigger the bank, the less risk they generally want to take on. Smaller banks are more likely to take on riskier or sub-prime lending. I work for the second largest bank, we don't even partner with many car dealerships any more because we don't want to guarantee we'll approve 9 out of 10 people that walk through the door for a loan in order to maintain that partnership with the dealership. We don't want to be in the business of repossessing vehicles and selling them at a loss. And those are primary vehicles (commuter cars to get you to/from work), not $100k, 200k, 300k+ "toys" which is a whole different level of risk.
As Gbos1 implied above (btw, he also works in the same industry) people that are buying these cars at these prices aren't out trying to take loans on them. They typically pay cash. I'm personally friends with at least a handful of people that are constantly buying/selling $150k-400k cars. They change cars like underwear.
ok Webster, you are the go to guy when it comes to bullcrap. The irs is taking notes.
how much to rebuild a 993 100k miles engine, how much to rebuild a 993 100k miles transmission, how. Inch to re spray a 100k miles 993, how. You a new carpet plus seats redone on a 100k 993. When you ad that plus redo suspension etc. as that to the price of a 993. It’s a fun task, show about it boys???
how much to rebuild a 993 100k miles engine, how much to rebuild a 993 100k miles transmission, how. Inch to re spray a 100k miles 993, how. You a new carpet plus seats redone on a 100k 993. When you ad that plus redo suspension etc. as that to the price of a 993. It’s a fun task, show about it boys???
04-05-2024, 09:19 AM
