Car dealers warned of ‘skip’ syndicate
By Jovi T. De Leon
Tuesday, October 18, 2011
CITY OF SAN FERNANDO — A car dealer warned fellow car dealers to be vigilant against a suspected syndicate now operating in Central Luzon using the “skip” scheme.
The car dealer, who asked not to be named, said the still unidentified group moved its operations from Metro Manila after its modus operandi there was reportedly discovered by authorities.
“I firmly believe that this syndicate has moved their operations to Central Luzon after being noticed in Metro Manila. This is the first time we have been victimized by this syndicate, that is why I am warning fellow car dealers and traders regarding this group,” the car dealer told Sun.Star Pampanga.
The car dealer added that the group assigns a female member to file an application for a car loan with a bank there, submitting partial documents bearing required information needed to gain approval.
“Those valid legal documents include business permit, Securities and Exchange Commission registration if needed, income tax return and Department of Trade and Industry permit. These are all needed to validate if the applicant’s business or personal data are valid, legal and existing,” the dealer said.
The car dealer added that in this transaction, “it is the bank which will pay dealers while the client will pay the bank on installment. Because of our reputation and relationship with the bank, it approved the loan on the condition that the applicant submits the other remaining required requirements.”
“The down payment and equity for the unit was P150,000 and the applicant issued a check amounting to P100,000 which cleared. The unit was delivered to the identified addressed here in Bulacan. But the other P50,000 check had bounced. And when we returned the following day to the address where the unit was delivered, the applicant was nowhere to be found. The address was fictitious. She just disappeared with the unit,” the dealer added.
The car dealer said that fellow car dealers in Metro Manila called the suspected syndicate’s scheme as “skip”, where brand new vehicles are the targets.
“The unit will be hard to track down. It is perplexing how they will dispose of it even if they had been issued a copy of the DR (delivery receipt) since the LTO [Land Transportation Office] will need the original sales invoice and original copy of the DR upon registration and transfer to the buyer,” the dealer said.
“In any case, we just want to know fellow dealers and even banks of the syndicate’s scheme and operation as they might fall prey to their modus operandi,” the car dealer added.
Source: http://www.sunstar.com.ph/pampanga/local-news/2011/10/18/car-dealers-warned-skip-syndicate-185738
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