Dealer Con Cost Us A Ferrari And Is Now On The FBI Most Wanted List

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seven days till Mother's Day I mean you want it you want to get your order in you know have to think about it it's what your mom would want you to do so check out 1-800 flowers calm / SSR alright here is a story and it's a story I don't like telling because ultimately we didn't prevail but it's a story that can teach people a lesson so there was a dealership in Bergen County it's called Emporio motors I've done a bunch of deals with them as Gotham dream cars and well fast-forward to the end here I ended up giving away a Ferrari for free and then paying $100,000 to find out that I had to give the Ferrari away for free because of the laws and I could have appealed it but it really wasn't worth the appeal but let's now rewind as to what happened so the dealership in Ramsey New Jersey Emporio motors was a guy named Bobby Kahn very charismatic guy they all are but he was a scumbag and and I'll tell you when I realized he was a proper scumbag in a second but there are scumbags which is the car industry is just pretty scummy to begin with but then you realize you're working with like like a proper scumbag which is a guy who's like a professional scumbag and then you're like like no matter what happens here I lose and effectively I die saw that point happen shortly before this came to resolution so we had a Ferrari 458 that Gotham dream cars we owned as cash but we had a pledge towards aligning a line of credit so we owned it but it was also there was like technically a lien on it but there was no loan we went to sell the car to free up some capital and when we sold the car we went to the dealership and we got a couple of different wholesale bids and Emporio at the time it was let's just say two hundred thousand dollars I've it was anywhere two hundred two hundred and five but it was effectively two hundred thousand dollars which we thought retail is worth two fifteen to twenty at the time so we were happy taking that number other wholesale bids were than the one ninety so it was a it wasn't that far off it wasn't like this like too good to be true that is car world 101 if it's too good to be true it probably is if you post something up for a thousand dollars and some guy says like I'll give you three thousand for it you turn around and you run away don't do that there's no that's not how the world works so ultimately we sold the car to the dealership we had bought and sold probably ten cars with them for in the previous year and a half so this seemed to be no different I think he gave us like fifty five thousand dollars after he inspected it and said he was gonna buy it gave us fifty five thousand dollars until we can get the rest next week and then next week never really came and he kept giving us checks some of them went through I think we got up to about a hundred and fifty thousand dollars where there was a balance of 50 thousand dollars roughly on the car and this went on for a couple of months and we said look Bobby got it you got to get us the rest of the money you can't you can't keep doing this like otherwise I'm gonna need the car back and ultimately what ended up happening is we got the money we held the title because in my mind and and in the company's mind like look we have the title that's ownership you just because you have the car in their lot because you you agreed to buy it and we dropped it off doesn't give you ownership we have the title and the ownership goes with the title not with with the fact that you have my car you can't go park it in your driveway and be like now it's mine he so that was the logic ultimately the dealer went and sold the car to somebody else and said I'm just waiting on this loan to come through when the loan comes through I'll give you the rest of the money no problem I'm good with that ultimately the loan that was always some story how it didn't come through and I did the ultimatum and said like look guy if if you don't get us the rest of the money and he did give us some checks but they bounced and I said if you don't give us the rest of the money we're gonna have to go to the cops you bouncing checks on us he telling us you're sending all these wires and this this money and it never goes through and then you bounced checks and this is when I realized that we were dealing with a proper professional scumbag I didn't bounce any checks I stopped payment on all of them and I'm like oh I didn't even like I didn't stopping payment on the check isn't illegal bouncing checks when you write a check that isn't isn't funded by cash behind it is illegal so I'm like oh we are so screwed so at that point in time gave him to say ten days to pay ten days to pay otherwise I need the car back I'll sell it and look I'm not looking to screw you gave me 150 thousand dollars I'll sell the car in a week whatever I'll be a wholesale I don't care who's gonna do it and I will get three competitive bids so you know it's fair and I'll give you your money back if I sell it for the same two hundred thousand dollars you were giving me I'll give you your whole hundred and fifty back if I sell it for 190 and the fact that you were jerking me around for three four or five months is gonna cost me ten thousand dollars I'll give you one hundred and forty thousand dollars back you're gonna be responsible for the money that you cost me sure enough ten days came and went couldn't do it he's like fine I'll return the car you can resell it gets the car back at the dealership I call up the I start calling around to wholesalers and there's a guy in California that gave me the best page let's just say 180 thousand dollars to pick round numbers and I was like all right great and he worked I'm like let me be clear the car is at this dealership in poriyal motors he had also dealt with Emporio in the past I said any condition any inspection anything you want to do you could check out there and then he can get the car and we're done with it so they did he did this inspection through the dealership the photos the video walk-around he was happy with the condition I said I have the title he has the car he wired me the money because we had the title we sent them the titles endorsed it sent it over and then he was scheduling transport to go get the car and eventually by the time he went to go get the car was like a week or 10 days later it's like the car is not there I'm like what do you mean the car is not there and this is when went south so Emporio motors was running we'll call it a Ponzi scheme but more of like a mismanaged dealership because I don't think the guy went out to intentionally the fraud people but I think he got way over his head and started taking money from here on money from here to fund the operation thinking you would catch up one day and it just got overwhelming and he got totally screwed when I say he got totally screwed he's screwed a bunch of people but he screwed himself primarily by by getting in over his head but when the guy who he sold the car to they got it and this is an aside the guy who we sold the car to was a guy who walked into the dealership gave him fifty thousand dollars like test drove a car an SLS and he's like I like this car I'm gonna I'm gonna give you fifty thousand dollars in finance the rest you just I'm gonna drive it to my house have somebody come and I'll give him fifty thousand dollars like really sketchy stuff so I don't know if I'm buying his story but through a sequence of transactions he essentially turned fifty thousand dollars into a 458 a two hundred thousand dollar car and I'm not and part of it was an auto loan for fifty thousand dollars through a bank that ended up forgiving the loan or doing whatever they did to to rectify it with the customer because the bank should have gotten the title when they issued the loan but they didn't and that was part of the reason it was a sequence of errors that led to this that led to this headache and ultimately that guy when he noticed he kept buying a car trading it in for more taking that car returning it for more so he'd buy it for a hundred get a hundred and twenty back by for a next card he'd get would be worth one hundred and twenty next car be 140 he worked his way up to this 458 and it turns out he was returning the car to the dealership at least this is what he told me and this is what lines up with everything until the court case in which case the the the truth changed he was returning the card to the dealership because there there was a buyer was gonna give him two fifteen he paid 205 whatever it was so he's gonna make another ten thousand dollars and then move on to another car but while he was returning the car to the dealership the dealer was telling me he was just returning my cards he couldn't pay for it and that's why he allowed me to resell it and he probably figured when I gave him the the money back for that he would be able to then sort out his issues with the guy who purchased the or he sold the car too so now all of a sudden you've got multiple players in this and there starts to be rumblings on the street that this dealership is is not as holding titles and they Opie pulmonic that so this guy sensing and seeing the cops go this guy went to the dealership made a big stink and wouldn't leave without that car again so he took the car this is like when goes down everybody grabs like whatever it's like hungry hungry hippo you grab whatever you can and at least you feel like you've you're comforted that you have something in your possession because otherwise he has nothing he doesn't have a car and he doesn't have the money and nobody wants if you hear that this guy's fraudulent there's no money there nobody wants to be the guy that that guy owes money so ultimately he got the car back I tried to then repossess the car for the guy who purchased it because I'm like did you you can't have this car like it was sold to the dealership didn't pay me for it he returned it to me so I can sell it to somebody else we went through this whole process and you can't just go grab it and say that's mine so we ended up having to go to court and ultimately obviously the guy who was in the wrong was the dealer but nobody wants to be the one being like yeah you can sue the dealer because that doesn't get you anywhere there's no money so it was the guy who bought the car from the dealer the guy who I sold the car to after the dealership couldn't pay me for it and in us in a lawsuit and ultimately what ended up happening the car was two hundred thousand dollars and the guy who bought it in California didn't do anything wrong like it and see it would even where they said I'm like look I can't give you the money back cuz like it's been like ten days or two weeks like I didn't know any of this was going down I understand it's shitty position that's why I was happy to help you go get your car you could have picked the car up it was there and you waited too long and then I didn't have like obviously I didn't know the dealer was a fraud and this was gonna go down but you're now making that my problem but so anyway we all get into this lawsuit and that guy who bought the car said that he returned it to the dealer for service I brought it to the deal of her service and I'm like what are you talking about you brought it to the dealer for service that the only doesn't do service and well no that's why so like I just went and got it out of the service and I didn't know anything about this and then like I didn't and so ultimately that guy won because there's a law in New Jersey that says he was a buyer in good faith that he said by giving the dealership some form of compensation that he wasn't and it wasn't completely out of line the fact that he made fictitious money on these trade ins and everything like that didn't any had no evidence that he gave him $50,000 in cash initially or any of this the fact that he established that he had a purchase contract with his dealer made it his car and even if I held the title and that other guy wasn't involved and the dealer didn't pay me my beef is now between me and the dealer not between me and him and I would have to give him the title so that sucked so ultimately what ended up happening was that guy was found to be able to get the car the guy who bought it from the dealer the other dealer that paid me we had to refund the money too and ultimately I had to pay the legal bills so we had to give away and if you if you followed all that I now don't have a car I don't have a title and I had to spend a hundred thousand dollars on lawyers so again and I had the money that I did get I had to give back to the guy who paid me so we were completely out of pocket on this so we had a Ferrari 458 that we owned in cash it was two hundred thousand dollars in cash to us which we now had to give away and then we had to spend a hundred thousand dollars to find out that that and we weren't found at fault the leasing company that had the title against the line of credit that signed over the title was was found by the judge to be at fault because it looked probably like they were the deepest pockets here but I had an agreement with the leasing company that it was essentially like a hold harmless like they're not responsible for any things ultimately it came out of my pocket so I got a big goose egg I got $0 from my $200,000 Ferrari when I say mine I mean Gotham's the company got zero dollars for the $200,000 Ferrari and we had to spend a hundred on legal so gave away a Ferrari for free and it cost us a hundred thousand dollars it was a shitty situation make sure you cover yourselves especially would you doing consignment with a dealer anything like that be very very careful this wasn't a consignment deal this was a straight-up sale to the dealer but consignment is what seemed to get a lot of people caught up here so be very careful when you sell a car just holding the title doesn't necessarily constitute ownership which was an eye-opener to me I thought if you add the title regardless of who was the asset if you have the title it's yours and until you're paid for that and especially if we have a buyer's agreement that I'm selling you something for $200,000 and you give me 50 or 100 or 150 and I still have the title until you pay me everything I don't own it you do now and now it's it's just I don't know it was shitty hopefully that was a lesson that you guys can learn that that covers you but it sucks it sucks to give away a card sucks to lose but the laws in this country are not always necessarily fair and to appeal it would have cost another $50,000 and you know what at that point in time you lick your wounds and you walk away and that's what we did and it sucked but it was it was it was proper everybody else know nobody wins the lawyers when our lawyer got paid the other lawyers got paid this guy's new lawyer got paid I mean granted the bank walked away from the loan because they didn't they claimed that they had the title to him and they didn't and had they they looked for that when instituting a loan are issuing a loan we may have avoided all of this so I mean I could have gone after them but again I hate lawyers I hate dealing with legal matters but my loss is your lesson and I hope you learned something but that was a that was a bad day in my in my business history because we weren't I mean we're a big company but nobody wants to lose $300,000 it sucks and I'll tell you what it wasn't all my money but even the fat and the part of it that was Hertz see you next time [Music]

Channel: superspeedersRob

Views: 425,374

Rating: 4.6953535 out of 5

Keywords: superspeedersrob, super speeders, rob ferretti, super cars, exotic cars, the smoking tire, thatdudeinblue, corvette, tj hunt, ford gt, supra, c5 corvette, cars, 1320video, cops, police, cleetus mcfarland, vehicle virgins, thehoonigans, top gear, chevrolet, matt farah, rally, /drive, mercedes, v8, v12, ferrari, ferrari 458, 488, 360, scam, dealership, fraud, insurance, wire transfer, legal fees, lawyer, fail, illegal, loan, lean, car dealership scam, FBI, lamborghini, emporio motor group, american greed

Id: zAyqFXC7x3E

Length: 15min 58sec (958 seconds)

Published: Wed May 02 2018