Dealer almost scammed via BBLS

[JaredVannett]

A car dealer in the UK has become victim to a scam via the 'Bounce Back Loan Scheme'.

The perpetrator was crafty in their thinking... dealer explains:

Dealer video:https://www.facebook.com/jamesglen.carsales/videos...

Bounce Back Loan Scheme:https://www.british-business-bank.co.uk/ourpartner...


For those who can't watch the video:
1. Buyer call a dealer about buying their £40k car
2. The buyer shows some interest in the car and say's he would like to pay for the car before collecting it.
3. The buyer asks for the bank account details so he can transfer funds
5. The buyer applies for a bounce bank loan using the dealer's name.
6. Loan approved and money transferred into the dealer's business account
7. The buyer calls the dealer to say funds have transferred.
8. The dealer gets suspicious and calls the bank to confirm the money is actually in his account.
9. Bank confirms the money is in the account.
10. The dealer asks who the recipient was.
11. The bank confirms it was from an application made for the bounce bank loan in the dealer's name.
12. The dealer asks why no due diligence was done before approving the loan
13. Bank responds with "the application had all the details we needed in order to approve the loan".

Edited by JaredVannett on Friday 10th July 22:44

[Throttle Body]

Wouldn't it be the bank that has been scammed? I don't see that the dealer has to return the £40k to the bank.

[Poseidon]

Surely the dealer logging into their online banking to see the reference ‘Bounce Back Loan’ would raise enough suspicion?

[Mr Whippy]

Amazing that credit is so easy to get by someone else on your behalf.

Then 3rd party ‘agencies’ are left doing all the rating/leaks.

Bloody mess.

[hepy]

The bounce back loan process isn't exactly rigorous.

[200Plus Club]

Throttle Body said:

Wouldn't it be the bank that has been scammed? I don't see that the dealer has to return the £40k to the bank.

The 40k loan is in the dealers name. He now owes the bank 40k.

[Prolex-UK]

I am working on the business rates grants.

There are lots if organised scams being attempted.

We where told to get them paid ASAP

People using fake emails from large companies who let properties saying bogus tenants have moved in and someone else claiming the grant...

All sorts of skullduggery

[Ean218]

Poseidon said:

Surely the dealer logging into their online banking to see the reference ‘Bounce Back Loan’ would raise enough suspicion?

Lloyds don't put that on the transaction and issue no paperwork other than emails to the address given in the application.

[bennno]

200Plus Club said:

Throttle Body said:

Wouldn't it be the bank that has been scammed? I don't see that the dealer has to return the £40k to the bank.

The 40k loan is in the dealers name. He now owes the bank 40k.

but the title was dealer almost scammed, so presumably he has the cash in his bank and still has the car which was up for sale?

effectively he has had somebody navigate and apply for the BBLS on his behalf and without charge.

[Meeten-5dulx]

bennno said:

200Plus Club said:

Throttle Body said:

Wouldn't it be the bank that has been scammed? I don't see that the dealer has to return the £40k to the bank.

The 40k loan is in the dealers name. He now owes the bank 40k.

but the title was dealer almost scammed, so presumably he has the cash in his bank and still has the car which was up for sale?

effectively he has had somebody navigate and apply for the BBLS on his behalf and without charge.

Almost scammed as if he wasn’t vigilant he would have passed on possession of the car.
He still has the car, £40k in the bank and a loan for £40k.
No net gain except the pain of having to ‘undo’ the loan.

[hyphen]

Mr Whippy said:

Amazing that credit is so easy to get by someone else on your behalf.

Then 3rd party ‘agencies’ are left doing all the rating/leaks.

Bloody mess.

Its a low risk application. They aren't sending the money elsewhere, but into the business bank account.

Yes they should have made more checks, but due to the volume of applications the government is pressuring them to do, very quickly. Would be unrealistic to assume banks are calling every customer.

[hyphen]

Prolex-UK said:

I am working on the business rates grants.

There are lots if organised scams being attempted.

We where told to get them paid ASAP

People using fake emails from large companies who let properties saying bogus tenants have moved in and someone else claiming the grant...

All sorts of skullduggery

These scammers are so good at swiftly spotting an opportunity, it makes you wonder why they aren't making money legally, as they are clearly smart

[Prolex-UK]

hyphen said:

Prolex-UK said:

I am working on the business rates grants.

There are lots if organised scams being attempted.

We where told to get them paid ASAP

People using fake emails from large companies who let properties saying bogus tenants have moved in and someone else claiming the grant...

All sorts of skullduggery

These scammers are so good at swiftly spotting an opportunity, it makes you wonder why they aren't making money legally, as they are clearly smart

True

All the supermarkets had this years Business Rates cancelled so benefited by millions of pounds although they continued to trade...............

Got one chain now who are saying the concessions they have in store like timsons etc are no longer to pay something to them towards business rates in the rent but to be seperately rated and the supermarket get the £10k grant not trader.

Sex and travelling is the answer from me