A MOTORIST shared how he was scammed out of $200,000 after purchasing a car from his local dealership.
The New York state resident explained how he ended up forking out the cash for someone else’s car.
A man shared his stress after his local car dealership closed abruptly, leaving him with over $200,000 of debt (stock image)[/caption]
After purchasing a luxury car from Bul Automotive in Albany, the man was left with a hefty debt and no ride.
Exotic car owner Mike Abatecola faced the issue when he failed to properly pay off the car loan, reports NBS affiliate NewsChannel 13.
Abatecola alleges he sold his Lamborghini to Bul Automotive in August 2024.
According to him, the dealership did not pay off the remaining loan balance.
He claims they then sold the car to someone else, leaving him with over $200,000 in debt.
The motorist added that a lien has been placed on his vehicle.
Other victims came forward after Abatecola shared his experience online.
NewsChannel 13 reported some were even considering a class action lawsuit against Bul Automotive.
The dealership has since ceased operation, leaving a number of customers concerned about unpaid loans and potential fraud.
Bul Automotive is owned by Vladimir “Val” Ranguelov, who also abruptly closed another of his dealerships Karma Automotive, located in Jacksonville, Florida.
Abatecola revealed he had a decade-long working relationship with Ranguelov and expressed disbelief over the situation.
“You trust him, you know you do business on a handshake, and you don’t think you’re going to be taken advantage of,” he said.
Meanwhile at the Jacksonville location, customers have reported similar issues.
They alleged their vehicles were sold without paying off existing loans, leading to significant financial concerns.
At least four incidents of potential fraud have been reported to the Jacksonville Sheriff’s Office.
Dealership Tips
Here are some expert tips when purchasing a car from a dealership lot:
- 1. Set your price: Ensure you’ve calculated your monthly budget before going to the lot. You should include the car’s loan payment, insurance costs, fuel, and regular maintenance.
- 2. Research: Make sure you know which cars you’re interested in test driving before you reach the dealership.
- 3. Pre-approval: Secure financing before you go to the dealership. Dealerships may give you a better interest rate if they are competing with an outside bank.
- 4. Test away: Get behind the wheel before making any payments. A car purchase will be worth thousands of dollars – drivers should ensure they like the drivetrain, steering feel, and comfort of the car before taking it off the lot
- 5. Haggle: Drivers should always try to negotiate the price. There are so many good cars on the American market – buyers have a strong hand when negotiating price.
Source: Kelley Blue Book
Neither location gave customers prior notice before shutting down.
Their websites now display messages stating they have “ceased operations”.
Meanwhile, both the physical locations in New York and Florida are now empty.
One victim expressed concern that Ranguelov may have fled the country to avoid arrest.
Authorities in both cities are investigating the closures and the allegations of fraud.
The FBI has also been involved in recovering vehicles and assisting affected customers.
And now, Abatecola is one of the lucky drivers who were at least able to get their car back.
Meanwhile, Karma Automotive, the manufacturer associated with the dealerships, has suspended relations with Bul Auto Sales.
It has also pledged full cooperation with investigative authorities.
Customers affected by the closures are encouraged to contact local law enforcement and seek legal advice to understand their rights and options.
For more information on steps to take if you’ve been affected by a dealership closure, visit the Consumer Law Group’s guide.
Bul Automotive and Karma Automotive have both closed abruptly, leaving many customers with financial concerns[/caption]
