The Industry's Leading Source For F&I, Sales And Technology

Top News

Fifth Third Bank Loses $27M in Financing Scam

September 3, 2013

CHICAGO — Ten people were charged in an automotive sale scam that defrauded 20 lenders, including Fifth Third Bank Corp. Fifth Third lost $27 million as part of the plot, reports Bloomberg.

A former motorcycle and recreational vehicle dealer, his accountant and fake buyers were indicted for defrauding lenders of more than $56 million.

To read the full story, click here.

Comments

  1. 1. Bubba B [ September 03, 2013 @ 12:44PM ]

    Great underwiting Fifth Third - give yourselves a pat on the back. Sure - the perps should go to jail, but Fifth Third deserves some of the blame.

  2. 2. Joey P. [ September 04, 2013 @ 10:19AM ]

    Couldn't agree with Bubba B. more. Know yer customer! Can anyone say FARGO?
    This Bubba B. form the big A?

 

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

New-Vehicle Financing, Leasing Reach New Highs

Experian Automotive reports that 84.5 percent of consumers used a loan or a lease to purchase a new vehicle in the second quarter, with leasing accounting for 27.64 percent of all new vehicles financed during the quarter.