N.Y. Dealer Admits to Falsifying Auto Loan Applications
N.Y. Dealer Gerald McDonald pleaded guilty last month to submitting fraudulent loan documents to financial institutions. He faces a maximum of five years in prison and a fine of up to $250,000 when he is sentenced on July 19.
SYRACUSE, N.Y. — The part owner and CEO of a New York-based auto group pleaded guilty last month to submitting false statements on auto finance documents to influence a financial institution.
Gerald McDonald, part owner and CEO of Parkway Country Polaris, Parkway Dodge Chrysler and Jeep, and Parkway Chevrolet and Oldsmobile, faces a maximum of five years in prison and a fine of up to $250,000 when he is sentenced on July 19. He will also be ordered to forfeit $102,498 in restitution.
In March, McDonald admitted to the federal court in Syracuse, N.Y., that he and his sales associates and managers had conspired to submit false information to banks on consumer bank loan applications. According to a press release from the U.S. Attorney’s Office, when a customer did not meet the qualifications for a loan, a co-conspirator sales associate or co-conspirator manager would falsely state or overinflate a down payment in order to secure a loan approval.
As CEO and part owner of the dealerships, McDonald knew and was aware of this practice, the release added.
More F&I
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Leading with Purpose
In this video, Trent White explains how understanding your people’s 'why' is a key leadership responsibility of F&I professionals and how that mindset drives dealership engagement, trust and performance.
Read More →
Integrating Nontraditional F&I Products
The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.
Read More →
Trust Is Personal
Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.
Read More →
Amplify 2026 Billed as Turning Innovation Into Results
Reynolds and Reynolds says its annual retail summit will connect dealers with practical strategies, peer insight, and technology-driven ideas.
Read More →
Own Your Outcome: F&I in the Digital Customer Journey
Finance has historically been the last step in the car-buying process, but it doesn’t have to be. The customer’s journey starts long before they arrive at the dealership, and so should F&I’s involvement.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Lifetime Battery F&I Product Meant to Drive Dealer Traffic
EFG Cos. offering is intended to create lifetime auto dealer engagement with customers.
Read More →
The Psychology Behind Menus That Increase Add-On Sales
There is a science to crafting a menu that gives customers confidence in the choices presented, and moving the process outside the F&I office can further boost results.
Read More →