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I was browsing Craigslist for some scams to get started on, and I ran across this:
http://orlando.craigslist.org/fns/1687240999.html We are looking for 10 serious qualified investors that are tired of the uncertainty of the market and not willing to accept 1-2% return from the bank. We will pay you 10% annually( payable each month) for as long as you allow us to use your money to acquire auto loans. We are seeking a total of $10,000,000 at which time we will close the pool. Your money is protected by the auto notes as collateral and we pledge a $10,000 note to you as collateral for every $9,000 you have invested, so you are always over collateralized. We handle all collections and servicing , you get a monthly check and at any time you'd like the principal retruned, just notify us and within 120 days you are paid off.
More people than ever are having a tough time getting car loans, the car dealers need help and you need a good retrun that is short term and liquid. This is a investment that makes sense for everyone.
Contact us at
What makes it seem like a scam is the fact that they want huge amounts of money, and the investment is watertight, too good to be true.
After emailing, I quickly received a detailed business plan from the company director who was wanted to speak over the phone. The business plan included the name of a practicing attorney in Florida.
The business plan (eight pages of dense text) consists of creating loans and selling them within three years before the person has a chance to default. Investors put down a huge amount of money and get interest paid monthly.
Maybe its legit. I dunno, I'm really green here, any suggestions?
BobCat Master of Master Baiters
Joined: 04 Mar 2005
Location: on the 'net
Wed Apr 14, 2010 5:54 pm
I don't think this is a ponzi - they usually have no limit on the # of investors, this one has a limit of 10.
They're targetting high net worth investors in this one.
we pledge a $10,000 note to you as collateral for every $9,000 you have invested
and when the note is worthless because someone stole the car or they stopped paying, who cares.
We will pay you 10% annually( payable each month) for as long as you allow us to use your money to acquire auto loans.
Most prime auto loans are paying less than 10% interest so unless they're going to go after subprime auto loans (which now are losing value faster than a politician's campaign promise) how do they expect to make money?
This is definitely high risk but what's the reward? 10%? Please. It is a bad deal.
Definitely scammy but not in a ponzi way.
My guess is a bunch of people bought a bunch of car loans, and they're going down the drain, so they want to pawn them off to new suckers and go away.
"I AM SEEK AND TIRED OF THIS AND I DONT THINK I CAN CONTINUE ANYMORE" Jul13t [email protected]
"THANKS FOR MAKING FUN OF ME.." "I DIDNT GET ANY F***ING MONEY AND STOP MAKING FUN OF ME.. OK" Jul13t [email protected] (rebaited from another character)
" I THINK WE HAVE TO PUT END TO THIS GAME,AND REASON WHY I SAID THIS IS BECAUSE I CAN NOT CONTINUE WITH GOING TO WESTERN UNION" Dr Bens0n
"DO YOU KNOW WHAT IT TAKE TO GET A MAGA IS NOT EASY MAN, IF YOU KNOW WHAT YOU HAVE CAUSE ME FOR TWO WEEKS NOW I CAN PAY MY HOUSE RENT THEY ARE ABOUT TO SEND MY FAMILY OUT OF THE HOUSE WE LIVE" Dr @d3kun13 Bens0n
"I THOUGHT I HAVE DONE EVERYTHING YOU WANTED WHY ARE YOU STRESSING US OUT." - [email protected] H0us3
Generally agree with BobCat above, but it may be more than just cars. (imho) It only makes sense if you can afford to lose.
Lot of those very/similar ads on Craigslist around the country (Google the phone number)
10 serious qualified investors...
We are seeking a total of $10,000,000 ...
10 investors at $1M each or 10 in each area or ??
International Numbering Plans wrote:
Information on phone number range +1 352 598XXXX
Number billable as mobile number
Country or destination United States
City or exchange location Ocala, FL
Original network provider* Cellco Partnership Dba Verizon Wireless - Fl
*) Number portability has not been taken into account
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