Fraudulent change of ownership causes a major headache for a Johannesburg businessman who had his Maserati repossessed

[mylesillidge]

Warning to people with second-hand cars in South Africa

Fraudulent changes of ownership could create a major headache for South African motorists purchasing a second-hand vehicle.

The Sunday Times reports that Johannesburg businessman Joe dos Santos recently had his 2020 Maserati GranCabrio repossessed by Standard Bank, as the previous owner still owed roughly R4 million in finance payments for the vehicle.

 

[dontcryforme]

"Standard Bank spokesperson Ross Linstrom confirmed that the bank had taken possession of the vehicle and advised that Dos Santos approach the broker or dealership from which he purchased the car for legal recourse."

Standard Bank often fails the general consumer and even their own shareholders, but at least they are giving Dos Santos good advice here - go after the dealership for not doing their homework by confirming the validity of the settlement letter. It would have been one phone call and dealerships have direct contacts within every single bank providing vehicle finance.

 

[FiestaST]

When I first heard this figure I knew it was PK. I watched enough Daddy Doug in my time to know this right off the bat.

Dos Santos said similar vehicles are frequently priced at around R1 million, so the R1.3-million price tag was not suspicious.

In his wet dreams maybe.



So R1.5mill to R2.8mill on the US market.

The US 2nd hand market is at least 3 galaxies bigger & more competitive than the SA market that's before we take into account we're talking about a niche supercar here.

The R4mill outstanding proves my point.

 

[deweyzeph]

Surely the first thing you do before buying a second hand car is ask to see the original registration document of the car? It will clearly state on the registration certificate if the titleholder of the vehicle is a bank or finance company.

 

[airborne]

The resale value on those vehicles is so sht I really wouldn't be surprised if his estimation isn't too far off, especially in the South African market. While Maserati's may use Ferrari engines unlike a Ferrari once they are out of motorplan nobodies really wants them and their resale value tanks.

 

[Gudnews]

I sometimes lose interest when folks with this kind of money tell us of their problems.

 

[RedViking]

I sometimes lose interest when folks with this kind of money tell us of their problems.

I sometimes lose interest when poor people moan about rich people's problems.

 

[LCBXX]

I wonder when we'll be ready to have an open conversation as to why all pre-owned cars, these days, are lemons.

 

[Gudnews]

I sometimes lose interest when poor people moan about rich people's problems.

Touché.

 

[RedViking]

I wonder when we'll be ready to have an open conversation as to why all pre-owned cars, these days, are lemons.

WeBuyCars pushed up the prices and regulate the used car market.

 

[MachoPants]

Standard Bank, says it all. They are unscrupulous in their actions / behaviour. Had a similar issue when I bought a vehicle with Standard Bank finance. Turned out a new engine was put in, no paperwork from Audi on file and no police clearance. Took the car back to Std Bank, never heard from them again.

 

[Craig_]

Surely the first thing you do before buying a second hand car is ask to see the original registration document of the car? It will clearly state on the registration certificate if the titleholder of the vehicle is a bank or finance company.

I've only ever bought second hand from proper dealers, and not once have I asked to see the original registration papers. I doubt anyone does.

 

[deweyzeph]

I've only ever bought second hand from proper dealers, and not once have I asked to see the original registration papers. I doubt anyone does.

I always insist upon it. If they refuse I walk away.

 

[deweyzeph]

I wonder when we'll be ready to have an open conversation as to why all pre-owned cars, these days, are lemons.

Because people have lost the art of how to buy a secondhand vehicle.

 

[Craig_]

I always insist upon it. If they refuse I walk away.

Interesting. Not that I'm anyway in a space to afford a car soon.

 

[FiestaST]

Sometimes people (not in SA for obvs reasons) shorten Maserati to "Mase or Maser".

 

[deweyzeph]

Interesting. Not that I'm anyway in a space to afford a car soon.

I honestly think that in this day and age anybody who buys a secondhand car, whether privately or through a dealership, must have rocks in their head if they don't insist on seeing the original registration certificate for the car before handing over their hard earned money. There are just too many scammers, dodgy dealerships and other bad actors out there to just trust that things are the way somebody says they are.

At the bare minimum the registration certificate will allow you to confirm that the engine number and VIN numbers line up, that the car has not been an insurance write off, that the vehicle is not still under finance and that the make and model match. It honestly is the bare minimum due diligence you can do when buying a secondhand car. No honest dealership will hesitate to allow you to look at the original registration certificate if you are a serious buyer and they have nothing to hide.

 

[Craig_]

I honestly think that in this day and age anybody who buys a secondhand car, whether privately or through a dealership, must have rocks in their head if they don't insist on seeing the original registration certificate for the car before handing over their hard earned money. There are just too many scammers, dodgy dealerships and other bad actors out there to just trust that things are the way somebody says they are.

At the bare minimum the registration certificate will allow you to confirm that the engine number and VIN numbers line up, that the car has not been an insurance write off, that the vehicle is not still under finance and that the make and model match. It honestly is the bare minimum due diligence you can do when buying a secondhand car. No honest dealership will hesitate to allow you to look at the original registration certificate if you are a serious buyer and they have nothing to hide.

My last 5 cars were all bought from the same dealer, with no issue. Twice I was just given the keys to the cars and I went for a test drive on my own. Never had an issue.

Better to buy from a dealer you know, than from a voortrekker type dealer.

 

[deweyzeph]

My last 5 cars were all bought from the same dealer, with no issue. Twice I was just given the keys to the cars and I went for a test drive on my own. Never had an issue.

Better to buy from a dealer you know, than from a voortrekker type dealer.

Then you can count yourself lucky.

 

[airborne]

I honestly think that in this day and age anybody who buys a secondhand car, whether privately or through a dealership, must have rocks in their head if they don't insist on seeing the original registration certificate for the car before handing over their hard earned money. There are just too many scammers, dodgy dealerships and other bad actors out there to just trust that things are the way somebody says they are.

At the bare minimum the registration certificate will allow you to confirm that the engine number and VIN numbers line up, that the car has not been an insurance write off, that the vehicle is not still under finance and that the make and model match. It honestly is the bare minimum due diligence you can do when buying a secondhand car. No honest dealership will hesitate to allow you to look at the original registration certificate if you are a serious buyer and they have nothing to hide.

At the very minimum that should always be checked, the seller might not even be dodgy but most people are so clueless they wouldn't even know if they had a vehicle with mismatched or tampered with VIN/engine numbers because they'd never know or bother to check them from purchase till sale. And if you buy a vehicle with issues with the VIN/engine numbers that nightmare will become your baby.