Top News

N.Y. Dealer Admits to Falsifying Auto Loan Applications

April 27, 2016

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.

Your Comment

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

CLOSE [X]

READ NEXT

ChannelNet to Build Customer Management Portals for Hyundai Capital Canada

ChannelNet announced this week it will begin building customer lifecycle management programs and dealer portals for Hyundai Motor Finance and Kia Motors Finance in Canada as part of its new contract with Hyundai Capital Inc.