A car dealer in Pasadena closed it’s doors after buying cars off people for thousands and not paying them despite taking the vehicle.
People say they’re out hundreds of thousands of dollars. An expert shares what you can do to protect yourself when selling your car.The couple recently sold the car to Bidlane, handing over the keys and title. In return, Bidlane was supposed to wire $9,700 to their bank account. But, that never happened. Instead, the company suddenly went belly up.Marcus Cheung sold his Land Rover to Bidlane last November for $83,000. The company paid him by check.
The I-Team asked the owner of Bidlane to talk to us for this report, but we didn’t get a response. Victims told us the DMV has contacted them and they’re investigating. But the DMV would not confirm that to the I-Team. , said you should avoid selling your car to a company that doesn’t give you cash on the spot.
Moody said another option is to use an escrow service, where the buyer deposits the money into a third-party account, and it’s released to the seller when they turn over the car and both sides are satisfied with the deal. “Because they have a reputation in the community that they want to uphold. They want you to tell people, ‘Hey, go to this place, they treated me great,’' he said. “That’s how they survive.”
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