Close Menu
Florida Real Estate Wire – Real Estate NewsFlorida Real Estate Wire – Real Estate News
  • Florida Real Estate Market
  • Florida News by Region
    • Miami Dade Florida
    • Broward County Florida
    • Palm County Florida
    • Hillsborough County Florida
  • Rent In Florida
  • Investment Realty
  • Luxury Real Estate
  • Real Estate
What's Hot

Woman Detained at Mar-a-Lago for Attempting to Meet Trump

July 11, 2025

Condo Prices Thrive in Florida’s Inland Areas

July 11, 2025

Finding Your Perfect Home Match

July 11, 2025
Facebook X (Twitter) Instagram
Florida Real Estate Wire – Real Estate NewsFlorida Real Estate Wire – Real Estate News
Subscribe
  • Florida Real Estate Market

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida Housing Market Shows Unusual Trends in Multiple Cities

    July 11, 2025

    Florida’s Housing Market: Navigating the Insurance Crisis and Soaring Costs

    July 11, 2025

    Ocala Home Prices Remain Stable in June

    July 11, 2025
  • Florida News by Region
    1. Miami Dade Florida
    2. Broward County Florida
    3. Palm County Florida
    4. Hillsborough County Florida
    5. View All

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Understanding the Impact of Florida’s Property Tax Changes on Miami-Dade and Key Biscayne Bills

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida’s Housing Market: Navigating the Insurance Crisis and Soaring Costs

    July 11, 2025

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida’s Housing Market: Navigating the Insurance Crisis and Soaring Costs

    July 11, 2025

    Florida Realtors Champion Legislative Wins and Embrace AI-Driven Future

    July 10, 2025

    Woman Detained at Mar-a-Lago for Attempting to Meet Trump

    July 11, 2025

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    David Silver Tops Q2 Fundraising Contest with Impressive $44K Lead

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Hillsborough County Property Tax Updates: Discounts and Relief Options Available

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida’s Housing Market: Navigating the Insurance Crisis and Soaring Costs

    July 11, 2025

    Woman Detained at Mar-a-Lago for Attempting to Meet Trump

    July 11, 2025

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    David Silver Tops Q2 Fundraising Contest with Impressive $44K Lead

    July 11, 2025

    Hillsborough County Property Tax Updates: Discounts and Relief Options Available

    July 11, 2025
  • Rent In Florida

    Condo Prices Thrive in Florida’s Inland Areas

    July 11, 2025

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida’s Housing Market: Navigating the Insurance Crisis and Soaring Costs

    July 11, 2025

    Rental Affordability Rises as Prices Fall in April 2025

    July 11, 2025
  • Investment Realty

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida’s Housing Market: Navigating the Insurance Crisis and Soaring Costs

    July 11, 2025

    Florida Realtors Champion Legislative Wins and Embrace AI-Driven Future

    July 10, 2025

    Canadian Interest in Florida Homes Plummets Amid Tariffs and Tensions

    July 10, 2025
  • Luxury Real Estate

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Zohran Mamdani’s Vision for Transforming Real Estate in NYC and Florida

    July 11, 2025

    Florida Real Estate Navigates Dynamic Shifts: Strategic Moves, Legislative Wins, and AI Integration

    July 11, 2025

    Florida’s Housing Market: Navigating the Insurance Crisis and Soaring Costs

    July 11, 2025

    Florida Realtors Champion Legislative Wins and Embrace AI-Driven Future

    July 10, 2025
  • Real Estate

    Finding Your Perfect Home Match

    July 11, 2025

    Florida’s Housing Market: A National Bellwether for Real Estate Shifts

    July 11, 2025

    Unlock the Power of Real Estate with Big Beautiful Bill Passage Benefits

    July 11, 2025

    South Florida Commercial Sales Surge in Early 2025

    July 11, 2025

    South Florida Land Sales Soar: A Sign of Upcoming Real Estate Growth

    July 11, 2025
Florida Real Estate Wire – Real Estate NewsFlorida Real Estate Wire – Real Estate News
Home»Real Estate»NY Man Foils $200K Exotic Car Scam and Saves His Lamborghini
Real Estate

NY Man Foils $200K Exotic Car Scam and Saves His Lamborghini

July 2, 2025
Ny man foils $200k exotic car scam and saves his
Share
Facebook Twitter LinkedIn Pinterest Email

Disturbing Car Deal: Luxury Buyer Left in Debt After Scam

The Shocking Story of Mike Abatecola

Mike Abatecola, an avid exotic car enthusiast, recently found himself in a nightmare scenario after purchasing a Lamborghini from Vladimir “Val” Ranguelov, the Dealer Principal at Bul Automotive in Albany, New York. Shortly after the purchase, Ranguelov convinced Abatecola to sell the luxury vehicle back to him for an upgrade. Unfortunately, that decision led to dire consequences.

Abatecola discovered that the dealership had failed to pay off the remaining loan balance, resulting in a staggering $200,000 debt when the car was eventually taken without his knowledge. “I’m still numb,” Abatecola shared with WNYT NewsChannel 13. “I don’t make that kind of money to be robbed.”

A Glimmer of Hope: FBI’s Involvement

Thanks to the intervention of the FBI, Abatecola was able to recover his Lamborghini in June. However, he remains in shock over the experience. After sharing his story online, more than a dozen other buyers came forward with similar complaints against Ranguelov, exposing deeper issues within the auto dealership landscape.

A Broader Pattern of Deceit

Ranguelov operated two dealerships: Bul Automotive in New York and Karma Automotive in Jacksonville, Florida. Both locations abruptly halted operations in June, raising concerns about ongoing fraudulent activities. The FBI’s ongoing investigation is focused not only on the recovery of stolen vehicles but also on unpaid loans and potential second-buyer claims. As a result, affected customers are now contemplating a class-action lawsuit.

Investigating Nationwide Trends in Auto Fraud

This alarming incident occurs amidst a strange shift in the broader landscape of auto theft and fraud. According to the National Insurance Crime Bureau (NICB), U.S. auto thefts dropped to 850,708 in 2024, a decrease of 17% from the previous year. Yet, auto criminals have become increasingly sophisticated in their methods.

Related Posts

  • 2025 Housing Market Outlook: Key Predictions and Trends
  • Palm Beach County’s Best Residential Real Estate Agents 2024
  • Celebrity Real Estate Highlights: Emma Stone, Meg Ryan, J-Lo & Ben Affleck
  • Record-Breaking $225M Naples Waterfront Home Sale

Key statistics from NICB:

  • Highest Auto Theft Rates: Washington D.C. leads with 842.40 thefts per 100,000 residents, followed by California at 463.21 per 100,000.
  • The Evolution of Techniques: Advanced methods for vehicle theft include title washing and VIN cloning, making it harder for buyers to determine the legitimacy of a vehicle.

Protect Yourself From Auto Fraud

Essential Precautions for Buyers

To safeguard against potential fraud in the auto market, both buyers and sellers are encouraged to follow these essential precautions:

  • Obtain Lender Payoff Statements: Before completing a sale, secure a bank-issued document confirming all previous loans are fully satisfied.

  • Ensure Immediate Title Transfer: Confirm that the seller initiates a legal title transfer at the closing. Any unexplained delays should raise a red flag.

  • Run Comprehensive History Checks: Utilize resources like the National Motor Vehicle Title Information System to obtain a detailed account of the vehicle’s past.

  • Scrutinize Online Offers: Be cautious of listings that are below market value or sellers who resist in-person inspections.

Conclusion: Learning from Abatecola’s Experience

Abatecola’s story is a stark reminder that anyone can fall prey to auto scams, even amid declining theft rates. It’s imperative for car buyers to exercise caution and conduct thorough research when purchasing a vehicle.

By demanding complete documentation and remaining vigilant against potential scams, consumers can keep their hard-earned savings and their dream vehicles secure.

Stay informed and empowered by joining over 200,000 readers who receive insightful financial news straight to their inbox.

For detailed insights into protecting your auto investments, consider exploring examples from reputable financial advisors or legal experts in the industry.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

200K Car Exotic Foils Lamborghini Man Saves Scam

Related Posts

Finding Your Perfect Home Match

July 11, 2025

Florida’s Housing Market: A National Bellwether for Real Estate Shifts

July 11, 2025

Unlock the Power of Real Estate with Big Beautiful Bill Passage Benefits

July 11, 2025

South Florida Commercial Sales Surge in Early 2025

July 11, 2025
Add A Comment
Leave A Reply Cancel Reply

Subscribe to Updates

Subscribe to our newsletter and stay updated with the latest news and exclusive offers.

Top Picks

South Florida Cash Buyers Outpace National Average by Over 200%

June 4, 2025

Cape Coral Housing Market Faces High Risk of Collapse

June 21, 2025

Riviera Beach Greenlights Related Group Project

June 24, 2025

Florida Realtors Champion Legislative Wins and Embrace AI-Driven Future

July 10, 2025
Latest Posts

Woman Detained at Mar-a-Lago for Attempting to Meet Trump

July 11, 2025

Condo Prices Thrive in Florida’s Inland Areas

July 11, 2025

Finding Your Perfect Home Match

July 11, 2025
© 2025 Florida Real Estate Wire. All Rights Reserved.
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer

Type above and press Enter to search. Press Esc to cancel.