Dealer Vanishes After Porsche Sale: Seller Left Without $135k

There are scammers everywhere. You cannot avoid them nowadays, no matter what you do.

For some, it is scams through online platforms like Carousell or Facebook posts.

For others, it is a scam involving selling your prized possession but not getting paid.

The latter happened to a man who sold his used Porsche to a car dealer who disappeared after taking possession of his car.

Here is what happened.

Man Sold Porsche to a Car Dealer Who Paid $25K Upfront

There is nothing like selling your prized possession to make you sad. What’s worse is if you are scammed of it.

A businessman, Mr Francis Ker, was cheated of $135,000 after he sold a Porsche to a car dealer whose second payment never materialised.

Earlier this year, Mr Ker listed his used Porsche Panamera online at an asking price of $190,000.

He did not get any offers for the car for some time.

However, a car dealer named 360 VR Cars contacted him after a month to offer $160,000 for the car.

The car dealer even paid Mr Ker $25,000 as a downpayment to show their interest in sealing the deal.

Unfortunately, it was this $25,000 which would lead to Mr Ker’s loss of $135,000.

Mr Ker did not do much due diligence about the 360 VR Cars car dealer as he told The Straits Times that he was “’too trusting”.

The 76-year-old man only asked his female employee if she had heard of the brand, to which the latter said she knew someone who had a successful deal with them. This convinced Mr Ker that the sale was ok to make.

Perhaps if he had done his proper checks, such as checking if the interested party was part of the Singapore Vehicle Traders Association (SVTA), he could have made sure that his payment was not “virtual reality” (VR).

For those unaware, the SVTA is one way to ensure you’re dealing with a reputable party since the organisation asks applicants to show proof of legitimate business operations before they are granted membership.

Car Deal Took Possession of the Porsche, and His Second Cheque Bounced

After receiving the $25,000 from the car dealer, Mr Ker handed over his car’s keys. He also received a cheque for the balance of $135,000 dated ten days later.

As fate would have it, that cheque for $135,000 bounced and was mailed back to Mr Ker.

He deposited it again, but the cheque bounced a second time as the account for 360 VR Cars had closed.

What a sad way to kiss $135,000 goodbye.