News Summary
The FBI is investigating the disappearance of Vladimir ‘Val’ Ranguelov, president of Bul Auto Sales, after the abrupt closure of luxury car dealerships in Albany and Jacksonville. Customers are left in financial turmoil, concerned about potential fraud involving unpaid loans and vehicles that may have been sold without clearing existing debts. As police investigate and customers voice their complaints, the situation raises serious questions about the integrity of luxury car transactions and the protections for buyers.
Albany, NY – The FBI is currently investigating the disappearance of Vladimir “Val” Ranguelov, the President of Bul Auto Sales, following the unexpected closure of the luxury car dealerships in both Albany, New York, and Jacksonville, Florida. The abrupt closures have raised serious concerns among customers and law enforcement, leading to investigations into possible fraud by the dealership.
Both Bul Auto Sales locations have announced on their websites that they have “ceased operations,” leaving many customers in a state of confusion regarding their financial obligations and the status of their vehicles. Several report being left with unpaid loans and suspicions of fraudulent activities associated with the dealership’s operations.
A former customer, Michael Abatecola, has stated that he was deceived out of $250,000 after selling a Lamborghini to the dealership, which allegedly failed to pay off the remaining balance of the vehicle’s loan. Concerns have been echoed by other customers, including one individual who reported loaning Ranguelov $20,000, which remains unpaid. Reports indicate that at least four customers in Jacksonville have filed complaints about potential fraud linked to the dealership’s closures.
Investigation Developments
The Jacksonville Sheriff’s Office and the Colonie Police are each investigating the dealerships in their respective jurisdictions. In connection with these investigations, videos have surfaced showing tow trucks removing cars from the dealership lots. The authorities are working to retrieve vehicles believed to have been sold fraudulently to customers. Instances of customers discovering that the dealership sold vehicles without clearing the existing loans have also been reported, resulting in significant financial losses.
In one notable case, a customer reported losing $260,000 after learning that a 2022 McLaren he thought he owned was sold to someone else using the same vehicle identification number (VIN). Such situations have left many feeling cheated and uncertain about their rights as customers.
Customer Concerns and Reactions
The rapid shutdown of the dealership operations has triggered anxiety among customers who had been financing their luxury vehicles through Bul Auto Sales. Many are unsure of their current financial standing and whether their vehicles still belong to them. Customers are being urged to communicate with local law enforcement, particularly officials from the Colonie Police in New York, to report their experiences and require assistance.
Additionally, Karma Automotive, which formerly had a partnership with Bul Auto Sales, has announced the suspension of all relations with the dealership. The company is actively cooperating with investigative authorities to clarify the circumstances surrounding Ranguelov’s disappearance and the dealership’s closure.
Ongoing Investigations and Future Implications
As the FBI and local authorities continue their investigation, there are rising concerns that Ranguelov may have fled the country to evade possible arrest. The situation has created a wave of uncertainty regarding the financial fallout for customers and the operational integrity of luxury car dealerships in both states.
Customers and victims of the dealership’s alleged fraudulent activities are anxiously awaiting updates from law enforcement officials. The closure of Bul Auto Sales highlights significant risks within the luxury car dealership industry, particularly regarding financial transactions and customer protections. The investigation aims to provide clarity and assist victims in recovering their funds or vehicles.
In summary, the closure of Bul Auto Sales and the disappearance of its president have created a troubling situation marked by financial uncertainty and suspicions of fraud, with ongoing investigations by the FBI and local authorities seeking to bring resolution to affected customers.
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Additional Resources
- News4Jax: Exotic Car Dealerships Close Abruptly
- Wikipedia: Fraud
- Q1057: Albany Business Owner Vanishes
- Google Search: Bul Auto Sales Investigation
- Action News Jax: Exotic Car Dealerships No Longer Service Clients
- Google Scholar: Auto Sales Fraud Investigation
- The Sun: Dealership Closes Locations
- Encyclopedia Britannica: Car Dealership Fraud
- News4Jax: FBI Investigating Jacksonville Exotic Car Dealer
- Google News: Exotic Car Dealership Closure
