Receiver seeks court order to locate 350-plus pieces of missing Roadx equipment

This is common now a days. I do some work for a finance company and constantly see equipment not found or when found stripped down to nothing ( some change out the boogies on the trailers from older trailer). They should charge the owners to send out a message that your not getting away with no penalties.
 
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Mario said:
This is common now a days. I do some work for a finance company and constantly see equipment not found or when found stripped down to nothing ( some change out the boogies on the trailers from older trailer). They should charge the owners to send out a message that your not getting away with no penalties.
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Question because I'm super curious.

Do the finance companies not inspect or do any due diligence when accepting collateral? This seems to be a common theme
 
Fr8Guru said:
Question because I'm super curious.

Do the finance companies not inspect or do any due diligence when accepting collateral? This seems to be a common theme
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They have to actually go out and find the equipment and them send in tow trucks to repo it. Like in the story they moved the equipment and wont tell them where it is. Once they find it I guarantee they either switched Vin numbers or stripped them for parts. Over the last 5 years seen alot of this.
 
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Fr8Guru said:
Question because I'm super curious.

Do the finance companies not inspect or do any due diligence when accepting collateral? This seems to be a common theme
Click to expand...
It seems like they are okay with an unalterable piece of paper that has a VIN and a dollar amount on it and signing off on it.
 
Once again, a complete lack of enforcement of the established laws of the land. That is FRAUD. The directors of the companies should be put in jail pending a bail hearing that miraculously lines up the day after they find all the equipment. Sorry but, "I'm too sick to put any effort in finding the equipment or getting my computer system over to you" doesn't cut it. Any pieces of equipment that were altered, stripped and pillaged should be charged back to directors of the company because that too is a breach of contract.

From what I read, RBC utilized and rely on GSA's from a couple other companies who do not appear to be at arms length of Roadx. Any shortfalls of payments should be taken from those companies.
 
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I bet the criminals laugh at how easy it is to set up shop, screw people over, get the money out of the country, get a slap on the wrist (because that's what Canadians do for most first offenders of fraud) and then leave the country. They don't care about what is left behind.

Sad really, and to think of how many of us play by the rules, pay our taxes, etc...
Mike
 
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