Mike Abatecola, an exotic car owner, recently bought a Lamborghini from Vladimir “Val” Ranguelov, Dealer Principal of Bul Automotive in Albany, New York.
A short while after, Abatecola says, Ranguelov persuaded him to sell the car back to him for an upgrade — so he did. But the dealership failed to pay off the remaining loan balance.
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By the time Abatecola realized what had happened, Ranguelov had already taken the car, leaving him $200,000 in debt.
Thanks to the FBI, Abatecola was reunited with his luxury vehicle in June.
But he’s still in shock.
“I’m still numb,” he told WNYT NewsChannel 13. “I don’t make that kind of money to be robbed.”
From dream car to financial nightmare
After Abatecola approached the FBI and shared his story online, more than a dozen other buyers responded with similar complaints. Ranguelov had two dealerships, Bul Automotive in New York and Karma Automotive in Jacksonville, Florida, which abruptly ceased operations in June.
After the FBI got involved, Abatecola’s Lamborghini was recovered. However, the tangled web of unpaid loans and potential second-buyer claims remains under investigation. Affected customers are now exploring a class-action lawsuit.
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How many auto thefts occur in the U.S.?
Abatecola’s ordeal comes amid a nationwide slowdown in vehicle theft and related fraud. The National Insurance Crime Bureau (NICB) found U.S. auto thefts totalled 850,708 in 2024 — down 17% from 2023.
The District of Columbia led with the highest rate of 842.40 reported thefts per 100,000 residents, followed by California, with 463.21 thefts per 100,000 residents.
Though theft rates have decreased recently, auto criminals have grown more sophisticated in recent years. From title washing, which involves wiping anything perceived as negative — like salvage status or flood damage — from a used vehicle’s record to VIN cloning, which masks stolen or damaged vehicles with legitimate identification numbers, it’s difficult to know what you’re really buying.
“Criminals are employing increasingly sophisticated methods to steal vehicles, including advanced technology to bypass security systems,” warned NICB CEO David J. Glawe in a 2023 report. “From keyless entry hacks to relay attacks on key fobs, perpetrators exploit vulnerabilities in modern vehicle security measures with alarming success rates.”
How to avoid an auto scam
To protect yourself from fraudulent schemes, prospective buyers and sellers should follow these essential precautions:
Obtain lender payoff statements: Before handing over your vehicle, try to secure a bank-issued document confirming that any previous loans are fully satisfied.
Ensure an immediate title transfer: Make sure the seller initiates a legal title transfer in your name at closing; unexplained delays are a major red flag.
Run a comprehensive history check: A good tip is to use the National Motor Vehicle Title Information System before buying a vehicle you’re interested in.
Scrutinize online offers: Be wary of below-market prices, vague listings or sellers who resist in-person inspections.
Abatecola’s saga underscores the fact that anyone can fall victim to an auto scam — despite the decline in reported thefts. How you buy a vehicle — and who you buy it from — deserves just as much thought as how you protect and insure your vehicle after you buy it.
By demanding complete documentation and staying vigilant against fraudulent deals, car buyers can keep their dream machines — and their savings — out of the hands of fraudsters.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
