The American Repossessor

A vehicle repossession employee of Southern Title Loans allegedly uncovered a scheme to defraud the company using wrecked cars after he located three vehicles at a Greenback junkyard, an Alcoa police report said.

A manager at Southern Title Loans, 245 N. Calderwood Street, Alcoa, reported at 3:26 p.m. Oct. 30 that a former employee had allegedly made several fraudulent loans on vehicles to individuals for a “cut” of the loan. According to the report, the employee would tell “her friends to go to a junk yard and get a title on a junked car … then title the car in their name.” After the individual came to the loan company, the employee would “sign a loan over against the title without seeing the vehicle. After the transaction was made, she would receive a ‘cut’ or percentage of the monies for performing the transaction,” the report said.

The scheme was uncovered by a Southern Title Loans repossession man who staked out one of the residences for three days waiting to find vehicles that loans had been taken out against. When they never returned to the house, the repo man knocked on the door and the individuals inside told him where the cars were — at a local junkyard, Orr’s Enterprises in Greenback.

The three vehicles in question that were found at the junkyard were:

A 1998 red Ford Mustang that had a loan of $1,000 taken out on it on Sept. 9

A 1998 maroon Saturn SL2 that had a loan of $900 taken out on it on Oct. 9

A 1999 silver Pontiac Grand Am that had a loan of $800 taken out on it on Oct. 19. No arrests had been made in the case as of Saturday.