State says two South Jersey car dealers preyed on buyers with bad credit
NEWARK — Two South Jersey car dealers took advantage of used-car buyers with poor credit scores, using lending practices that allowed them reclaim and resell vehicles repeatedly, according to a lawsuit by the state Attorney General's Office.
State Attorney General Gurbir S. Grewal and its Division of Consumer Affairs announced the lawsuit Thursday against two “Buy Here, Pay Here” auto dealerships —Nu 2 U Auto World of Clementon and Pine Valley Motors in Berlin — and their owner, Kenneth R. Cohen of Magnolia.
Grewal said the dealerships preyed on "financially vulnerable" customers, selling them over-priced cars with high miles, pressuring them into in-house loans with severe penalties.
"Then (when the buyer defaulted), the dealerships reclaimed and resold the vehicles over and over again to different consumers in a practice known as churning," he explained.
Read more: https://www.courierpostonline.com/story/news/local/south-jersey/2019/03/07/nj-sues-kenneth-r-cohen-nu-2-u-auto-world-pine-valley-motors-predatory-loans-repossession-scam/3094508002/