In a span of just eight days, Florida native Dunia Sierra drove home in 10 of the most random, newly purchased, financed cars. Some were exciting, expensive cars, like a 2023 Corvette Stingray, while others were normie cars, like a 2023 Toyota Highlander. But Sierra didn’t just buy a bunch of cool cars in under two weeks because she liked them and had money to burn. She did it as part of a larger fraud ring. According to News 7 Miami, Sierra was arrested on Thursday, April 9, and now faces several felony charges, like organized fraud, grand theft, and vehicle-related fraud.
Sierra is far from alone in the fraud ring, though. Her criminal cohorts include dealership finance managers, vehicle brokers, and fellow “straw buyers,” which is what Sierra was. The idea is to buy a bunch of cars, using fraudulent information, in quick succession, before the purchases show up on their credit score. But how could Sierra even get approved for financing on cars like a Mercedes-Benz S560? She lied on her loan forms, claiming to own the restaurant she worked at as a waitress, and that she made $180,000 per month.
It’s called a credit bust-out scheme and it isn’t uncommon in Florida
These sorts of “credit bust-out” schemes are becoming popular in Florida. The idea is that the buyer, in this case Sierra, uses their credit to finance these vehicles in cahoots with dodgy finance managers who approve the fake info. The cars typically have a ton of front-loaded options, like dealer-installed add-ons and big warranties, so the finance managers make money on every purchase. Then, after the buyer snags a bunch of cars before the credit companies can notice, they typically sell the cars on the black market, often times shipping them overseas. NBC Miami reported last year that Florida was becoming the epicenter for such crimes.
Usually, the buyer flees the country after their purchases. Sierra apparently didn’t flee fast enough, though, as she was arrested and faces a $26,000 bond. The cars she allegedly purchased/stole included the aforementioned Corvette and Toyota, but also a 2019 BMW i8, a 2024 Hyundai Palisade Calligraphy, a 2024 Kia Telluride, a 2022 Mazda CX-9, and three Harleys.
