NH Auto Dealer Sentenced Over Extended Warranty Scheme
CONCORD, N.H. (AP) — A New Hampshire auto dealership manager has been sentenced to pay at least $50,000 for taking money from consumers for used cars and failing to transfer the funds to a provider offering extended service contracts or warranties.
Edward Walter of NHCars.net in Hooksett pleaded guilty in January to charges of theft by misapplication. He received a suspended sentence of 1 ½ to three years Thursday.
He can keep operating NHCars.net under a revised business plan that requires auditing.
Foster said in addition to taking money meant for the extended service provider, Walter also offered an "in-house" warranty by charging a fee in exchange for his promise to repair the consumer's vehicle. However, he was not registered with the state Insurance Department and didn't demonstrate financial responsibility, as required by law.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
MORE LOCAL NEWS FROM CBS BOSTON
