Today’s Rare Ride was sort of off the radar as a present day vehicular category until your author was presented with one in an ad. It’s the sort of luxurious conversion van people bought to take their grandkids on vacation in the Nineties and early 2000s, but updated for today.
Presenting the Ford Transit Explorer Conversion. It’s quite large.
A gray, two-tone shape crossed the screen of my phone. What followed was one of those moments where one has no idea how to identify the thing upon which they are gazing. The Facebook ad was titled “1986 Other Other,” but what was it?
Presenting the Lands Precedent Sportswagon, from 1986.
The Rare Rides series has featured around 10 special edition cars in past, depending on how generous you are with the term.
And while every special edition presented here thus far was designed to add some padding to a manufacturer’s bottom line, today’s special edition McDonald’s van had a much more benevolent purpose.
In the opening moments of the above scene from the flick “Fargo,” Oldsmobile dealership sales manager Jerry Lundegaard is working up some bogus paperwork to cover his tracks with General Motors Acceptance Corporation (GMAC). We can infer that he sold some floor-planned cars and did not pay back GMAC, which was the impetus for the movie’s storyline of his bumbling attempt to extort money from his father-in-law.
Jerry’s store may have been “out of trust” with GMAC on a few dozen 1987 Cutlasses, but that pales in comparison to the scheme concocted by New York car dealer John McNamara.
Between 1980 and 1991, McNamara convinced GMAC to advance him $6.2 billion to pay for 248,000 conversion vans that did not exist. It was one of the largest Ponzi schemes in history and ended up costing GMAC $436 million, equal to $725 million in today’s dollars.
We would like to show you a photo of McNamara but none are to be found. That may be because it is believed he went into the Witness Protection Program a few years after his conviction for fraud in 1992. Just picture Lundegaard with a really big brain.
McNamara’s brilliant swindle was deliciously simple. It was based on one undeniable truth he learned from his years of owning a Buick-Pontiac-GMC dealership on Long Island: General Motors and GMAC were too incompetent and too bureaucratic to figure out that they were being scammed.
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