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Dec 30th, 2023
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 Ford dealer owes $116,000,000
#12850760
08/02/18 04:15 PM
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Joined: Sep 2005
Posts: 28,260
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,260 |
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 Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850771
08/02/18 04:24 PM
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Joined: Sep 2005
Posts: 27,573
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,573 |
Huh. I just finished taking Secured Transactions in the spring. This article is driving home lots of the subject matter.
How does this even happen??
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate planning & tax attorney
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 mobile
zac@artimlegal.com
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Re: Ford dealer owes $116,000,000
[Re: Duck_Hunter]
#12850772
08/02/18 04:25 PM
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Joined: Sep 2005
Posts: 28,260
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,260 |
They were getting multiple loans for customers at separate banks. Getting funded from both. Very very bad deal. When stuff like this happens it makes it hard on the other dealers.
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Re: Ford dealer owes $116,000,000
[Re: Uncle Zeek]
#12850776
08/02/18 04:26 PM
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Joined: Sep 2005
Posts: 28,260
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,260 |
Huh. I just finished taking Secured Transactions in the spring. This article is driving home lots of the subject matter.
How does this even happen?? You sell a vehicle that you have floored or floor planned. You have an agreement to pay those off within 10 days of being funded. They were waiting on average 55 days. Playing a shell game trying to stay afloat.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850804
08/02/18 04:41 PM
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Joined: May 2007
Posts: 40,444
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 40,444 |
I would suggest that possibly whomever at Ford continued to approve additional credit for him as I would expect this problem to have developed over time, might need a good talking to, possibly a strongly worded memo. Lol
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Re: Ford dealer owes $116,000,000
[Re: WAWI]
#12850810
08/02/18 04:44 PM
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Joined: Oct 2005
Posts: 85,945
John175☮
MACHO MAN
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MACHO MAN
Joined: Oct 2005
Posts: 85,945 |
I would suggest that possibly whomever at Ford continued to approve additional credit for him as I would expect this problem to have developed over time, might need a good talking to, possibly a strongly worded memo. Lol A strongly worded memo may be excessive. What happened to the kinder gentler WAWI?
“Do not pray for easier lives. Pray to be stronger men.” -JFK
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850818
08/02/18 04:51 PM
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Joined: Aug 2006
Posts: 18,134
COFF
TFF Guru
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TFF Guru
Joined: Aug 2006
Posts: 18,134 |
Wasn't this pretty much the basis for the movie Fargo?
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850820
08/02/18 04:53 PM
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Joined: Jan 2005
Posts: 17,059
Pat Goff
TFF Guru
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TFF Guru
Joined: Jan 2005
Posts: 17,059 |
I was running a boat dealership when the FB freaking I came and locked us up for exactly the same thing the owner was doing at his car dealerships. They seized all of his holdings.
Yes it did indeed suck.
Pat Goff Seadrift TX ![[Linked Image]](https://i.ibb.co/X48Kbbq/scooter-shallow.jpg)
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Re: Ford dealer owes $116,000,000
[Re: WAWI]
#12850837
08/02/18 05:08 PM
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Joined: Sep 2005
Posts: 28,260
Brian Spagnola
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2005
Posts: 28,260 |
I would suggest that possibly whomever at Ford continued to approve additional credit for him as I would expect this problem to have developed over time, might need a good talking to, possibly a strongly worded memo. Lol They just send floorplan audit companies out to check vins. You give them a list of when they sold. They were fibbing on the dates and got caught.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850844
08/02/18 05:12 PM
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Joined: Jan 2008
Posts: 41,939
Ghost4BH
TFF Guru
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TFF Guru
Joined: Jan 2008
Posts: 41,939 |
I purchased the wifes vehicle through their store in Addison. They were great to deal with. They dont seem like the type of company that would be shady, but you never know.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850856
08/02/18 05:18 PM
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Joined: Jun 2008
Posts: 11,260
Bass&More
TFF Guru
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TFF Guru
Joined: Jun 2008
Posts: 11,260 |
Last edited by Bass&More; 08/02/18 05:34 PM.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850863
08/02/18 05:22 PM
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Joined: Mar 2014
Posts: 29,845
Duck_Hunter
TFF Guru
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TFF Guru
Joined: Mar 2014
Posts: 29,845 |
They were getting multiple loans for customers at separate banks. Getting funded from both. Very very bad deal. When stuff like this happens it makes it hard on the other dealers. Yes, I understand its fraud, I am just amazed they didnt get caught before getting to $160,000,000.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12850864
08/02/18 05:22 PM
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Joined: Dec 2011
Posts: 8,966
H.Town_paddler
TFF Celebrity
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TFF Celebrity
Joined: Dec 2011
Posts: 8,966 |
Maybe we wont have to listen to their adds on the ticket anymore. I almost stopped listening bc of them.
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Re: Ford dealer owes $116,000,000
[Re: COFF]
#12850866
08/02/18 05:24 PM
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Joined: Oct 2009
Posts: 10,845
rj74955
TFF Guru
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TFF Guru
Joined: Oct 2009
Posts: 10,845 |
Wasn't this pretty much the basis for the movie Fargo? You betcha.
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