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Most Online39,925 Dec 30th, 2023
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Re: Ford dealer owes $116,000,000
[Re: Uncle Zeek]
#12851016
08/02/18 07:19 PM
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Joined: Apr 2004
Posts: 5,413
bassfishinglawyer
TFF Celebrity
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TFF Celebrity
Joined: Apr 2004
Posts: 5,413 |
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?? Good stuff. 9-320 allows the buyer to take free of the security interest where it would not have been able to do so if it were just a one-off deal. You probably know that, but this reinforces it.
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Re: Ford dealer owes $116,000,000
[Re: bassfishinglawyer]
#12851018
08/02/18 07:21 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 |
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?? Good stuff. 9-320 allows the buyer to take free of the security interest where it would not have been able to do so if it were just a one-off deal. You probably know that, but this reinforces it. 9-320, 9-321 whatever it takes.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12851019
08/02/18 07:22 PM
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Joined: Apr 2008
Posts: 41,214
CCTX
mapquest
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mapquest
Joined: Apr 2008
Posts: 41,214 |
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Re: Ford dealer owes $116,000,000
[Re: bassfishinglawyer]
#12851027
08/02/18 07:30 PM
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Joined: Sep 2005
Posts: 27,592
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,592 |
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?? Good stuff. 9-320 allows the buyer to take free of the security interest where it would not have been able to do so if it were just a one-off deal. You probably know that, but this reinforces it. Yeah, I remember the whole BIOCOB thing, even though I can only remember half the elements. I just find it amazing that the secured creditor didn't have a better handle on what was going on. We've dealt with a couple of securitized mortgages (paying off the last one this year thank God!) and that lender was checking on us every single month.
"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: Brian Spagnola]
#12851034
08/02/18 07:36 PM
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Joined: Jul 2017
Posts: 527
Patrnflyr
Pro Angler
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Pro Angler
Joined: Jul 2017
Posts: 527 |
You should live here in Lubbock. We had to endure his commercials nearly every other one. Arms flailing and yelling Give us a shot! I remember him when he was Gene Messers Toyota floor manager. Made me cringe whenever I even thought of buying a Toyota. The local news networks didnt even carry the story during the 6pm news because a ton of their advertising $$ came from them and they wanted to substantiate the claims before they released it. It was listed on the news website but not televised until later on. I bet he wont see a day in jail.
Last edited by Patrnflyr; 08/02/18 07:38 PM.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12851046
08/02/18 07:44 PM
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Joined: Apr 2004
Posts: 5,413
bassfishinglawyer
TFF Celebrity
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TFF Celebrity
Joined: Apr 2004
Posts: 5,413 |
I represented a bank several years ago where the dealer had several floorplan lender and was giving them just enough original certificates of title to make them happy, and certified copies and copies the rest of the time, borrowing money from all 3 on the same vehicles, then leasing the vehicles and selling the vehicles. You just never know. Jail time on that one.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12851056
08/02/18 07:47 PM
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Joined: Nov 2011
Posts: 7,158
beartrap
TFF Celebrity
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TFF Celebrity
Joined: Nov 2011
Posts: 7,158 |
talk about a nightmare,I know of an instance where a guy bought a boat,paid about 1/3 down down in cash and financed the remainder...he moved out of town to a different state but kept making his payments to the bank...about a year later sheriffs deputy and repo man showed up and repossessed his boat.... turns out the dealer had never paid the bank the 1/3 down payment the guy had made... guy actually ended up losing the boat because it wasn't worth paying the down payment money plus remainder of the balance due on the note...
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12851060
08/02/18 07:49 PM
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Joined: Jul 2007
Posts: 17,633
Dirty Bass
TFF Guru
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TFF Guru
Joined: Jul 2007
Posts: 17,633 |
No more commercials on The Ticket. This will make listeners happy.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12851092
08/02/18 08:10 PM
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Joined: Sep 2001
Posts: 2,043
bhking
Extreme Angler
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Extreme Angler
Joined: Sep 2001
Posts: 2,043 |
If you've ever seen Bart Reagor in a commercial you would not be surprised that this has taken place. The guy just oozes with slimy body language in the way he acts in the commercials. He always asks the viewers if the want to know a "secret." When this was reported on the news last night out of Amarillo my wife and I both died laughing. Everyone now knows the "secret!"
I have heard people say he's a nice guy, but I've always felt the more profound and obnoxious a car dealer's / manufacturer's commercial is the rougher the screwing is going to be on the buyer!
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Re: Ford dealer owes $116,000,000
[Re: Dirty Bass]
#12851159
08/02/18 08:48 PM
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Joined: Aug 2007
Posts: 3,563
Woody Wood
TFF Team Angler
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TFF Team Angler
Joined: Aug 2007
Posts: 3,563 |
No more commercials on The Ticket. This will make listeners happy.
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Re: Ford dealer owes $116,000,000
[Re: Woody Wood]
#12851228
08/02/18 09:50 PM
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Joined: Feb 2005
Posts: 6,024
Radtexan
TFF Celebrity
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TFF Celebrity
Joined: Feb 2005
Posts: 6,024 |
No more commercials on The Ticket. This will make listeners happy. Try living in Lubbock..Ads are non stop..
"Only death will end my love affair with Texas."
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Re: Ford dealer owes $116,000,000
[Re: rj74955]
#12851329
08/02/18 11:32 PM
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Joined: Jul 2009
Posts: 1,539
dkershen
Extreme Angler
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Extreme Angler
Joined: Jul 2009
Posts: 1,539 |
Wasn't this pretty much the basis for the movie Fargo? You betcha. Somebody gonna end up in a wood chipper.
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Re: Ford dealer owes $116,000,000
[Re: Brian Spagnola]
#12851334
08/02/18 11:35 PM
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Joined: Apr 2011
Posts: 927
JWRid
Pro Angler
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Pro Angler
Joined: Apr 2011
Posts: 927 |
Anyone remember Billy Sol Estes and his fertilizer storage scam? Same principal and the dude did big prison time. My first job in finance was with a large national company that loaned him a bucket load of money. Not long after being hired I was given the job of cleaning up the files as they were dated, old, and no longer needed. I kid you not there were two 4 drawer file cabinets full of nothing but his dealings with the company.
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Re: Ford dealer owes $116,000,000
[Re: JWRid]
#12851361
08/03/18 12:01 AM
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Joined: Mar 2005
Posts: 41,588
butch sanders
TFF Guru
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TFF Guru
Joined: Mar 2005
Posts: 41,588 |
Anyone remember Billy Sol Estes and his fertilizer storage scam? Same principal and the dude did big prison time. My first job in finance was with a large national company that loaned him a bucket load of money. Not long after being hired I was given the job of cleaning up the files as they were dated, old, and no longer needed. I kid you not there were two 4 drawer file cabinets full of nothing but his dealings with the company. thats a great story did Mike Cochran from The AP interview you?
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Re: Ford dealer owes $116,000,000
[Re: JWRid]
#12851455
08/03/18 12:57 AM
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Joined: Dec 2012
Posts: 22,601
lconn4
TFF Guru
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TFF Guru
Joined: Dec 2012
Posts: 22,601 |
Anyone remember Billy Sol Estes and his fertilizer storage scam? Same principal and the dude did big prison time. My first job in finance was with a large national company that loaned him a bucket load of money. Not long after being hired I was given the job of cleaning up the files as they were dated, old, and no longer needed. I kid you not there were two 4 drawer file cabinets full of nothing but his dealings with the company. Yep and I remember Robert Johnson Land and Cattle Company. One summer when I was in highschool I drove one of the 12 bulldozers he had leased to clear thousands of acres of mesquite pasture land he wanted to put into wheat production... quick. https://www.timesrecordnews.com/story/mo...ndles/93154910/
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