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NY dealership owners arrested for lender fraud

Two owners of a Central Valley, N.Y.-based used-car dealership have been arrested on charges of wire and bank fraud, according to a U.S. Attorney’s Office release. The father-and-son operators of Exclusive Motor Sports, Mehdi and Saaed Moslem, allegedly defrauded lenders by overstating their net worth in loan applications. The pair also understated income in their […]

Nissan dealership fined $2.8M for loan defaults

A federal judge has allowed Nissan Motor Acceptance Corp. to repossess 90 vehicles valued at $2.8 million from a dealership the captive sued for defaulting on loans and selling vehicles out of trust.  Helena, Mont.-based Robert Allen Nissan received loans from NMAC to purchase new and used vehicles for its inventory. Under the terms of […]

HCA sues NY dealership for floorplan fraud

Hyundai Capital America is suing Cortlandt Manor, N.Y.-based Picon Auto on the grounds that the now-defunct dealership allegedly sold six Kia vehicles and failed to pay the captive. HCA claims that the dealer has eight additional Kia vehicles — that were transferred to a Milton, N.Y.-based Chrysler dealership — that it intends to sell. "Because Picon […]

TD Auto Aims to Resolve Customer Payments in Wake of Dealership Chain’s Bankruptcy

TD Auto Finance has worked up a plan to help borrowers negatively affected by the Reagor Dykes Auto Group bankruptcy case, according to court documents filed earlier this month. Consumers who obtained vehicles through the Lubbock, Texas-based dealership chain, which filed for Chapter 11 bankruptcy protection in August, were unable to properly register their new […]