DealMaker Ford is sued over floor-plan financing

Thu. May 21, 2009; Posted: 01:23 PM

May 20, 2009 (Watertown Daily Times - McClatchy-Tribune Information Services via COMTEX) -- FCJ | Quote | Chart | News | PowerRating -- A lending company has filed suit seeking $1.2 million in collateral from DealMaker Ford after claiming the Watertown dealership defaulted on its floor-plan financing agreement.

Ford Motor Credit Co. LLC filed action Tuesday at the Jefferson County clerk's office against DealMaker Ford Inc., 18392 Route 11.

Ford Credit extended floor-plan inventory financing to DealMaker through an agreement reached in August 2002. The lender claims that in early 2007, the dealership sold vehicles financed under the agreement, but failed to pay $745,397 that Ford Credit had advanced for the vehicles. The amount has since been partially paid down, according to court documents.

Ford Credit claims it is entitled to vehicle inventory and parts used as collateral for the advanced financing. The lender claims it is due $1,228,666 and is also asking a judge for an additional $50,000 in damages.

To see more of the Watertown Daily Times, or to subscribe to the newspaper, go
to http://www.watertowndailytimes.com. Copyright (c) 2009, Watertown Daily
Times, N.Y. Distributed by McClatchy-Tribune Information Services. For reprints,
email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send
a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee
Ave., Suite 303, Glenview, IL 60025, USA.

For full details on Ford Motor Credit Company LLC (FCJ) click here. Ford Motor Credit Company LLC (FCJ) has Short Term PowerRatings of 4. Details on Ford Motor Credit Company LLC (FCJ) Short Term PowerRatings is available at This Link.

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