Quote:
Originally Posted by ohiobuckeyes
Just want to clarify the Mr. Berrangs was not floored with Ally Bank. He was floored with First Bank and Trust.
I know in the past if you where a GM Motor Holdings dealers were not allow to sign a personal guarantee with GMAC since his/her money was never fully invested it was more Motor Holdings cash.
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Thanks for the clarification.
In some ways it makes sense that the flooring source was a lender other than Ally - I can't imagine Ally would have allowed the dealer to take so much time to try and resolve their situation.
It's too bad Mr. Berrang couldn't find a solution - I'm guessing he and his family will be mostly wiped out after he goes through his personal bankruptcy.
