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Old 05-24-2017, 09:09 AM   #1
johnpico
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Default OT Dealer gets $256M Judgment against Lender

The dealer was OT 30-40 vehicles when NMAC shut him down. The dealer claimed that NMAC had previously acknowledged the OT, told him dealers everywhere were facing similar situations and allegedly assured him that it would continue working with him despite the delinquent loans. Then NMAC, who was had about $40 million in outstanding loans to the dealer, shut him down.

See:

http://www.autonews.com/article/2017...n-finance-unit
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Old 05-24-2017, 01:13 PM   #2
steve_biegler
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And dealers that lost their stores in '09 for no reason get ZERO or less.
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Old 05-30-2017, 05:12 PM   #3
XDCX
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John,

Thanks for creating the thread - I remember when the Superior Auto Group went down and it will be interesting to see what happens to this judgement when Nissan appeals.

It would be interesting to know if Nissan's finance arm was clamping down on all SOT dealers in that time period or whether Superior got extra scrutiny because they were multi-franchise? The Automotive News article implies that Nissan was also flooring the Toyota and Chrysler stores but it's not stated explicitly.

While I'm definitely pro-dealer and was happy to read about the judgment there's a big part of me that questions whether Superior would have survived even if Nissan had been patient in allowing them to resolve the SOT condition. As I recall Superior had many stores that were almost brand new and they had a huge rent factor.
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