Automotive Finance Corporation (AFC) is a lending firm that provides inventory financing for independent car dealers. It has 120 branch offices nationwide and works with more than 15,000 automotive dealerships, RV, power sports, commercial truck, and salvage buyers. The company also accepts dealer payments from more than 1,100 auction sources.
The company has a long history of providing commercial truck dealers with financial solutions, including inventory financing and leasing. It also provides business services for other types of dealers. Its inventory financing solutions are flexible and do not have restrictions based on what type of vehicles a dealer sells. This makes AFC a perfect solution for truck dealers specializing in used trucks.
By the end of December, Schwibinger’s used car business was not going well, and he was already behind on payments and had multiple vehicles that were out of trust. AFC contacted Schwibinger and arranged to swap out 11 vehicles. Schwibinger then used the new loan to pay off the out-of-trust vehicles and put a second curtailment on a few past-due vehicles.
AFC tried to collect on the loans in the same way, but it wasn’t enough. AFC repossessed nine of the vehicles, and 11 of them had problems with their title and odometer. All eleven were Canadian vehicles, and would have been sold with the “mileage unknown” label. Schwibinger filed counterclaims, and won. The company paid him $120,000, but he still owed AFC $117,000 for the remaining loan balance.
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