Whether you’re selling new and used cars and trucks, boats, or manufactured homes, there are common issues that arise when a dealership encounters financial distress. The major players include the floor plan lenders, customers who have traded in or purchased vehicles, manufacturers, and taxing authorities.
DelCotto Law Group understands it can be difficult to walk the fine line needed to pay off liens on trade-in vehicles and ensure financing proceeds go to the floor plan lender while waiting on deals to fund and maintaining operating expenses. We have assisted dealers when floor plan agents are on site holding keys and titles. Also, we will defend replevin actions brought by floor plan lenders to recover collateral. Dealing with the manufacturer on franchise issues as well as vehicle or parts returns in the event of a wind-down are issues we help clients resolve. Sometimes, we even have to deal with the Attorney General and unhappy landlords.
DelCotto Law Group helps clients assess their options and formulate a strategy to accomplish the client’s goals. We have helped dealers liquidate, filed bankruptcy for them, and had successful workouts where some blue sky was recovered by selling the franchise. Let us help you assess your situation and negotiate with the multiple parties who are involved in the day to day operations of a vehicle dealership. We understand both dealership operations and the impact financial distress has upon the owners and managers of those operations.