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Clay v. Oxendine

285 Ga. App. 50, 645 S.E.2d 553 (2007)

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Clay v. Oxendine

Georgia Court of Appeals
285 Ga. App. 50, 645 S.E.2d 553 (2007)

AR

Facts

Clay (defendant) engaged in a business using sale/leaseback transactions in which a customer purportedly sold personal property to Clay then immediately leased that property back. Customers were advanced funds based on this sale and were required to provide the name of their employers and length of employment, salary and pay dates, checking account information, a recent pay stub, and bank statements. The customers also provided a debit authorization in the amount of the principal advanced plus interest. The first payment was due within two weeks, and the customers were released from the agreement only after paying the principal amount plus a 25 percent to 27 percent fee, amounting to annual percentage rate of 650 percent to 702 percent. Some of the transactions involved the sale of the same cell phone and power pack to several different customers, and a customer who sold a can opener and coffee maker for $450. All sales amounts equaled the amount that the customer was loaned, and customers stated that they only signed the sales documents because they needed the money. Oxendine (plaintiff) sued, arguing that Clay’s arrangement was an unlawful payday loan. The court ruled in Oxendine’s favor, and Clay appealed.

Rule of Law

Issue

Holding and Reasoning (Bernes, J.)

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