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In Re Ernie Haire Ford, Inc.

403 Bankr. 750 (2009)

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In Re Ernie Haire Ford, Inc.

United States Bankruptcy Court for the Middle District of Florida
403 Bankr. 750 (2009)

  • Written by Rose VanHofwegen, JD

Facts

Ernie Haire Ford, Inc. (the dealership) (debtor) sold cars to customers who needed financing. The dealership negotiated a retail installment contract with each customer and obtained from them information needed to assess creditworthiness. The dealership’s finance department then shopped each loan package to auto-finance companies that had contract-purchase agreements with the dealership. The finance companies assessed the loan terms and the customer’s creditworthiness, decided which loan package to buy, and paid the dealership enough to pay the balance owed on the car plus a commission to the dealership for originating the loan. The customers made car payments directly to the finance companies, who had no recourse against the dealership if a customer defaulted. The contract-purchase agreements were terminable at will and without cause by either party, with notice. When the dealership filed for reorganization under Chapter 11, within days each finance company notified the dealership that its account had been “deactivated” such that the companies would no longer finance customers who bought cars there. The finance companies said they had policies that required them to terminate the contract-purchase agreements. The dealership moved to compel the lenders to comply with the contract-purchase agreements.

Rule of Law

Issue

Holding and Reasoning (Williamson, J.)

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