Lawsuit: Captive Says Connecticut Dealer Owes $5 Million
The owners of Bristol, Conn.’s Stephen Cadillac GMC and Stephen Toyota must pay Toyota Motor Credit Corp. $5 million or face the seizure of their land and dealerships, according to WSFB-TV reporter Cassidy Williams.
Following reports of empty lots at the adjoining rooftops, Williams tracked down a federal lawsuit filed by the captive as well as a repayment agreement dated May 5. At issue are 46 vehicles floorplanned by Toyota Credit and allegedly sold without its knowledge, as well as unspecified additional loans.
Williams was unable to reach Stephen’s owners or dealer counsel but did interview attorney Daniel Blinn of the Consumer Law Group, which is not party to the case.
“When a car dealership isn’t paying its floor planner, that’s frequently a sign that that dealership is about to go out of business,” Blinn says.
