The American Repossessor

Apr. 16–VERNON — State marshals swooped down on Clyde Chevrolet Buick in Vernon Wednesday to repossess dozens of vehicles on the lot — a dramatic display of the deepening troubles besetting the state’s car dealership industry.

Credit giant GMAC, which provided major financing for the dealership’s inventory, backed Impalas, Enclaves and Rainiers onto two-level, hydraulic car haulers after the dealership defaulted on the terms of its financing, according to court documents.

Clyde Chevrolet owed GMAC, the financing arm of General Motors, $2.1 million and GMAC took the vehicles off the lot because they had served as collateral for the financing, the court documents allege.