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Vehicles At Vernon’s Clyde Chevrolet Buick Repossessed By GMAC Under Eye Of State Marshals: THE AUTO INDUSTRY [The Hartford Courant, Conn.]
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.
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