Toyota Motor Credit Sues Connecticut Dealership After $1.4 Million in Vehicles Goes Missing From the Lot [Yahoo! Finance]
Toyota Motor Corporation (TM)
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Source: Yahoo! Finance
Toyota Motor Credit alleging that more than $1.4 million in vehicles have vanished and over $3 million in loans are now at risk. The dealership at the center of the lawsuit is Stephen Cadillac GMC, which shares an owner with the nearby Stephen Toyota. Together, they represent the kind of multi-brand dealership group that's common across New England, typically a sign of stability and growth. But a routine audit conducted on March 27 told a very different story, turning up 16 vehicles that simply could not be accounted for. According to the federal complaint filed April 4 in the U.S. District Court for the District of Connecticut, things got worse before they got better. In the days following that initial audit, additional vehicles were reportedly removed from the dealership, compounding an already serious situation. Toyota Motor Credit, which served as both a floorplan lender and a capital loan provider to the dealership, now says it is owed more than $3 million across both facilit
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