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Article: Ford Motor Credit wins N.D. estate case.(Brief Article)
- Article from:
- Automotive News
- Article date:
- September 25, 2000
- Author:
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Copyright informationCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The North Dakota Supreme Court has cleared the way for Ford Motor Credit Co. to collect a deficiency from the estate of a borrower who defaulted on a pickup loan before his death.
At issue was the fact that the lender sold the vehicle, a 1999 Ford Ranger, at a closed, dealers-only auction. The estate of the borrower, Greg Sagmiller, claimed that the sale was commercially unreasonable because had the truck been sold at retail there would not have been a $2,500 deficiency between the amount owed Ford Credit and the amount obtained from the auction sale.
The decision means ``in the eyes of the law, it is commercially reasonable to sell (the collateral) at a dealer-only ...
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