Auto Dealer Group to Cease Business Operations As Part of FTC Settlement

A group of auto dealerships in Arizona and New Mexico must cease business operations as part of a court-approved settlement resolving Federal Trade Commissioncharges that the dealerships deceived consumers and falsified information on vehicle financing applications.

Metadata
Provider: 
FTCFTC
URL: 
https://www.ftc.gov/news-events/press-releases/2020/09/auto-dealer-group-cease-business-operations-part-ftc-settlementhttps://www.ftc.gov/news-events/press-releases/2020/09/auto-dealer-group-cease-business-operations-part-ftc-settlement
Retrieved on: 
Friday, September 4, 2020
Information
Tags: 
Bankruptcy, Debt, Finance, Money, Personal finance
Summary
Key Points: 
  • A group of auto dealerships in Arizona and New Mexico must cease business operations as part of a court-approved settlement resolving Federal Trade Commissioncharges that the dealerships deceived consumers and falsified information on vehicle financing applications.
  • The settling defendants are currently in Chapter 7 bankruptcy proceedings and are under the control of a bankruptcy trustee.
  • The settlement includes a monetary judgment of $7,203,227 against the defendants and makes the Commission an unsecured claimant in the bankruptcy proceedings.
  • The settlement was approved and entered in the U.S. District Court for the District of Arizona.
Copyright: 
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