How Much Would You Pay…For Something You Won’t Own?

[Source: Samuel I. Kreamer, J.D., C.P.A., Kreamer Law Firm, P.C., 05.2016 | Keywords: Trade-In, Collateral] For some, the answer to this question is, “tens of thousands of dollars.” This is an increasingly common situation facing dealers. An item is taken by a dealer as a trade-in from a customer on a new purchase. After the trade-in item is sold, the dealer receives a demand letter or even a lawsuit from the customer’s bank. Sound familiar? The end result could be that not only did the dealer get too little for the equipment sold to the customer, but the dealer is now… Read More »