Customers concerned over Reagor-Dykes 'unwinding' process
Since Reagor-Dykes filed for bankruptcy, sources told us sales associates were told to "unwind" any deal done within the last few weeks. This focuses on trade-ins, where salesmen are trying to locate Reagor-Dykes vehicles then help customers find their old vehicles.
Since Wednesday, Rebecca Francois and her husband worried they would end up without a vehicle at all.
"We're in the middle of trying to pay my husbands college, trying to pay his tuition for this year," Francois said. "We're in the middle of my son, buying things for him, and now we might be out of a car. "
About 30 days ago, her husband traded in his Camaro for a Range Rover. After signing paperwork that day and putting down a $3,000 deposit, they drove off the lot with the new ride.
"They told us they found a bank, they gave us a bank name, but they never gave us a date,'" Francois said. "So after a couple of weeks, we called the bank like, hey we're financed through you guys, we just want to know when we need to make this payment and the bank had no records of us being financed through them."
Francois said Reagor-Dykes staffers told her they were working on finding another bank. During that time, she was unaware she would still be responsible for the loan on the trade in.
"We had no idea of Amarillo Bank expecting a payment from us because from what we were aware, we handed over the money, and from there they were going to cover the loan for the Camaro," Francois said.
Francois is not the only one dealing with this. A viewer told us on social media they traded in two vehicles on July14th and signed papers. Since then, neither of the trade in's have been paid off, but both have been sold off at auto lots. In addition, the new vehicles are not financed.
Lubbock County Tax Assessor Ronnie Keister is fielding many of these concerns.
"There's a whole lot of uncertainty which is not good for them and we understand that and unfortunately we're at a whole lot of uncertainty ourselves," Keister said.
Keister said until the bankruptcy court lets loose of things, the dealership will not be able to process title paperwork.
"We've tried to be organized, we've tried to contact DMV to see how they want us to proceed, if there's anything we can do in the interim and their direction was pretty much, wait for the bankruptcy court," Keister said.
The couple did locate their trade in at an auto lot and were able to get it back. For now, it is a waiting game to be refunded by the dealership.
Reagor-Dykes issued a statement Monday evening regarding the status of its dealerships:
“All locations of Reagor-Dykes Auto Group were open and operating on Monday. In compliance with the order of the Bankruptcy Judge issued Friday, the dealerships have placed on leave certain personnel to comply with the budget and avoid exceeding the allowed expenditures agreed upon by Ford Motor Credit. We encourage our loyal customers to come and give us the opportunity to sell them a car.”