Auto dealer claims Reagor-Dykes owes $513,000, vehicles may be in consumers' possession
In a new filing in the Reagor-Dykes bankruptcy case, a dealership owner claims Reagor-Dykes owes $513,717 for vehicles that may be in possession of consumers. This filing is from Nyle Maxwell of Taylor, LLC. The company has sold vehicles to various Reagor-Dykes dealerships.
Maxwell requests a stay be lifted to allow the dealership to recoup losses. This filing states 15 vehicle transactions were being processed when Reagor-Dykes filed for bankruptcy protection.
The filing states lenders FirstCapital Bank and Vista Bank were designated by Reagor-Dykes for some of these deals. Neither bank is honoring Maxwell's drafts, according to court documents.
It continues, "customers having possession of the Nyle Maxwell-owned vehicles are probably unaware of the status of their respective transactions. Nyle Maxwell requests that the stay be lifted and that it be permitted to recover its vehicles, or to allow Nyle Maxwell to contact customers regarding alternate financing or turnover of the vehicles to Nyle Maxwell."
The filing also raises issue that income generated from the leasing of these vehicles may go creditors other than Maxwell.
Maxwell states it's believed most of the vehicles subject of this motion have been leased through Reagor-Dykes' Prime Capital Auto Lease, with some assigned to US Bank and MUSA Auto Leasing. Maxwell claims money has been paid to Reagor-Dykes, though Maxwell has not been paid.
This is one of two documents filed on behalf of Maxwell: