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Ford Credit Reclaims Vehicles

July 31, 2006

Ford Motor Co. has completed the removal of more than 400 vehicles from a bankrupt New Jersey dealership, according to Automotive News.

South Shore Auto World of Marmora, N.J., filed for Chapter 7 bankruptcy on July 13. The dealership closed July 14. At the time of the Chapter 7 filing, South Shore owed Ford Credit approximately $29 million, a Ford Credit spokeswoman said. That included more than $13 million on 462 vehicles that South Shore sold to consumers without repaying Ford Credit, she said. U.S. Bankruptcy Court in New Jersey gave Ford permission to reclaim unsold vehicles as collateral.

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