CF wins judgment, may lose loans

Automotive News just reported that Chrysler Financial has been awarded $477 million in its lawsuit against dealer Denny Hecker, after filing for judgement on loans made to Hecker’s dealerships, rental car company, and other businesses, as well as personal loans. The original suit was for $550 million, but $68 million of collateral were seized and sold. 

While Chrysler won the lawsuit, Hecker has lost 16 of his 17 dealerships; he currently owns one, a Toyota franchise which Chrysler would presumably auction. Hecker’s rental agency, Advantage Rent A Car, declared bankruptcy; its assets were purchased by Hertz.  Hecker does have real estate holdings, as well as another pending lawsuit – for $104 million allegedly owed to Hyundai Motor Finance.