The Michigan Court of Appeals ruled 3-0 Thursday that Ford Motor Credit Co. has the right to keep a lien on property owned by former Ford dealer Mel Farr in Oak Park, Mich.
Farr, who tried to refinance the property in 2003, had challenged Ford Motor Credit's lien in Oakland County Circuit Court and appealed the case to the appeals court on Feb. 13.
Farr, who has said the property is worth about $500,000, argued that he reached a settlement for numerous debts to Ford Credit in March 2002. But the appeals court ruled the settlement didn't release Farr from the mortgage and the property is still collateral.
On Friday Farr said he has not had time to review the ruling and did not know if he would appeal the case further.