Ford Motor Credit Co. late Friday was completing the removal of more than 400 vehicles from a bankrupt New Jersey dealership.
South Shore Auto World of Marmora, N.J., led by the dealer principal, Rudolph Chiorazzo, filed for Chapter 7 bankruptcy on July 13. The dealership shut its doors July 14. At the time of the Chapter 7 filing, South Shore owed Ford Credit about
$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 late Wednesday gave Ford permission to reclaim unsold vehicles used as collateral.
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