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Judge: Dealer must pay Chrysler Financial $477 million

Posted Wednesday, Apr 29, 2009, 2:42 pm in Employee News

A district court judge in Minnesota has awarded Chrysler Financial a $476.9 million judgment against dealer Denny Hecker, the Automotive News reported.

The suit, filed against Hecker on March 17, alleged that the captive lender was owed for loans made to Hecker for his dealerships, rental-car company, fleet and leasing businesses and for personal reasons, the publication reported. Chrysler Financial originally filed suit for $550 million in late January, but it collected more than $68 million by seizing and selling collateral such as cars and equipment from Hecker’s businesses, the Automotive News said.

Chrysler Financial spokeswoman Amber Gowen confirmed the judgment but told the paper she could not comment further. In a statement to the media, Hecker said the proceedings were extremely disappointing, but he remains focused on the future of his businesses, the publication said. (Automotive News)
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