US EditionLender Accuses Tricolor Dealership of Fraud After Company Locks Their Doors and Files for Bankruptcy
5 Articles
5 Articles
For years, Americans with major economic difficulties have been constantly behind in paying for their cars and other loans. And yet, the U.S. economy has moved on, seemingly alien to it. This week, it received a wake-up call. Tricolor Holdings, who built his business by selling used cars and lending to low-income undocumented immigrants, went bankrupt, which could lead to losses for major financial institutions and lead authorities to investigat…
Huge Texas car dealer goes bankrupt as big banks face millions in car loan losses
Fahroni via iStockThe doors of one of America’s biggest independent used car chains have suddenly closed, leaving banks and borrowers tangled in the fallout. Dallas-based Tricolor Holdings, once the seventh-largest dealer of its kind in the country, filed for Chapter 7 bankruptcy. It’s a liquidation move that signals the end of its business. Tricolor specialized in selling refurbished used cars to customers with poor or no credit The company foc…
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