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BRISTOL, CT – Allegations of missing vehicles and unpaid loans have resulted Stephen Toyota being on the receiving end of $5.1 million lawsuit filed in federal district court in Connecticut by Toyota Motor Credit Corp.
The suit, filed April 4, came after an inventory audit on March 27 “determined that 16 vehicles worth more than $1.4 million were unaccounted for, the federal court complaint said,” as quoted in a story in “Automotive News.”
The story added that the complaint alleges, “The defendants have wrongfully leased, sold, transferred, consigned, auctioned, dissipated, concealed, pledged or otherwise disposed of the collateral.”
Toyota also alleges that additional vehicles went missing after the audit and claims more than $5.1 million is owed, including more than $3 million tied to floorplan and capital loans.
The “Automotive News” story said the the personally personally guaranteed by dealership president Stephen Barbarino and a trust, and quoted dealership lawyer Richard Order as saying, “Stephen Toyota is working with Toyota to resolve this situation.”
The lawsuit puts Stephen Toyota, which is a part of Stephen Cadillac GMC, is an increasingly bad light as stories on the lawsuit are now proliferating on news sites online and being shared on social media where car buyers who have had bad experiences with the dealership are savagely sharing tales of dissatisfaction.
