Automotive Finance Corp. v. RWO, Inc.

THREADGILL, Acting Chief Judge.

The appellant, Automotive Finance Corporation (AFC), a floor plan financier, challenges a final order, which dismisses its action for damages against the appellee, Washington International Insurance Company (WIIC), the surety of a used car dealer who defaulted under its floor plan arrangement with AFC. We affirm.

In October 1996, AFC loaned money to RWO, Inc., a used car dealer, for the purchase of automobiles for RWO’s dealership. RWO thus executed a promissory note and security agreement in favor of AFC for the principal amount of the loan plus interest.…