Universal CIT Credit Corporation v. Shook

HOOD, Associate Judge.

In August 1957 appellee Shook purchased a new Ford automobile from Lynch Motor Company. The price, had it been a cash deal, would have been $3,324.51, but this was a time purchase. Shook paid $25 in cash and received a trade-in allowance of $1,424.48 on a 1953 Ford, less $543.48 which was owing on it. This left an unpaid balance of $2,418.51, to which was added $735.81 for finance and service charges and insurance, making a total balance of $3,154.32. Shook agreed to pay this balance in 36 monthly installments of $87.62 and executed a chattel mortgage as security…