Foundation Discounts, Inc. v. Serna

OPINION

JOE ANGEL, District Judge.

Plaintiff and defendant entered into a DEALER AGREEMENT which provided for the financing of vehicles to be secured by conditional sales contracts. Defendant sold an automobile and trailer, and the installment contract was assigned to plaintiff. Upon default by the purchaser, plaintiff repossessed the collateral, sold it at public auction, then brought suit to recover from defendant a deficiency judgment. The trial court held for defendant finding that plaintiff’s exclusive remedy was under the DEALER AGREEMENT, which did not provide for a deficiency, and that…