Peoples Acceptance Corp. v. Van Epps

Stillman, P. J.,

Defendants-appellants, Robert and Rebecca Van Epps, bought a 1968 Pontiac from third party defendant-appellee, Dealer’s Outlet, on November 15, 1973. The purchase price of the Pontiac was $1,989. The Van Epps made a down payment of $589, $500 of which was obtained by means of a note which the Van Epps executed to Domestic Credit Corporation. The unpaid balance of $1,400 was secured by means of a cognovit note for $1,753.44. The Van Epps also signed a security agreement to guaranty the installment payments due on the Pontiac. The note was subsequently discounted to…