Associates Inv. Co. v. Ligon

HUGHES, Justice.

This is a usury case arising from the sale of an automobile.

Baxter Used Cars of Austin, Texas, sold the car to appellee, Louis Ligón. Appellant, Associates Investment Company financed a portion of the sale price.

Appellee orally agreed to pay Baxter $1,300 for the car and of this amount he paid Baxter $740 cash, leaving $560 owing, which amount the parties understood was-to be obtained from a finance company. Before the car was delivered or the sale completed, Baxter and appellee went to the office of appellant where a conditional sales-contract was entered into which recited…