Lockhart v. General Motors Acceptance Corp.

John A. Fogleman, Justice.

Appellant contends that the court erred in holding that his installment sales contract with appellee was not void for usury. We find no error.

Appellant Lockhart purchased an automobile from Bale Chevrolet Company and executed his installment note and contract payable to GMAC. He obligated himself therein to pay the principal balance of the purchase price, $127 for property damage insurance coverage and finance charges equivalent to a full 10% per annum interest. The contract provided that in case the insurance on the vehicle was refused, GMAC could use the insurance…