First Chicago Gary-Wheaton Bank v. Gaughan

Defendant, Robert A. Gaughan, appeals the judgment of the circuit court of Du Page County in favor of plaintiff, First Chicago Gary-Wheaton Bank. We affirm in part, modify in part, and remand.

On March 20, 1987, defendant purchased a 1987 Porsche 911 Turbo (vehicle) from Lynch Imports. Defendant purchased the vehicle for $69,000. Defendant made a $30,000 down payment on the vehicle and financed the remaining balance. Defendant entered into a retail installment motor vehicle contract (installment contract) which was assigned to plaintiff. The installment contract provided for 60 monthly…