Texas DMV: Reagor-Dykes should promptly resolve title issues - FOX34 Lubbock

Texas DMV: Reagor-Dykes should promptly resolve title issues

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LUBBOCK, Texas -

The Texas Department of Motor Vehicles has contacted the chief restructuring officer effectively running Reagor-Dykes Auto Group while in bankruptcy proceedings, informing his team of about 100 consumer complaints.

Most of the complaints surround titles not being transferred.

Counsel for the TX DMV asks, because of the number of complaints, Reagor-Dykes identify consumers who have purchased a vehicle from the Auto Group but not yet received their title. "TxDMV asserts that protocols should promptly be put in place to effectuate the transfer of titles to these innocent purchasers."

The state also cites a 2004 court case stating that once a vehicle is sold to an "innocent purchaser" the security interest of the floor planner does not transfer with the vehicle. "Thus, your interest in the above-referenced bankruptcy matter is with the Debtors, not innocent purchasers". 

It also states if any such vehicle is held as perceived collateral, state law states the title passes to these "innocent purchasers" at the time of enforceable sale.

"Accordingly, TxDMV requests that your companies being the process of transferring title to innocent purchasers."


WED: First Bank & Trust sues Reagor-Dykes, First Capital Bank, others
WED: Brad, Kenneth Burgess file motion to dismiss Vista Bank lawsuit
TUE: First Capital Bank files motion to dismiss lawsuit
TUE: Court approves bid process for Reagor-Dykes Auto Group, extends use of cash collateral
MON: Ford Credit, GM object to certain aspects of proposed Reagor-Dykes sale
SEPT. 14: Judge sets trial date in Ford Credit lawsuit vs. Reagor-Dykes
SEPT. 14: Reagor denies Ford Credit's claim vehicles sold out of trust
SEPT. 13: Dykes: Former Reagor-Dykes CFO admits he provided false info to Ford Credit
SEPT. 11: Reagor-Dykes Auto Group requests court to allow sale of company
SEPT. 4: Reagor-Dykes Auto Group establishes process to resolve customer problems
AUG. 31: International Bank of Commerce asks for court to allow it to foreclose on Reagor-Dykes dealerships
AUG. 31: More Reagor-Dykes companies, co-owners may soon file for chapter 11
AUG. 30: Court extends Reagor-Dykes employment of CRO; officer discusses potential dealership buyers
AUG. 29 : International Bank of Commerce asks for loan payment in Reagor-Dykes case
AUG. 29: Ford Credit objects to Reagor-Dykes earlier legal team
AUG. 27: Vista Bank doubles relief request in new federal suit against FirstCapital Bank
AUG. 25: Reagor-Dykes chief restructuring officer hires new legal team
AUG. 25: GM proceeding with termination of Reagor-Dykes Floydada
AUG. 23: Landlords demand rent for Reagor-Dykes dealerships in Lubbock, Plainview
AUG. 20: Ford Credit moves ahead with suit against Reagor, Dykes, some R-D companies
AUG. 18: Reagor-Dykes bankruptcy case: Read court order following Aug. 16 hearing
AUG. 17: Auto dealer claims Reagor-Dykes owes $513,000, vehicles may be in consumers' possession
AUG. 16: Vista Bank sues FirstCapital for $6 million, claims Dykes helped perpetrate check kiting scheme
AUG. 16: Bankruptcy court allows Reagor-Dykes continued use of cash collateral, hiring of CRO
AUG. 15: Reagor-Dykes Auto Group issues written apology
AUG. 14: Loss of Reagor-Dykes Chevrolet in Floydada a potential financial pitfall for city
AUG. 14: Vehicle auction company claims Reagor-Dykes owes it $687,000
AUG. 14: Ford Credit claims Reagor-Dykes is not following court orders; court grants extension to file docs
AUG. 13: U.S. Trustee opposes Reagor-Dykes request to hire chief restructuring officer
AUG. 10: Ford Credit: Reagor-Dykes fraud may be among largest of its type in U.S. history; GM files to terminate Floydada dealership
AUG. 9: Reagor-Dykes questions former CFO’s actions; Contractor claims $700,000 due now
AUG. 7: Former Reagor-Dykes employees claim they were not paid
AUG. 6: Customers concerned over Reagor-Dykes 'unwinding' process
AUG. 6: Ford suit against Reagor-Dykes on hold while bankruptcy case proceeds
AUG. 3: Judge approves Reagor-Dykes employee pay
AUG. 2: Mayor: Downtown Lubbock growth to remain strong regardless of Reagor-Dykes future
INITIAL STORY: Ford Motor Credit sues Reagor-Dykes; R-D files for chapter 11 bankruptcy

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