Ford: Reagor owes $7,000 a day in interest
LUBBOCK, Texas (KCBD) - On the heels of last month’s ruling by U.S. District Judge Sam Cummings that Bart Reagor is required to pay back Ford Motor Credit, the auto giant has come up with a number and a hefty amount of interest owed.
Reagor and former partner Rick Dykes were required to repay more than $110 million to Ford Motor Credit as guarantors on loans taken out by Reagor Dykes Auto Group.
The auto group, one of the largest in West Texas at the time, declared bankruptcy on August 1 of last year.
Attorneys for Dykes agreed to settle his portion of repayment in April for $58 million.
On Monday attorneys for Ford Motor Credit filed an amended amount of what Reagor owes the company, coming to a figure of more than $46 million. In paperwork filed in federal court Ford says they have recouped more than $74 million in sold or pending sales of vehicles. The remaining balance and legal fees then add up to the number presented to the court.
Ford is also seeking additional interest of just over $7,000 daily at their previously-agreed upon rate of 5.50 percent.
According to Cummings’ previous ruling, attorneys for Reagor now have 14 days to submit an objection.
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