LUBBOCK, Texas (KCBD) - A bank that loaned millions to Bart Reagor and his bankrupt auto group is now garnishing his bank accounts.
International Bank of Commerce is asking a Lubbock County Court to collect more than $23 million from four banks. It’s filed against Bart Reagor’s accounts at Lubbock National Bank, AIM Bank, Wells Fargo and Prosperity bank.
In the request, IBC cited an April 2020 judgment against financial portions of the Reagor-Dykes Auto Group and Bart Reagor.
That $23 million judgment is still gaining interest at more than nine percent a year, according to IBC bank, since it hasn’t been paid in full.
IBC finds Reagor doesn’t have the assets to cover the rest of the debt, so the bank will receive court-ordered payments from his accounts. The 99th District Court approved garnishment at all four banks last week.
In November 2020, a federal court ordered the US Marshals to collect nearly $50 million from Reagor’s property on behalf of Ford Motor Credit.
This all follows the 2018 collapse of the Reagor-Dykes Auto Group following findings of massive financing fraud throughout the dealership network.
The creditor’s trust, established by the bankruptcy estate last year, is working to help about 1,400 customers who have had tax, title, and license issues over the past couple of years. Consumer notices were sent to those who purchased a vehicle from RDAG during specific times.
If you purchased a vehicle from one of the following Reagor-Dykes dealerships between June 1, 2018 – July 31, 2018, you may be entitled to assert a claim against a dedicated fund held by the Consumer Ombudsman: Reagor-Dykes Plainview Ford, Reagor-Dykes Chevrolet Floydada, ReagorDykes Amarillo Mitsubishi, Reagor-Dykes Mitsubishi Lubbock, Spike Dykes Ford Lamesa, ReagorDykes Auto Mall of Midland, or Reagor-Dykes Toyota Plainview.
If you purchased a vehicle from one of the following dealerships between September 1, 2018 and November 1, 2018, you may be entitled to assert a claim against a dedicated fund held by the Consumer Ombudsman: Reagor-Dykes Auto Mall, Reagor-Dykes Auto Mall Downtown, ReagorDykes Direct Auto of Dallas, Reagor-Dykes Auto Mall Imports, Reagor-Dykes Auto Mall West Lubbock, or Reagor-Dykes Auto Mall Leveland.
The deadline to file a claim has been extended to March 1, 2021.
Should you wish to register your potential claim with the Consumer Ombudsman, go to cases.stretto.com/reagor-dykes/consumerclaims and follow the instructions provided there. Please note that submitting your potential claim to the Consumer Ombudsman does not constitute an acknowledgement by the Consumer Ombudsman of the validity of your asserted claim, nor does submission of your claim guarantee any recovery on your stated claim. Should you wish to receive a date-stamped copy of your claim, please include a photocopy of the form and a self-addressed, stamped envelope. All disputes regarding consumer claims remain subject to final determination by the Bankrupt cy Court unless otherwise resolved and agreed by and between the consumer and the Consumer Ombudsman.