BOYD COUNTY, Ky. (WSAZ) -- The U.S. Marshals confirm to affiliate WSAZ they are executing a federal civil court order at Fannin Toyota in Boyd County, Kentucky.

 

WSAZ has obtained court documents showing the Fannin Automotive Family owes BB&T Bank more than $17 million.

 

According to court documents, BB&T filed a lawsuit in federal court against Fannin Automative Family, Jim Fannin Motors, Fannin and Fannin and several owners of the family business.

 

The suit alleges the business owes BB&T approximately $17.8 million.

 

The parties involved entered into a loan agreement in August 2015.

 

According to court documents, Gary Fannin "unconditionally guaranteed" the full and prompt payment to BB&T.

In June 2016, BB&T sent two letters notifying the parties named they were in default.

 

Christopher Fannin granted BB&T first priority interest in all of his tangible personal property for the indebtedness.

 

On April 10, 2017, BB&T sent another letter saying they were in default and declared them to pay their debt immediately or the bank would take possession of collateral defined in the loan agreement.

 

US Marshals search auto dealership in connection with federal lawsuit

I'm not sure I understand what they are searching for. Just lock it down and take possession.

I'm not sure I understand what they are searching for. Just lock it down and take possession.

 

An honest car salesman? They will be there for a while.

I'm not sure I understand what they are searching for. Just lock it down and take possession.

 

They were searching for Chris Fannin's extensive gun and knife collection. From what I understand he is an avid hunter and has quite the collection of guns and knives (worth enough money for it to be included as collateral for the loan) that he mostly keeps in his office at the dealership. Had the BB&T representatives that came to take possession of the property had not been told that they would leave in a box if they came up to his office to talk then I doubt the Marshall's would have made an appearance and this would just be your typical loan default.

Their website doesn't exist anymore.

Their website doesn't exist anymore.

 

Their Mercedes website is still up and running. This was a VERY large dealership in Ashland that seems to have spent entirely to much money on toy's for people to look at rather than sell. There are over a million dollars worth of cars in the showroom, including a half million dollar Mercedes McLaren SLR and I don't believe any are for sale, they're just toy's that belong to the owners. I can't see any way that the business was not profitable, it seems that they just decided to quit paying on their loan.

 

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