SASKATOON -- The Financial Consumer Affairs Authority of Saskatchewan (FCAA) says it's investigating a recently shuttered car dealership in Martensville.
MacNeil Motors closed its doors on Nov. 1. On Nov. 8, the FCAA suspended the business for “failing to meet their legislated annual filing requirement.”
The dealership's owners say they are trying to settle liens left on vehicles financed for customers.
They say some customers who traded in their vehicles before the dealer closed down may essentially have two vehicle loans registered to them through financing arrangements.
Brenon MacNeil, a co-owner of the former dealer, says the dealership closed because of the slowing economy.
The closure left some outstanding liens from financing arrangements on trade-ins, he says.
“We do have a responsibility to pay our liens and it’s unfortunate that our dealership out west got to a point where we couldn’t pay our liens in a timely fashion.” Said MacNeil.
“We’ve been making their payments each month on those liens just to make sure it’s not affecting their credit or damaging them personally.”
MacNeil added they were not paid off because of the troubled financial situation, and there was no malicious intent.
He says they have equity in other properties in the area, and that will be used to take care of the outstanding liens.
The FCAA says it cancelled the business's license earlier this month.
“The FCAA is currently investigating MacNeil Motors Inc. Due to the ongoing nature of this investigation, we are unable to provide additional details at this time,” a statement from the agency said.
