Ferrari Financial Services, Inc. v. Auto Vault, Inc.
A luxury car dealership bought a Ferrari from an individual days after he financed it, relying on CARFAX and Florida motor-vehicle searches that showed no lien and on the seller's undocumented assurance he had paid cash. The trial court granted summary judgment declaring the dealer a bona fide purchaser free of the lender's lien; the First DCA reversed, holding a genuine dispute existed over whether the dealer had implied notice sufficient to trigger a duty of further inquiry.
Key facts
- Ferrari Financial Services financed a Ferrari for an individual buyer; days later, a luxury car dealership purchased the same Ferrari from that individual for $470,000 based on CARFAX and Florida motor-vehicle searches showing no lien and the seller's oral assurance he had paid cash.
- The trial court granted summary judgment declaring the dealership a bona fide purchaser free of the lender's lien.
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Why it matters
The opinion is a useful tool for secured creditors and title claimants opposing bona fide purchaser summary judgments: it confirms that adequacy of a buyer's inquiry is ordinarily a jury question and that database… — full analysis with a trial
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