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Secured Transactions Keyed to Lopucki
Till v. SCS Credit Corporation
Citation:
541 U.S. 465 (2004)Facts
On October 2, 1998, petitioners Lee and Amy Till purchased a used truck from Instant Auto Finance for $6,395 plus $330.75 in fees and taxes. They made a $300 down payment and financed the balance of the purchase price by entering into a contract that Instant Auto assigned to respondent, SCS Credit Corporation. Under the contract, petitioners agreed to make 68 biweekly payments to cover this debt. On October, 1999, petitioners, by then in default on their payments to respondent, filed a joint petition for relief under Chapter 13. The proposed plan provided that petitioners would pay interest on the secured portion of respondent’s claim at a rate of 9.5% per year. Petitioners arrived at this “prime-plus” by augmenting the national prime rate of approximately 8% to account for the risk of nonpayment posed by borrowers in their financial position.
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