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Bankruptcy Keyed to Bussel, 12th Ed.
Till v. SCS Credit Corporation
Citation:
541 U.S. 465 (2004)Facts
In October 1998, Lee and Amy Till purchased a used truck for approximately $6,725 including fees and taxes from Instant Auto Finance. After making a $300 down payment, they financed the balance at a 21% annual interest rate through a retail installment contract that was immediately assigned to SCS Credit Corporation. By October 1999, the Tills had defaulted on their payments and filed for Chapter 13 bankruptcy. At that time, they owed $4,894.89, but the truck was worth only $4,000, making SCS’s secured claim limited to $4,000 with the remainder unsecured. The Tills’ Chapter 13 plan proposed to pay SCS’s secured claim with interest at 9.5%, calculated by adding a 1.5% risk premium to the then-prevailing 8% prime rate. SCS objected, arguing it was entitled to the 21% contract rate. The Tills presented expert testimony that the 9.5% rate was reasonable given the court’s supervision of the bankruptcy plan, while SCS presented evidence that 21% was the prevailing market rate for subprime auto loans.
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