background

ATV Owner Claims Unfair Dealing Practices at Sheffield

  • William Hoffman
  • August 10, 2017
  • 0

A West Virginia man is accusing Sheffield Financial, the powersports arm of BB&T Bank, of a breach in “good faith and fair dealing” after repossessing the man’s ATV, according to court documents.

John Tominack — a Wheeling, W.Va., resident — filed a complaint with the Ohio County circuit court in July after initially purchasing the all-terrain vehicle in August 2015 for his son. Tominack argues that despite refinancing the loan in October 2015, Sheffield repossessed the vehicle in November of that same year demanding “full payment.”

Tominack said he blames the lender because it refused his payments and dispatched conflicting communication. Now, he seeks financial relief for damages, interest, and attorney’s fees. He is represented by James Bordas and Jason Causey of Bordas and Bordas PLLC.

It should be noted that small lawsuits like these are fairly common in the industry. BB&T Bank declined to comment on ongoing litigation.

Sheffield Financial, based in Clemmons, N.C., currently services 14,000 powersports dealers. The full-spectrum lender specializes in financing off-road vehicles, motorcycles, personal watercraft, and snowmobiles. Sheffield Financial grew originations 4% in the second quarter compared with the same time a year prior, parent company BB&T Corp. reported in July earnings. That origination growth was reflected in total outstandings which saw a gain of 6.6% year over year.

  Like This Article

Leave a Reply

Your email address will not be published. Required fields are marked *