Reality TV star Simon Barney, who stars along with wife Tamra in the Bravo show The Real Housewives of Orange County, is among the Southern California rich and famous being sued by the $627 million American First Credit Union to recover against delinquent exotic car loans.
Barney hasn't made a payment on his 1989 Ferrari since May 1, and owes more than $24,000 plus interest according to documents filed June 10 in Orange County Superior Court.
Ryan Zilker, vice president of marketing, said despite at least two active lawsuits involving exotic cars, the credit union doesn't target wealthy members or exotic car loans. Additionally, he said with proper underwriting, the loans are a good opportunity.
"The whole point of a credit union is to maximize value for members, and these are high yielding loans that return value to members," he said.
The loans are performing well on the whole, but "all walks of life" are experiencing financial problems these days, Zilker said.
When asked if the wealthy deserve access to credit union services, the marketing pro replied, "Why not?"
"I don't think credit unions are exclusively for those of modest means," he said.
