The $627 million-American First Credit Union is suing to recover against at a member who defaulted on a 2008 Lamborghini Gallardo, and owes nearly $226,000 plus interest according to legal documents filed in Orange County, Superior Court.
The credit union obtained the loan through an indirect lender relationship with Lamborghini of Orange County, once the world's most successful Lamborghini dealership until it closed suddenly in November 2008.
Owner Viken Keuylian pled guilty in March to charges stemming from a scheme in which he withheld more than $12.6 million from Volkswagen Credit Inc., convincing VCI 54 vehicles had not yet been sold when in fact, they had been. The FBI had seized 14 of the vehicles as of March 11.
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Although the credit union had made loans through the dealer for three to four years, Vice President of Marketing Ryan Zilker said all outstanding exotic car loans obtained through Lamborghini of Orange County have perfected titles.
"When the news broke, we immediately checked every single loan from that dealer," Zilker said.
Exotic car loans are "just a little piece" of the community chartered credit union's business, he said.
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