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JC's RVs did $80 to $100 million in sales just within the past couple of years. Now JC, the owner, is watching his inventory drive off the lot.
The inventory rolled off the lot at JC's RVs, under the watchful eye of Alameda County Sheriff's deputies.
"The deputies are serving a writ of possession, claim and delivery on this business here," said J.D. Nelson from Alameda Co. Sheriffs Dept.
After 19 years in the RV business, owner J.C. Foreman couldn't keep Bank of America from repossessing his fleet.
"I don't understand all this," said Foreman.
"You don't understand the show of force?" asked ABC7's Laura Anthony.
"Correct, yeah, the show of force, yeah. I don't get that, but that's Bank of America," said Foreman.
Foreman's mother watched as her son's business drove away.
"You know, this is happening all over but it hurts me because it's happening to James," said JC's mother Deanna Goddard.
Foreman purchased his inventory with a longstanding $30 million line of credit. But in this economy, RV buyers don't want to pay full-price.
Foreman says he kept paying the bank at 100 percent, even though he was selling the rigs for well below retail. When he finally asked for lower payments in March, the bank refused. JC's 80 employees even tried to help.
"We decided to take a 20 percent cut in pay to keep things rolling, so JC could make things work and unfortunately I guess that wasn't enough for Bank of America," said ex-service manager Mark Garcia.
In a written statement, a bank spokesperson told ABC7: "Mr. Foreman defaulted on his loan agreement and we gave him ample time to correct the default before taking legal action."
"It's just been really devastating. We've even had customers who've called me and wanted to know who they could write to, to complain," said Goddard.
There are a few rigs left on the lot and sheriff deputies will get the rigs out. Foreman told ABC7 he expects to fight this in court, even though he is pretty much out of business and his 80 employees are out of a job.
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