N.J. dealer slapped with lender lawsuits

Dealer Carmine DeMaio and partners have faced multiple federal lawsuits by captive finance companies alleging dealerships they owned sold vehicles but failed to repay floorplan loans — known as being out of trust. In some cases, the dealers are alleged to have floored vehicles with multiple lenders, known as double-flooring. These lawsuits filed in October involve 4 New Jersey dealerships owned by DeMaio.