“For 30 years, people have chosen to trust me to be their car guy, while I was a local supporter of the community and the many organizations in it,” said Braunstein, 52, of Rock Hill. In a recent interview, Braunstein was apologetic and regretful about the difficulties the bankruptcy caused for car buyers, adding he's spent personal funds to help them. “It's been terrible.”įounded in 1989 by Howard Braunstein's father, Martin Braunstein, M&M grew so big that the Sullivan County Chamber of Commerce estimates that, pre-bankruptcy, it accounted for 15 percent of the county's sales-tax revenue. “The stress headaches have not been of this world,” Tuboking said. M&M neglected to promptly pay off her old auto loan based on the trade-in value of her 2013 Toyota Yaris, after she bought a 2017 Kia Sportage in September. Rismii Tuboking, 66, was among those affected by the bankruptcy. The dealership's chief creditors, GM Financial and Ford Credit, have forced the liquidation of their new vehicles, accounting for most of the bankruptcy's value. But if the contract was sold through Ford, Chevy or Chrysler, the dealership cannot perform factory-warranty service or recalls. Among other issues, the dealership failed to pay off car loans with funds equal to the value of the vehicles that customers traded in for newer models.Īs for repairs, M&M will honor all non-factory warranties and service contracts. That's according to principal owner Howard Braunstein.īraunstein, who's now acting as a broker for new car buyers, estimates the bankruptcy affected 15 to 20 customers. As for cars, the dealership will likely shift to perhaps a 50-50 split between new and used vehicles sales compared with a 60-40 pre-bankruptcy ratio. M&M will, however, retain its Polaris franchise for recreational vehicles. Now an independent auto dealership, M&M is no longer a franchisee for Ford, General Motors and Chrysler, and it's dropped to 19 employees from 40. Bankruptcy Court for the Southern District of New York. in Liberty, and two related businesses, are emerging from the Chapter 11 bankruptcy protection they filed in October in U.S. LIBERTY – One of Sullivan County's largest auto dealerships will remain open following a recent $6.1-million-plus bankruptcy, albeit smaller and without franchise brands, its owner told the Times Herald-Record.
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