• Nov 28th 2009 at 2:33PM
  • 8
The walls are closing in on Dean Kruse, head of the Indiana-based Kruse International auction house. In September, a slew of lawsuits were filed against the company. Further opening the wound, a county court in Indiana has now ordered Kruse to pay more than $1.3 million to a bank in Warsaw -- just one of several debtors seeking money from the company -- for an overdue loan originally in the amount of $4.5 million. Two foreclosure lawsuits in DeKalb County, Indiana, are pending. One is for $6.5 million in unpaid loans. The other is for a loan in default for $7.8 million. Adding to his growing headache, and slowing down his travel, GE's financial arm has asked a federal court to repossess Kruse's million-dollar Cessna corporate jet.
While Kruse isn't talking to the media about his current events, he told The Journal Gazette last month that the recession has been hard on his sales. Compounding his troubles and drying up his cash flow, his longtime business practice of releasing cars to good customers before payment has come back to bite him. Understandably, he told the Gazette that he has since suspended that practice.

[Source: The Journal Gazette]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
      • 5 Years Ago
      Humm ... what was reported throughout 2009 was that his 'long time practice' was to sell/auction the cars, collect the money ... and keep it. Looked much more like thief than victim. This practice hurt his ability to attract consigners - and a downward spiral.
        • 5 Years Ago
        If you think you have been cheated, defrauded, tricked by Kruse Auctions International, selling a car and not being paid, this is the place to air those grievances. I still have not been paid for my car.

      • 5 Years Ago
      I hate having my jet repossessed!
        • 5 Years Ago
        I too hate that lazy style of writing as exemplified in that headline.

        Apparently one can get one's self killed, get one's jet repo'd, get one's oil changed, or get one's hair cut. Try to explain this stuff to some people and you get that koi response.

        Only Slim Pickens sounded good when uttering a line including, 'git yerself killed'. Everyone ought to stop this usage, pronto.
      Hank Avery
      • 2 Years Ago
      Let him work it off at farm implement auctions like he use to Yoder& Frey Archabold , ohio henryavery@yahoo.com
      • 5 Years Ago
      Is he is victim or the thief?
      • 5 Years Ago
      I sold my 56 T-Bird at his auction in Vegas in March. Didn't get paid. Called nearly daily, just got a run around. In May he sent me a personal "guarantee" I would be paid the first week in June. Nothing. In July I flew to San Jose for his auction there and got a check and $500 cash for my trouble. They stopped payment on the check three days later. I flew to Auburn and demanded cash first week in September. I got it all in $100s,$50s, &$20s. I think I cleaned out their vault, but it took six months to get my money!