Lawsuits and judgements against The Vault and its owner, Jerry Pass. A Rankin County couple accused Pass of stiffing them on a short-term million dollar loan last year. Situated in the Fondren, The Vault sells collectible classic cars, often on consignment.
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| Jerry Pass at The Vault. Credit: TheVaultMs.com |
Timothy and Michele Fant sued J.D. Pass and The Vault in Rankin County Circuit Court on June 24. The complaint states the defendants borrowed $1 million from the Fants on March 25, 2025.
The agreement stated Pass and his company would repay the loan within 120 days along with a $100,000 loan fee. The loan could be extended for another thirty days upon request.
The complaint claims the defendants would use the loan proceeds to purchase automobiles.
Pass responded to the complaint Monday.. The answer makes the standard denials and defenses: The plaintiff failed to mitigate his loss, all allegations are denied or do not contain enough information to state a claim, and plaintiff has unclean hands.
Attorney Michael Cory represents the plaintiffs while Michael Heilman represents the defendants. The case is assigned to Rankin County Circuit Judge Bradley Mills. However, Pass is facing more creditor problems.
Tony Gullo Motors of Conroe County, Texas enrolled a judgment against Pass, The Vault, and Pass's Company Sonicbidder.com in Hinds County Circuit Court on June 22.
Pass and his company face two more lawsuits in Rankin and Hinds counties. JJ reported yesterday both lawsuits made similar accusations against Pass: Pass took delivery of classic cars to sell on consignment for clients. The clients allege Pass sold the cars and pocketed the money or simply kept the cars. Earlier post.
12 comments:
There's a sucker born every minute. Good luck getting blood out of a turnip.
12:14 it won't be blood from a turnip but if they get their judgement then every one of those classic cars (at least the ones he owns) will be auctioned off.
The faux wealthy
$100k "loan fee" on $1M for a 4 month loan------what could go wrong? Greed will get ya
I used to date a girl in high school her dad had a lot of money and she liked to show it. Turns out her dad had filed a lot of bankruptcies and opened new business under another name. Eventually caught up with him. You never know from the glitter
When they're in deep some folks just get their shovel and keep digging!
Just buy VTI or even better...VT. Don't be greedy!
Lie down with dogs - get fleas!
He's a baller in his own mind.
Turns out to be just another big hat no cattle rodeo clown from Joklahoma.
The whole car culture has been ruined by reality tv and idiots like this.
A buddy bought a numbers-matching '72 Corvette from him. He had a problem installing some upgrades because the block had the same castings as an '84 pickup engine.
Timothy "Craig" Fant
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