Ally Bank has taken legal action against an individual, accusing them of defaulting on a vehicle loan agreement. The complaint was filed by Ally Bank in the District Court of Harris County, Texas, on November 21, 2024, targeting Saul Vanegas Ramirez as the defendant.
The case revolves around a breach of contract concerning a Retail Installment Contract executed by Saul Vanegas Ramirez on December 28, 2022. According to the complaint, Ramirez purchased a 2022 Chevrolet Silverado under this contract and subsequently failed to fulfill his payment obligations. Ally Bank claims ownership of a security interest in the vehicle and asserts that Ramirez's failure to make payments constitutes a default under the terms of their agreement. The bank is seeking monetary damages exceeding $500 and other non-monetary relief.
Ally Bank contends that despite multiple demands for payment, Ramirez has not settled the outstanding balance of $51,390.61 as of October 28, 2024. The bank has invoked its right under the contract to accelerate the loan and demand immediate payment of all amounts due while also seeking possession of the vehicle through legal means or self-help if necessary. They argue that these actions are justified given Ramirez's failure to meet his contractual obligations.
The bank is also pursuing a writ of sequestration due to concerns that Ramirez might conceal or remove the vehicle from Harris County during litigation. They argue that such actions could further diminish the value of their collateral and jeopardize their security interest in it. Ally Bank is prepared to post a bond as required by the court but requests that it be reduced due to their existing security interest in the vehicle.
In conclusion, Ally Bank seeks judicial intervention to recover both monetary damages amounting to $51,390.61 and possession of the vehicle involved in this dispute. They request further relief deemed appropriate by equity or law. The case is being handled by attorney Grant M. Tabor from LOGS Legal Group LLP representing Ally Bank.