Execu-Ride Inc. Sues 1st Source Bank for Malicious Interference

Execu-Ride Inc., a New Jersey car rental company, is suing Trucker’s Bank Plan, an automotive finance company and division of 1st Source Bank, for consumer fraud, malicious interference and breach of good faith, among seven total counts.

On Oct. 23, the Superior Court of New Jersey granted summary judgment in favor of 1st Source Bank on five of those counts, yet denied summary judgment on two counts regarding malicious interference and defamation.

Execu-Ride alleges that the bank lowered its borrowing limit in 2013, based on false information provided by an Execu-Ride competitor. The lawsuit asserts that the bank didn’t investigate the claim with Execu-Ride but instead lowered the company’s borrowing limit by $1 million. According to the lawsuit, the bank’s actions have caused damage to Execu-Ride.

Chris Craft, president and COO of the 1st Source Bank Specialty Finance Group, issued this statement related to the Execu-Ride lawsuit:

“1st Source Bank filed suit three years ago against Execu-Ride and Dustin Valenti to collect on past due loans. The Bank has since been paid in full. Unfortunately, Mr. Valenti continues to press forward with meritless counterclaims and false statements in the media. Last week, the court in New Jersey entered summary judgment in favor of 1st Source Bank on most of these counter-claims. 1st Source continues to defend the two remaining claims and we are confident that the Bank will be fully exonerated.”


  1. Dustin Valenti [ October 29, 2015 @ 01:40PM ]

    my response to craft comment is simply this ..... Please show me a meritless claim that I made, anywhere. Mr. Craft's comments are not entirely accurate and his depositions clearly show he has contradicted himself many times. I am very confident that I will prevail at trial. Before any of you readers buy into Mr. Craft's comments kindly visit lawsuitpressrelease.com and listen to Mr. Fazilo's audio tape and read Rick Lewis deposition. D Valenti.

  2. execuride [ January 22, 2016 @ 05:14AM ]

    Trial date for this litigation is March 21, 2016.

  3. Execuride [ January 28, 2016 @ 06:36AM ]

    new trial date for May 2016.

Comment On This Story

Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.


Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Trends Moving the Truck Market

Storylines that emerged from the 2018 Work Truck Show include the increasing need for on-site productivity, inclusion of active safety systems in trucks, DPF frustrations affecting product decisions, data management, and the growing link between fleet management and company revenue.

MIT Study Reinforces the Newfound Importance of Fleet

Uber and Lyft drivers make far less when factoring vehicle expenses, though the actual numbers are now in dispute. A proper lifecycle cost analysis would’ve helped, and shows the benefit of collaboration with fleet professionals.

What a Connected Fleet Means to Avis (and Car Rental)

Counter bypass is just the beginning. The promise of a “data-driven ecosystem” that connects renters with the rental agency, retail services, and even the city is a better managed fleet, an improved user experience, and new revenue opportunities during the rental itself.

Job Finder: Access Top Talent. Fill Key Positions.