The finance arm of General Electric wants embattled auto dealer and former Advantage Rent A Car owner Denny Hecker to turn over his $9.5 million twin-engine business jet for allegedly defaulting on nearly $12.4 million in loans, according to StarTribune.com.
Gelco Corp., a subsidiary of GE Capital Corp., filed a lawsuit against Den-Star of Minnesota, the entity Hecker used to buy the Bombardier Challenger aircraft. The lawsuit claims Den-Star borrowed $12.8 million to buy the plane in August 2007, then borrowed $357,196 against it in the next couple of months.
Gelco and GE Fleet Services sued Hecker and four of his businesses in federal court earlier this month for allegedly defaulting on $7.2 million in car leases Hecker personally guaranteed.
The latest suit comes about a month after Chrysler won a $477 million default judgment against Hecker and several weeks after Ford won a $3.15 million award. Last month, Hyundai Motor Financial sued Hecker, alleging he defaulted on the $104 million he used to acquire 4,500 rental vehicles.
In the latest suit, Gelco says Den-Star failed to make a payment on the aircraft loan in February and missed additional payment installments in April.