EXCELL AUTO BOCA RATON: New Suit Alleges Default On Massive Loan - BocaNewsNow.com

autosoto.blogspot.com

Loan Amount Similar To Value Of Scott and Kristen Zankl’s Seven Bridges Home. Carries 24 Percent Interest Rate.

Excell Auto Group — The empty Excell Automotive Showroom at 1001 Clint Moore Road in Boca Raton. Multiple lawsuits have now been filed against Excell and owners Scott Zankl and Kristen Zankl.

BY: ANDREW COLTON | Editor and Publisher

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — A new lawsuit filed against Excell Auto and its owners Kristen and Scott Zankl alleges that the couple took a loan valued at $1,329,600.00 from “Savannah Row Development” and stopped paying. The loan, initiated on June 15, 2017, carried an interest rate of 24-percent and required a payment of $27,500 per month. The Zankls, according to the suit, defaulted in March of this year. Savannah Row Development, according to public records, is a real estate development firm with one member — Steven Gelb of Boca Raton.

The loan amount is notable. The Zankls’ Seven Bridges home, used as collateral in another loan, was purchased for $1,345,198 according to Palm Beach County records — roughly the same amount as the Savannah Row Development loan. The Zankls borrowed $750,000 from Seaside National Bank to purchase the home in 2015. There is no indication, according to public records, that the mortgage was satisfied. Even so, as we reported earlier this month, The Zankls allegedly guaranteed another loan with the value of their Seven Bridges home. They defaulted on that loan by allegedly writing bad checks. One of the checks appears below. A foreclosure procedure is underway.

Excell auto bounced check — This allegedly bad check for $400,000 was secured by Scott and Kristen Zank’s Seven Bridges Home in West Delray Beach.

Foreclosure attempt is now in process against Scott Zankl and Kristen Zankl’s Seven Bridges Home.

As BocaNewsNow.com reported exclusively on April 8th — in a story copied by television stations and local newspapers — the Excell Automotive Showroom at 1001 Clint Moore Road in Boca Raton was suddenly vacant after years of displaying exotic and high-end cars. Owner Scott Zankl told BocaNewsNow.com exclusively that he was engaged in a civil dispute with his “landlord” who took the vehicles. He said the problem would be resolved in days.

But the so-called landlord, one of Excell’s financiers, said Scott Zankl and Kristen Zankl were engaged in a massive fraud known as “out of trust.” That’s when a car dealer finances the cars on a lot, sells the cars, but doesn’t repay the loan. Excell Auto, Scott Zankl and Kristen Zankl are now named in suits valued in the millions of dollars. As we reported exclusively on April 12th, Excell filed for Chapter 7 Bankruptcy Protection, claiming between $0 and $50,000 in assets while owning between $10M and $50M.

Meantime, BocaNewsNow.com has learned that criminal investigations continue, with people in the midst of deals with Excell Auto Group being contacted by area police. Multiple customers allegedly either provided cars to Excell but never received funds — often valued in the hundreds of thousands of dollars — or provided money to Excell but never received a car. No criminal charges, however, have been filed.

Read the latest lawsuit, here.

Zankl-suite-april-25

Content copyright © 2022 Metro Desk Media, LLC. All Rights Reserved. BocaNewsNow.com ® is a registered trademark. BocaRudeton™ is a trademark of MetroDesk Media, LLC. Sirens™ is a trademark of MetroDesk Media, LLC. “You hear sirens, we know where they went,”™ is a trademark of MetroDesk Media, LLC. “Don’t Want To Be Seen Here? Don’t Be Rude Here!™” is a trademark of MetroDesk Media, LLC. We vigorously protect our intellectual property and journalistic product. Broadcast stations must credit BocaNewsNow.com on air. Print must refer to BocaNewsNow.com. Online must link to BocaNewsNow.com. We have agreements with several organizations. Contact news (at) bocanewsnow.com. Call 866-4-FL-NEWS. Arrest reports are police accusations. Guilt or innocence is determined in a court of law.