Update: Bank requests immediate $1.6 million payment
KANSAS CITY, MO — Bank of America is asking a court to bypass a trial and order U.S. Rep. Emanuel Cleaver to pay the balance of his carwash loan, The Kansas City Star reported.
The Jan. 18 story stated that the request included Cleaver’s wife and their company as well. The bank’s lawyers said the facts of the case cannot be disputed, so the lender should be able to recover $1,612,704 immediately.
Bank of America sued the Cleavers and their company last March stating that the company defaulted on a 2002 loan used to buy a carwash. Grandview Auto Wash remains open.
The current sum includes the debt, late fees, interest and costs. The bank is also asking for attorney fees and other expenses.
The bank initially asked for $1,526,738, but the amount has increased by almost $86,000 because payments still are not being made.
The Cleavers took out the carwash loan before the former Kansas City mayor was elected to the House of Representatives.
Read the entire article here.