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FIRST BANK v. MOTOR CAR

257 A.D.2d 287 (1999)

690 N.Y.S.2d 17

FIRST BANK OF THE AMERICAS, Appellant-Respondent, v. MOTOR CAR FUNDING, INC., et al., Respondents-Appellants.

Appellate Division of the Supreme Court of the State of New York, First Department.

May 11, 1999.

Attorney(s) appearing for the Case

P. Bradley O'Neill of counsel (Lorna G. Schofield on the brief; Debevoise & Plimpton, attorneys), for appellant-respondent.

Robert M. Calica of counsel (Bellavia & Kassel, P. C., attorneys), for respondents-appellants.

WILLIAMS, ANDRIAS, SAXE and BUCKLEY, JJ., concur.

OPINION OF THE COURT

ROSENBERGER, J. P.

Plaintiff First Bank of the Americas (First Bank) and defendant Motor Car Funding, Inc. (MCF) entered into a sale and purchase agreement (the Agreement) dated August 19, 1994, which established the terms under which MCF would sell used car loans to First Bank. The Agreement provided that MCF would periodically offer First Bank the option to purchase various loans. The Agreement contained warranties to the effect that...

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