The son of Governor Kenny Guinn, Jeff Guinn, hasn’t made a payment in years to investors on loans he made to himself through his company, Aspen Financial. The state revoked Aspen’s license in June because it was insolvent. But despite his financial difficulties, Guinn has been paying Mercedes Benz Financial Services $1300 a month on a 2012 Mercedes GL450. He made the payments until October, when he filed Chapter 7 bankruptcy liquidation.
Guinn claims he doesn’t have any money to pay thousands of investors, some of whom lost their life savings when Guinn and other borrowers stopped paying on loans. Still, he was able to get a $77,000 car loan in August of 2012, according to bankruptcy court filings. He’s agreed now to give back the car.
How does someone who already owes investors, banks and the FDIC millions in defaulted obligations get a car loan of that size?
Clearly, that’s the difference between me and Guinn. I just don’t get high finance.