Then the family decides to support the young ones efforts to become a race car driver, have a LARGE amount of money in your checking account
Gelles Racing vs. Ferris:
Contract - Race Car Lease - Unpaid Rent - Crash Damage
"The court finds defendant materially breached the contract by not paying the $35,000 due under the agreement on June 1, 2007, and non-reimbursement for damage caused to the car by his son's crash.
The rental agreement provided, Owner leases to Renter, and Renter hires from Owner that certain race car, identified as the 2007 Pro Formula BMW USA Championship Series.
John Ferris contracted to pay Gelles Racing $218,000, payable in monthly installments of $35,000 March through August 2007, with the final payment of $8,000 due on Sept. 1, 2007. John Ferris also remitted a damage security deposit of $15,000.
The agreement further provided that Gelles Racing make the race car available to Ferris for 14 races and 10 official tests as scheduled in the 2007 Formula BMW USA Series Professional Championship.
Plaintiff asks for damages of $85,668.88 for the breach, which includes all the unpaid rent as well as the damage caused by the collision, less mitigation."
Gelles was awarded the claim. I know Bob. He's a really nice easy going guy. But he doesn't give away money.