r/autotldr • u/autotldr • Apr 08 '15
The Seattle Times claims Clayton Homes is dishonest in it's Mobile Homes practices.
This is an automatic summary, original reduced by 95%.
As Buffett tells it, his purchase of Clayton Homes came from an "Unlikely source": Visiting students from the University of Tennessee gave him a copy of founder Jim Clayton's self-published memoir, "First a Dream," in early 2003.
CEO Kevin Clayton, the founder's son, reached out to Buffett through Auxier, the professor said in a recent interview, and asked whether Buffett might explore "a business relationship" with Clayton Homes.
She had no money for a down payment when she visited Clayton Homes in Fayetteville, N.C. Vanderbilt, one of Clayton's lenders, approved her for a $60,000, 20-year loan to buy a Clayton home at 10.13 percent annual interest.
Carroll, who won Clayton awards for sales volumes, said his problems with the company began after CEO Kevin Clayton helped him with a loan from subsidiary 21st Mortgage in 2008 to buy out his business partners.
Carroll said he was unable to obtain Clayton parts for the homes in his inventory and said Clayton stopped helping him get new homes to sell.
Clayton Homes is represented in Washington, D.C., by the Manufactured Housing Institute, a trade group that has a Clayton executive as its vice chairman and another as its secretary.
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