Tennessee couple gets creative recouping their $8.1K from cabinetmaker after he disappeared with their deposit
The Wrights's renovation disaster began when they placed an order at Riverwoods Home Furnishings in Tennessee for $16,200 worth of custom cabinets.
I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast)
Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it
Since the company was well-known for offering custom-made cabinets and handcrafted furniture, the retired couple had no reason to doubt Ronnie Wheelock, the company's owner. In fact, as WATE reports, the Wrights happily gave Wheelock an $8,100 deposit upfront.
But the delivery date for the cabinets came and went before the couple discovered the store had unexpectedly closed in October 2024. And while some people might have given up in this situation, the Wrights took a different approach — one that required a little creativity and some legal expertise.
When Wheelock closed his store for good, he reportedly left a handwritten note on the door at his warehouse stating that 'all orders will be fulfilled or deposits returned.' But the Wrights's order was never fulfilled, and despite telling WATE over the phone that he'd give the Wrights their money back, Wheelock never returned the $8,100 deposit.
The Wrights then decided to file a civil lawsuit against Wheelock for breach of contract, and despite the fact that they won, they soon realized their issue with Wheelock was far from over.
'We got our civil judgment, but that's all they do,' Steve Wright shared with WATE. 'So we figured out, hey, we need to do work on our own.'
Taking matters into their own hands, the Wrights decided to do their own reconnaissance, looking for opportunities that could help them enforce the court judgment. Turns out both Steve, a retired firefighter, and Tammy, a retired Sheriff's deputy, are quite familiar with the law.
'We had actually taken pictures of the vehicle,' said Steve, referring to Wheelock's company van. 'I never thought anything about it when I did it.' And to their pleasant surprise, those photos ended up giving Tammy all that she needed.
'From the plate number, I was able to gain the VIN number,' Tammy shared with WATE. 'With the VIN number I was able to go to the secretary of state and file a motor vehicle lien. Then took that paperwork to the clerk's office and filed the execution. Then the sheriff's department picked it up and sent it to auction, where it sold for $24,000.'
Read more: No millions? No problem. With as little as $10, here's of diversified assets usually only available to major players
A car lien is typically used when someone finances a vehicle. When a borrower finances a car, the lender will place a lien on that car until the borrower can pay off the loan. If the borrower were to fall behind on their payments, the lien allows the lender to repossess the vehicle, sell it at auction and use the profits to cover the rest of the loan balance owed.
But this is not the only use for a car lien, as there are other types of liens that can come from legal claims and unpaid debts. For example, a judgement lien allows a creditor to put a lien on your car if you fail to pay off a court-ordered debt. And since the court ordered Wheelock to pay the Wrights back, the Wrights went about enforcing the court's ruling by placing a lien on Wheelock's van.
Once Wheelock's van was repossessed and sold at auction, the Wrights got their $8,100 deposit back — plus $600 for legal fees — while the remaining $15,300 went to Wheelock. The latter was then charged with theft and remains in jail as he's been unable to make bond ahead of his next court appearance in July 2025.
'I warned him karma was coming,' said Steve.
While the Wrights got their money back, many others who run into similar home renovation issues aren't as lucky.
According to the Federal Trade Commission, a total of 81,925 home improvement scams were reported in 2024, with the average combined financial losses from such scams coming in at $13.8 million per year, according to Inspection Support Network.
The FTC, however, has some tips on how to spot a shady contractor before giving one your business. Here are a few things to look out for:
People showing up at your door offering their services. These contractors often say they're already doing work in your neighborhood, or that they have materials left over from another job.
Someone that pressures you into making a quick decision about home improvement work.
Contractors that ask you to pay for everything up front or request that you pay in cash.
Contractors asking you to apply for any required building permits.
Contractors advising you to borrow money from someone they know.
If you've hired a shady contractor for home improvements and they're refusing to give your money back, you can take a page from the Wrights's playbook and file a civil lawsuit. You have rights, and as the Wrights demonstrated, there are ways to push back when a contractor tries to walk away with your money.
This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk
Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now
Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead
Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
China's July exports top forecasts amid rush to meet Trump tariff deadline
(Corrects June export growth in paragraph 2 to 5.8% from 4.8%) BEIJING (Reuters) -China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods ahead of a looming deadline later this month. Outbound shipments from the world's second-largest economy rose 7.2% year-on-year in July, customs data showed on Thursday, beating a forecast 5.4% increase in a Reuters poll and June's 5.8% growth. Imports grew 4.1%, following a 1.1% rise in June. Economists had predicted a 1.0% fall. China is facing an August 12 deadline to reach a durable tariff agreement with the U.S. administration, after Beijing and Washington reached framework agreements in May and June to reduce non-tariff barriers such as rare earth minerals and technology to avoid further escalating their trade war. Without a deal, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus narrowed to $98.24 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed the U.S. trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States — and with the European Union, which has accused China of producing and selling goods too cheaply — would give Chinese officials more room to advance their reform agenda. However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU.
Yahoo
15 minutes ago
- Yahoo
Trump's broad tariffs go into effect, just as economic pain is surfacing
WASHINGTON (AP) — President Donald Trump was set to officially begin levying higher import taxes on dozens of countries Thursday, just as the economic fallout of his monthslong tariff threats has begun to create visible damage for the U.S. economy. The White House said that starting just after midnight that goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. For places such as the EU, Japan and South Korea, Trump also expects them to invest hundreds of billions of dollars in the U.S. 'I think the growth is going to be unprecedented,' Trump said Wednesday afternoon. He added that the U.S. was 'taking in hundreds of billions of dollars in tariffs,' but he couldn't provide a specific figure for revenues because 'we don't even know what the final number is' regarding tariff rates. Despite the uncertainty, the Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world's largest economy. Now that companies understand the direction the U.S. is headed, the administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power. But so far, there are signs of self-inflicted wounds to America as companies and consumers alike brace for the impact of new taxes. What the data has shown is a U.S. economy that changed in April with Trump's initial rollout of tariffs, an event that led to market drama, a negotiating period and Trump's ultimate decision to start his universal tariffs on Thursday. After April, economic reports show that hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline, said John Silvia, CEO of Dynamic Economic Strategy. 'A less productive economy requires fewer workers,' Silvia said in an analysis note. 'But there is more, the higher tariff prices lower workers' real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences.' Even then, the ultimate transformations of the tariffs are unknown and could play out over months, if not years. Many economists say the risk is that the American economy is steadily eroded rather than collapsing instantly. 'We all want it to be made for television where it's this explosion — it's not like that,' said Brad Jensen, a professor at Georgetown University. 'It's going to be fine sand in the gears and slow things down.' Trump has promoted the tariffs as a way to reduce the persistent trade deficit. But importers sought to avoid the taxes by importing more goods before the taxes went into effect. As a result, the $582.7 billion trade imbalance for the first half of the year was 38% higher than in 2024. Total construction spending has dropped 2.9% over the past year, and the factory jobs promised by Trump have so far resulted in job losses. The lead-up to Thursday fit the slapdash nature of Trump's tariffs, which have been variously rolled out, walked back, delayed, increased, imposed by letter and frantically renegotiated. The process has been so muddled that officials for key trade partners were unclear at the start of the week whether the tariffs would begin Thursday or Friday. The language of the July 31 order to delay the start of tariffs from Aug. 1 said the higher tax rates would start in seven days. On Wednesday morning, Kevin Hassett, director of the White House National Economic Council, was asked if the new tariffs began at midnight Thursday, and he said reporters should check with the U.S. Trade Representative's Office. Trump on Wednesday announced additional 25% tariffs to be imposed on India for its buying of Russian oil, bringing their total import taxes to 50%. He has said that import taxes are still coming on pharmaceutical drugs and announced 100% tariffs on computer chips, meaning the U.S. economy could remain in a place of suspended animation as it awaits the impact. The president's use of a 1977 law to declare an economic emergency to impose the tariffs is also under challenge. The impending ruling from last week's hearing before a U.S. appeals court could cause Trump to find other legal justifications if judges say he exceeded his authority. Even people who worked with Trump during his first term are skeptical that things will go smoothly for the economy, such as Paul Ryan, the former Republican House speaker, who has emerged as a Trump critic. 'There's no sort of rationale for this other than the president wanting to raise tariffs based upon his whims, his opinions,' Ryan told CNBC on Wednesday. 'I think choppy waters are ahead because I think they're going to have some legal challenges.' Still, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months. As of now, Trump still foresees an economic boom while the rest of the world and American voters wait nervously. 'There's one person who can afford to be cavalier about the uncertainty that he's creating, and that's Donald Trump,' said Rachel West, a senior fellow at The Century Foundation who worked in the Biden White House on labor policy. 'The rest of Americans are already paying the price for that uncertainty.'
Yahoo
15 minutes ago
- Yahoo
Trump's higher tariff rates hit goods from major US trading partners
By David Lawder and Andrea Shalal (Reuters) -President Donald Trump's higher tariff rates of 10% to 50% on dozens of trading partners kicked in on Thursday, testing his strategy for shrinking U.S. trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners. U.S. Customs and Border Protection agency began collecting the higher tariffs at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them. Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April. But since then, Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. He announced on Wednesday a separate, 25% tariff on Indian goods to be imposed in 21 days over the South Asian country's purchases of Russian oil. "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT!," Trump said on Truth Social just ahead of the deadline. "BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" Eight major trading partners accounting for about 40% of U.S. trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15%. Britain won a 10% rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19% or 20%. "For those countries, it's less-bad news," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington. "There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," Reinsch said. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Trump's order has specified that any goods determined to have been transshipped from a third country to evade higher U.S. tariffs will be subject to an additional 40% import duty, but his administration has released few details on how these goods would be identified or the provision enforced. Trump's July 31 tariff order imposed duties above 10% on 67 trading partners, while the rate was kept at 10% for those not listed. These import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100%. China is on a separate tariff track and will face a potential tariff increase on August 12 unless Trump approves an extension of a prior truce after talks last week in Sweden. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in Ukraine. REVENUES, PRICE HIKES Trump has touted the vast increase in federal revenues from his import tax collections, which are ultimately paid by companies importing the goods and consumers of end products. The higher rates will add to the total, which reached a record $27 billion in June. U.S. Treasury Secretary Scott Bessent has said that U.S. tariff revenues could top $300 billion a year. The move will drive average U.S. tariff rates to around 20%, the highest in a century and up from 2.5% when Trump took office in January, the Atlantic Institute estimates. Commerce Department data released last week showed more evidence that tariffs began driving up U.S. prices in June, including for home furnishings and durable household equipment, recreational goods and motor vehicles. Costs from Trump's tariff war are mounting for a wide swath of companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum Brands. All told, global companies that have reported earnings so far this quarter are looking at a hit of around $15 billion to profits in 2025, Reuters' global tariff tracker shows.
