Document:

Assignment of Contract Proceeds

 Exhibit 10.3 
 ASSIGNMENT OF CONTRACT PROCEEDS 
 THIS ASSIGNMENT OF CONTRACT PROCEEDS (“Assignment”) is made
effective as of the 10th day of May, 2007, between Keith Bullard’s Auto Liquidation Center, Inc., a Pennsylvania corporation (“Company”) and Horvath Holdings, LLC, a Michigan limited liability company (“Seller”). 

WITNESSETH: 
 WHEREAS, pursuant to the
Stock Redemption and Debt Restructuring Agreement between Company and Seller, dated of even date herewith (the “Redemption Agreement”), Seller has agreed to fully discharge certain indebtedness of the Company described therein on the terms
and conditions set forth in the Redemption Agreement; and 
 WHEREAS, pursuant the Redemption Agreement, the Company has agreed to assign to
Seller the Company’s right to receive: (a) all proceeds under the Credit Acceptance Corporation (6X6 Pool) payments and the Ohio Funding Group, Inc. Buy-Here Pay-Here payments, in each case due and payable to the Company as a
result of accumulated consumer vehicle loans originated by the Company prior to the Closing (the “Back End Payments”), and (b) all proceeds resulting from certain vehicle sales completed by the Company prior to Closing for which final
proceeds have not yet been received by the Company (the “Sale Contracts in Process”) (collectively, the Back End Payments and Sale Contracts in Process are referred to herein as the “Contract Proceeds”). 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 1. Assignment of the Sales Contracts in Process. The Company hereby assigns, transfers and sets over unto Seller all of the Company’s
right, title and interest in, to and under the Contract Proceeds. 
 2. Miscellaneous. This Assignment and all of the terms and provisions
hereof shall be binding upon and inure to the benefit of the Company and Seller and their respective successors and assigns. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Michigan, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Michigan or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Michigan. 
 IN WITNESS WHEREOF, Company and Seller have caused this Assignment to be duly executed and delivered as of the date first above written. 
  

					
	“COMPANY”	 		 	“SELLER”
			
	/s/ Keith Bullard	 		 	/s/ Mark R. Horvath
	 Keith Bullard’s Auto Liquidation Center, Inc.
 a
Pennsylvania corporation
	 		 	 Horvath Holdings, LLC
 a Michigan limited liability
company

	By: Keith Bullard	 		 	By: Mark R. Horvath
	Its: Vice President	 		 	Its: ManagerPromissory Note

 Exhibit 10.4 
 AUTO FINANCE CENTER OF AMERICA, INC 
 PROMISSORY NOTE    $63,536.00 
 DATE    May 11, 2007 
 On demand,
the undersigned promises to pay to the order of Auto Finance Center of America, Inc. (“Company”) at its main office at 25221 Dequindre, Madison Heights, MI 48071, or any branch office, the sum of: 
 $63,536.00 (Sixty Three Thousand Five Hundred and Thirty-Six Dollars and no cents) 
 With interest charged at the rate of 12 percent per annum from May 11, 2007. 
 Company is hereby granted a lien for
security of this Note on any and all other liabilities of the undersigned to Company howsoever created, arising, acquired of evidenced on all property of the undersigned at any time in possession of Company on all liabilities owing. At any time by
Company to their undersigned, and on all accounts of the undersigned from time to time with Company, and the Company may apply any such accounts at any time on this note. Upon the placement of issuance of any levy, lien, Writ of Attachment, Writ of
Garnishment, Writ of Execution process, against the undersigned or any of the property of the undersigned, this note shall become due and payable immediately unless the holder hereof shall otherwise elect. 
 All parties hereto severally Waive demand, presentment, Notice of Dishonor and protest of this Note and all defenses by reason of any extension of the
time of its payment or by reason of the release or substitution of any collateral held as security herefor. 
 This Promissory Note is
secured by a pledge of collateral pursuant to the Security Agreement and Continuing Guaranty dated June 30, 2005, as is further evidenced by those certain Trust Receipts #5-9-07-1 and #5-9-07-2, each dated as of even date herewith. 

 

			
	Keith Bullard’s Auto Liquidation Center, Inc.
		
	By:	 	/s/ Keith Bullard
		 	Keith Bullard
		 	Vice President
		
	Its:Trust Receipt #5-9-07-1

 Exhibit 10.5 
 TRUST RECEIPT #5-9-07-1 
 The undersigned (hereinafter called the “TRUSTEE”) hereby acknowledges receipt from AUTO
FINANCE CENTER OF AMERICA, INC. in Madison Heights, Michigan (hereinafter called “ENTRUSTER”) or from a third party on behalf of or at the direction of the ENTRUSTER of the goods designated below or for and in consideration of the present
advance of new value as evidence by the Promissory Note of the TRUSTEE made to the ENTRUSTER in the amount of such advance of even date, herewith payable on demand, does acknowledge and agree that a security interest in said goods has been and is
granted and exists and will continue to exist and retain in favor of the ENTRUSTER. 
  

											
	 Year/ Make
	  	Model	  	Stock #	  	Vin #	  	Actual Cost	  	Floor Plan
	 95 Chevy
	  	Lumina	  	0361118	  	2G1WN52M7S1124582	  	995.00	  	995.00
	 98 Pontiac
	  	Sunfire	  	0370219	  	1G2JB5246W7507596	  	2140.00	  	2140.00
	 02 Chrysler
	  	Sebring	  	0370325	  	1C3EL46XX2N216005	  	5530.00	  	5530.00
	 95 Chrysler
	  	Cirrus	  	0370337	  	1C3EJ56H1SN559242	  	2000.00	  	2000.00
	 02 Ford
	  	Mustang	  	0370339	  	1FAFP40432F174330	  	6730.00	  	6730.00
	 00 Chrysler
	  	Sebring	  	0370340	  	3C3EL55H8YT239680	  	4420.00	  	4420.00
	 01 Dodge
	  	Stratus	  	0370405	  	1B3EJ46X41N568434	  	3925.00	  	3925.00
	 99 Dodge
	  	Durango	  	0370407	  	1B4HS28Z8XF550756	  	4425.00	  	4425.00
	 01 Mercury
	  	Sable	  	0370409	  	1MEFM50UX1A616300	  	2910.00	  	2910.00
	 98 Chrysler
	  	Cirrus	  	0370410	  	1C3EJ56H8WN289819	  	2560.00	  	2560.00
		  		  		  		  		  	35635.00

 The TRUSTEE agrees to hold said goods, together with all accessories, attachments and equipment, as a component
part thereof, in trust for the ENTRUSTER for the purpose solely of selling or exchanging them, or of procuring there their sale or exchange in the ordinary course of the TRUSTEE’S trade. 
 The Trust Receipt has been executed and delivered pursuant to and in furtherance of a certain Security Agreement Trust Receipt hereto for executed and delivered by the
undersigned (therein referred to as the DEBTOR) to and in favor of AUTO FINANCE CENTER OF AMERICA, INC. (therein referred to as the SECURED PARTY), and all the terms and conditions of said Agreement are incorporated herein by reference, made a part
of the Trust Receipt and shall apply to the property above described and the proceeds thereof and to the duties and obligations of the Debtor in connection therewith. 
 Dated: May 11, 2007. 
  

									
	Witnesses:	 		 	Keith Bullard’s Auto Liquidation Center, Inc.
				
	/s/ Mark R. Horvath	 		 	By:	 	/s/ Keith Bullard
		 		 		 	Its:	 	Vice PresidentTrust Receipt #5-9-07-2

 Exhibit 10.6 
 TRUST RECEIPT #5-9-07-2 
 The undersigned (hereinafter called the “TRUSTEE”) hereby acknowledges receipt from AUTO
FINANCE CENTER OF AMERICA, INC. in Madison Heights, Michigan (hereinafter called “ENTRUSTER”) or from a third party on behalf of or at the direction of the ENTRUSTER of the goods designated below or for and in consideration of the present
advance of new value as evidence by the Promissory Note of the TRUSTEE made to the ENTRUSTER in the amount of such advance of even date, herewith payable on demand, does acknowledge and agree that a security interest in said goods has been and is
granted and exists and will continue to exist and retain in favor of the ENTRUSTER. 
  

											
	 Year/ Make
	  	Model	  	Stock #	  	Vin #	  	Actual Cost	  	Floor Plan
	 93 Buick
	  	Park Ave	  	73R	  	1G4CW53LXP1632096	  	2000.00	  	2000.00
	 92 Mercury
	  	Sable	  	196R	  	1MELM5049PA635111	  	1500.00	  	1500.00
	 93 Mercury
	  	Sable	  	196R	  	1MELM50UXNG656060	  	1500.00	  	1500.00
	 94 Ford
	  	F250	  	300	  	2FTHF26H5RCA44186	  	6400.00	  	6400.00
	 95 Pontiac
	  	Grand
Prix	  	533R	  	1G2WJ52M9SF274743	  	2425.00	  	2425.00
	 94 GMC
	  	Jimmy	  	761R	  	1GKDT13W2R0513458	  	700.00	  	700.00
	 96 Ford
	  	Econoline	  	0340723	  	1FTEE14Y0THA00213	  	2101.00	  	2101.00
	 90 Ford
	  	F350	  	0340798	  	1FDKF37H8LNA72832	  	6700.00	  	6700.00
	 98 Eagle
	  	Talon	  	0360305T	  	4E3AK44Y4WE027888	  	800.00	  	800.00
	 01 Ford
	  	Focus	  	0361003	  	3FAFP31361R170791	  	3775.00	  	3775.00
		  		  		  		  		  	27901.00

 The TRUSTEE agrees to hold said goods, together with all accessories, attachments and equipment, as a component
part thereof, in trust for the ENTRUSTER for the purpose solely of selling or exchanging them, or of procuring there their sale or exchange in the ordinary course of the TRUSTEE’S trade. 
 The Trust Receipt has been executed and delivered pursuant to and in furtherance of a certain Security Agreement Trust Receipt hereto for executed and delivered by the
undersigned (therein referred to as the DEBTOR) to and in favor of AUTO FINANCE CENTER OF AMERICA INC (therein referred to as the SECURED PARTY), and all the terms and conditions of said Agreement are incorporated herein by reference, made a part of
the Trust Receipt and shall apply to the property above described and the proceeds thereof and to the duties and obligations of the Debtor in connection therewith. 
  

									
	Dated: May 11, 2007.	 		 	
			
	Witnesses:	 		 	Keith Bullard’s Auto Liquidation Center, Inc.
				
	/s/ Mark R. Horvath	 		 	By:	 	/s/ Keith Bullard
		 		 		 	Its:	 	Vice President

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