- NEXTRECORD -
In September 1989, petitioner purchased a dresser, a mirror,
and several other pieces of furniture and related hardware from
Metropolitan Furniture Co., Inc. (Metropolitan) for a cash price
of $1,157, exclusive of sales tax and delivery charge.
Petitioner financed the purchase pursuant to a retail installment
contract that obligated him to make monthly payments of
approximately $58.50 for some 18 months, commencing November
1989.
In conjunction with the foregoing purchase of furniture,
petitioner executed a credit application with Metropolitan. In
the credit application, petitioner represented that his weekly
"take-home" pay was $350, which he earned working at his father's
barber shop as a "barber-stylist", a position that he had held
for at least "1 yr. 9 mths".
In the credit application with Metropolitan, petitioner also
represented that he owned a 1989 "Niessan" automobile that he was
financing through "Niessan" Acceptance Corp. Petitioner
represented that his monthly car payment was $385 and that the
loan balance was $15,000.
In January 1991, petitioner purchased a sofa table and a
cocktail table from Metropolitan for a cash price of $261,
exclusive of sales tax. Petitioner financed the purchase
pursuant to a retail installment contract that obligated him to
make monthly payments for some 6 months, commencing February
1991.
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