BONHAM, TX ― Well-known car dealership Legacy Auto Ridge in Bonham is closing because of financial problems.

Thirty-five employees at Legacy Ridge Autoplex in Bonham were laid off Thursday, and the owner told us Friday the autoplex will shut down completely.

Legacy Ridge has been in business for five years, but in less than seven days, their doors will close.

"It's been hard enough anyways with $4 gas and all that kind of stuff, so you just put all of that with what's happening today, which compounds the problem, so it's hard on a small dealership, and it's hard on the big ones, too. They have a lot of inventory sitting there that they can't move, and it's just a tough time right now," owner Steve Stephenson says.

Stephenson says General Motors, the company that funds the autoplex's rebates, will not do that for the next two weeks, which means legacy could lose $232 million of potential revenue.

But some dealerships like Bob Utter Ford Lincoln Mercury in Sherman say they will help Legacy customers.

"By next week, we'll run advertising letting people know that. You know we're not trying to be insensitive about the situation over there. We feel bad for the employees, but at the end of the day, the first thing is to take care of the customers and that can happen right here, and we will take care of them whether they bought their car here or not," owner Bob Utter said.

Legacy Ridge sells Ford and GM vehicles, two companies asking for $25 billion from Congress to stay afloat.

"The company money that Ford and GM and Chrysler operate off of are borrowed funds, and those funds aren't available now because those other institutions are failing, "Utter said.

Utter says it isn't because Ford, Chrysler, or GM defaulted on any loans, but that they made bad financial decisions.

As far as Legacy Ridge Autoplex goes, the owner says there is still some hope.

"There is an individual trying to come in and put a dealership back up in here. Hopefully it will be back up in the next couple of months if all goes well."

As for his plans, Stephenson says he’s not sure at this point what those entail.

"I have no idea. I'll be here cleaning things up and getting it straight. I’ll worry about that when the time comes."

Legacy Ridge Autoplex is set to close next Friday, but could reopen under new ownership in the near future.