Ferrari Mailing List: Re: NFC.Credit card BS

[Brian E. Buxton (BrianBuxton]

Buying a car or any other item does not give the credit card issuer any 
right to what was purchased.  Just to collect on the "loan."  So since 
there was no lien holder shown on the title the bank would have no right 
to the car in case of default.

Brian




Michael James wrote:

> There was a terrific thread on FChat regarding one gentleman who 
> purchased a Lamborghini G using 7 different credit cards.  In a 
> certain logic-space, such a transaction makes sense - if you default 
> on one or two of the cards, no credit card company can possibly 
> reclaim or reposses their portion of the collateral: 1/7th of a car.  
> The rest of the story is worth the read-through if you have a few 
> hours to kill....needless to say, it did not end well.
>  
> M
>
>
> --- On Mon, 5/18/09, Brian E. Buxton 
> <BrianBuxton [at] BuxtonMotorsports.com> wrote:
>
>
>     From: Brian E. Buxton <BrianBuxton [at] BuxtonMotorsports.com>
>     Subject: Re: [Ferrari] NFC.Credit card BS
>     To: "Michael" <Cavallino_Rapante [at] yahoo.com>
>     Cc: "The FerrariList" <ferrari [at] ferrarilist.com>
>     Date: Monday, May 18, 2009, 4:38 PM
>
>     Yes merch fees range from about 2-5%.  I don't charge a fee for up
>     to a
>     certain $ amount, but if someone wants to purchase something out
>     of the
>     ordinary, such as a car, etc, I charge them the bank fees and have
>     them
>     sign paperwork acknowledging that.  On some deals a $1,000 bank fee
>     could erase profits!
>
>     Brian
>
>
>
>     LarryT wrote:
>
>     >    Cool! You must have enough built in to the price to cover the
>     merchant account fee?   There was a dealership in NC that sold a
>     new MB - and the customer wanted to pay using Amex - since they
>     publicized they accepted AMEX (intended for the parts dept) they
>     had to accept it for the new car sales.  Don't know ow much their
>     merchant fee was or how much their new car margin was but they
>     raised such a fuss it was in the newpaper -
>     >
>     >    Isn't the merchant fee usually between 2% & 4% depending on
>     sales volumn?
>     >
>     >LarryT
>     >
>     >https://www.nrahq.org/nrabonus/accept-membership.asp
>     >
>     >Free 1 year NRA membership to anyone interested!
>     > 
>     >
>
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--

Brian E. Buxton, President



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