Wow you guys... I saw this thread last night and was up till 3am before I fell asleep around page 40. My $0.02, is that it's just an unfortunate situation where the real "bad guy" is neither Roy or Josh... Just pure "sh*t happens / bad luck" for both parties. Good luck to you both, I hope at the end of the day it all falls on the shoulders of the insurance companies rather than on you. Still, the real winners will be, as always, the lawyers. Best, Chase
Not a problem. Just makes no sense to buy a late exotic on CC, it being a depreciating asset, as a practical matter. If you guy can justify some common sense for doing this then you may try do this too. I would not. Furthermore, anyone accepting the sale of a luxury item from a buyer using multiple credits to afford it should revise its practices. I personally would do neither. I have used credit card 0% for short term investment of very low risk but I'll tell you better know what you are doing wiht it and have a clear plan A and B. In this case these was neither.
I heard Kentucky. knock..........knock........knock. he wants to take yours for a test drive.......all the way to California.
Wow, I just read pages 40 to present.... Josh goes further downhill in my mind. IMO. Josh couldn't really afford the car in the first place... I mean 9 credit cards, are you serious? ... Then, in the most immature way possible, begins to trash Roy Cats and his business, a guy trying to help him follow the laws due process, and takes it to a dirty personal level. Roy, if you were bury that car in paperwork and lawsuits so that he never sees it again... AND still has to pay off his 9 cards in the process... ALL just to teach him a lesson about how to not be a prick.... THEN I would most definatly buy my next car from you just out of respect of putting this punk in his place.
You display only elementary financial knowledge, yet choose to sermonize everyone else. If you really think a business that accepts multiple cards for a purchase ought to reverse its practices, you are ignorant beyond belief. It's like the idiots who go around assuming you have drug proceeds if you have more than $5,000 in cash on you. Pull your head out of whatever cavity it has been shoved up. Who cares what you would do or not do? This is not about you. It's the customer's business, and the customer's business alone, whether he can buy the car many times over, or has to live in a field to be able to afford one. And all sellers would be wise to accept as many forms of legitimated payment as possible for their transactions.
If Josh doesn't get his car back, and Roy is able to acquire the car maybe he should keep it as a reminder.
Or there will be a YouTube video of Roy shooting up the car with an array of high powered weapons, like that one episode of Monster Garage... I bet after all this is done, that would be $100,000 well spent to Roy to finish off that car once and for all.
I tried to buy cars on a credit cards in the past, most dealers outright refused...I suspect they are worried about a chargeback, and the 3% card fees. BMW dealer wouldn't do it... Honda dealer said they would take up to a $5000 deposit but there was a 3% fee. Caddy dealer took up to $10,000, also added a 3% fee. Ferrari dealer wanted a check . I am shocked that you can put a car entirely on credit cards. I have tried, with no success. My plan was to just pay when the statement came it, as its a royal pain to run to the bank for certified funds...
A friend of mine that has a bunch of cars bought a C6 Corvette when they first came out on a black AMEX. They didn't ask any questions.
Try the dealerships in West Covina, Cali., talk to the agents from the "Filipino Dept."! These guys will do anything for a sale!!!
I doubt that the APRs on the nine cards are anything but punitive. It's been posted here that all the cards were not in Josh's name, which means that someone else is on the hook, at least partially, for a bit of misery or some frequent flyer miles, take your pick. I'm wondering if payments are being made on all of these cards. It's none of my business except for the fact that Josh opened the subject to all of us when he (repeatedy) posted. While there remains a wealth of untold detail in this story, we'll know we've gotten to the truth when it all begins to make sense. We're not there yet. I find Josh's third of the triptych to be the most puzzling.
?? If more people would display restraints in financial hanldings, including financial experts, may be this country would not be in the mess we are in today. Just tried to outline a little common sense for that specific case. Sorry if I gave this impression. Just saying what I thought. Such transaction does not make sense to me. It may for someone else. It is what I think a common sense judgement to avoid problems, like staying away parking an F in Harlem at night. That is not being an "idiot" but just being prudent. Of course this case is about Josh and Roy. But to best judge a situation, isn't it appropriate to figure what would you do in this case? Again I apologize if my response frustrated you to such extent. Have you bought an exotic on CC? Yeah, I guess it is all about money. So the poor bastards who got screwed lately on mortgage deals by allowing them to get more than they could handle should just suck it up and move live under a bridge. (Just kidding). Listen, I am not looking for a fight here, there is enough of that. Just provided my honest viewpoint and may be you are right, I am displaying total financial immatury for questioning the uses of CC transaction in a case like this. I was not just bringing only the financial or legal issues although the CC company may have a legal liability here if they gave the guy credit he can handle. But hey, everyone does the business they want. cheers.
Don't hate on Filipinos... we're "go-getters" that's a better way to put it. ...some of the hardest working people IMHO
I don't think he was hatin'. I think its admiration for people "who will bust thier ass for a sale". At least that's how I took it.
We're assuming he charged the full amount to the credit cards, I think that is highly unlikely. More likely he paid Roy in multiple forms inculding possibly checks/wire/CC's or whatever. Maybe he only charged $5k on CC's maybe it was $100k? Who knows. As for the notion that Roy should be "more responsible" and not accept CC's, I'd have to dispute that all the way. I am a business owner and I take CC's too. I sell products that are not necessary, they are luxuries. I get tons of CC declines. I contact the customer and they provide an alternate payment method (or sometimes they have to cancel the order). I have had people say "Can you wait until Wednesday to charge me so my paycheck will be in there?" over a $100 charge. I never make it my business to judge, not because I am a money grubbing jerk, but because it's really none of my business how people spend their money and I can't imagine making it my business and trying to lecture people on how to live their lives. Wow - talk about a way to go out of biz quick by pissing off your customers! In Roy's case, for all he knows Josh wants the points or cash back bonus, or FF miles on those cards. Maybe a relative wants Josh to help them get an interest-free cash advance by having him use their card and then Josh gives them the money. Maybe it's a 0% card? Maybe Josh is floating it, or a relative is floating it? It could be a lot of different things. We *assume* he is stretching to the max and had to use CC's to afford it, but that may not be the case and even if it is, it's none of our business (and none of Roy's business why Josh paid with CC's - nor does or should Roy care). Roy was actually being nice by letting him pay with a CC - because if he did a chargeback Roy could be in a tight spot which is why most dealers have a low minimum amount on CC charges for cars. Anyway, not trying to lecture anyone just putting the business point of view about CC charges and "responsibility" out there.
Josh originated the thread with the intention of creating support for his position and against that of the other party/parties thus opening up the subject in its entirety.
No, you've actually got it backwards. You lashed out at the wrong person, who happened to have been correct. Having multiple credit cards for the purchase of a single item is problematic to the credit card companies (e.g. they would have difficulty obtaining that purchase/asset in a bankruptcy court because they only own part of it). So if any one of those 9 different companies balks at some point in the future, they are going to want their money back (and since they hold the power of paying the Seller for other purchases, they can often get it). That would leave 8 cards paying, and 1 refunded...problematic for Roy/Seller. Does he go after his customer and terminate a deal at that point, or eat the money, or what?! Which is to say, a multi-card purchase carries a different level of risk than does a single card purchase. And we're talking about a 6 figure deal.
