Quote:
Originally Posted by steve_biegler
If any of you are taking credit cards check your state laws on title delivery. In my state we have 45 days to deliver title. Put yourself on as 1st lienholder until 90 days are up because they can dispute the purchase. You have to prove why it should not be disputed! The whole time you are without the funds. Just a word to the wise. Don't forget the fee you are charged for letting them use their card.
Completely agree with No Open Accounts! If you are foolish enough to allow it don't forget to be the lienholder on the title.
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Very valid point about accepting credit cards with the risk of the transaction being disputed in the future. I have always put a self-imposed limit of $2,000 on a credit card toward vehicle purchase for exactly this reason. It limits my liability if someone does want to dispute the charge and it prevents paying needless processing fees.
I have never run into an incident where a credit card is charged back on a vehicle purchase, but a friend at another store had an incident where credit card was processed over the phone, original receipt never signed by customer at delivery, and the transaction was later charged back. I think it $4,000 or so -- so just part of the deal, but still a major headache.