DealershipForum.com - View Single Post - Credit Card used for Dealership Working Capital?

XDCX · 01-22-2008, 10:19 AM

Another news report indicates that the Dealer Principal used the Dealership's American Express Card and processed 48 charges in an effort to generate cash. Forty four of those charges were for $90,000 each.

When I first read the story I didn't think that it was possible. I'm really surprised that American Express didn't have some type of "circuit breaker" to prevent this from happening.

Here's a link to the most recent news report: http://www.tradingmarkets.com/.site/...20News/988977/

01-22-2008, 10:19 AM	#2
XDCX Administrator Join Date: Nov 2007 Posts: 14,869	44 Charges for $90,000 a pop.......... Another news report indicates that the Dealer Principal used the Dealership's American Express Card and processed 48 charges in an effort to generate cash. Forty four of those charges were for $90,000 each. When I first read the story I didn't think that it was possible. I'm really surprised that American Express didn't have some type of "circuit breaker" to prevent this from happening. Here's a link to the most recent news report: http://www.tradingmarkets.com/.site/...20News/988977/