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Old 01-17-2008, 02:55 PM   #1
XDCX
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Join Date: Nov 2007
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Default Credit Card used for Dealership Working Capital?

In a story that seems too bizarre to be true, a news report indicates a Minnesota Ford Dealer is working with American Express to resolve a dispute that resulted in a Federal Court filing against the dealership.

The news report indicates that the dealership used an American Express Credit Card to secure $4 million in working capital. American Express filed a suit in U.S. District Court in an attempt to freeze assets when the dealership failed to make payments on time.

Here's a link to the news report: http://forestlaketimes.com/content/view/273/1/

Here's a question for the Dealer Principals and Office Managers: Is it possible to run-up $4 Million on an American Express Credit Card? Wouldn't they just place a hold on the account at some point?
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