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01-17-2008, 02:55 PM | #1 |
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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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