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Old 06-23-2010, 09:22 AM   #1
crowe
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Default Prepaid MasterCard BK

The quote below is from the Kia performance center today:

ďWe have been advised, that on Friday, June 18, Springbok Services, Inc., the company that processes the Kia Prepaid MasterCard for Kiaís incentive Program vendor, BI services, filed for Chapter 11 bankruptcy.Ē

I was told they filed right after KIA made the deposit for Mayís sales spins.

During May & June MTD, 77% of our units sold had sales consultant/manager spins.

This same vendor used to handle Chryslerís debit card. Iím not sure if they still do.
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Old 06-23-2010, 09:59 AM   #2
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Wow, that's too bad. I know a lot of people rely on the money they receive as Factory Incentives and I bet it will take a long time to sort this mess out.

Concerning Chrysler, I'm not sure who handles their incentive payment program currently? Hopefully it's not Springbok.
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Old 06-24-2010, 10:37 AM   #3
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Default News report from Dallas about the Springbok Bankruptcy

I found a news report from The Dallas News indicating that Reward Cards issued by TXU (The local power company) are impacted by the Springbok Bankruptcy and it's unknown at this time how long it will take TXU to get the problem resolved.

For the full report - click here

I sent the reporter an e-mail asking for a link to the Springbok Bankruptcy Filing so I could determine who their automotive clients were.
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Old 06-24-2010, 03:37 PM   #4
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Smile Springbok is in the house.....

I had to smile this morning when I was checking IP Addresses and noticed that Springbok Services was reading this thread.

I have no idea how they found it, I guessing it was Google. You've got to love the Internet....

On a different note, does anyone know if Springbok handles the Chrysler Rewards Card?
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Old 06-25-2010, 10:02 AM   #5
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Quote:
Originally Posted by XDCX View Post
I found a news report from The Dallas News indicating that Reward Cards issued by TXU (The local power company) are impacted by the Springbok Bankruptcy and it's unknown at this time how long it will take TXU to get the problem resolved.

For the full report - click here.
From the Dallas News article.
ďOther companies listed among the creditors are M.D. Anderson Cancer Center, with a $110,419.15 claim; Nationwide Insurance , with a $530,322.89 claim; and Mercedes-Benz Financial, with a $130,756.52 claim. The largest claim against Springbok, according to the filing, is $15 million by KeyBank. Another filing states that Springbok has served more than 6,000 clients, including 225 among the Fortune 500.Ē
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Old 06-25-2010, 10:11 AM   #6
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Originally Posted by XDCX View Post
I had to smile this morning when I was checking IP Addresses and noticed that Springbok Services was reading this thread.
It must part of that bare bone staff left.
Hey barebones, youíre your holding my guys up for about 10K. If I could catch you, youíd be bones for sure!
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Old 06-25-2010, 10:13 AM   #7
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Kia has stated their working on expediting payment through another source ASAP.
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Old 06-25-2010, 05:33 PM   #8
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Quote:
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It must part of that bare bone staff left.
Hey barebones, youíre your holding my guys up for about 10K. If I could catch you, youíd be bones for sure!
That's what I thought too.

Spingbok's answering machine states they're working with a "bare-bones crew" but they still have time to surf the Internet trying to find stories about their failed company.

Maybe Springbok's surfing the forum trying to learn how GM and Chrysler scored one of those bailout packages - both OEMs have made bankruptcy look pretty attractive.
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Old 06-25-2010, 05:36 PM   #9
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Kia has stated their working on expediting payment through another source ASAP.
Cool - another indication that KIA's a progressive company that cares about their dealer relations.

Props to KIA for stepping up with a quick solution to a problem they didn't create. :thumbsup_old:
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Old 06-28-2010, 03:17 AM   #10
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Has anyone heard an ETA? Is the fix a few days, weeks, a month?
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Old 06-28-2010, 08:47 AM   #11
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Has anyone heard an ETA? Is the fix a few days, weeks, a month?
Great question, I wish I had an answer.

Our member, crowe, always seems to have a good pulse on what's happening with KIA so hopefully he'll have some information.

I did some checking on the Internet and there's not too much information about Springbok's bankruptcy. In fact, I think that's one of the reasons this thread has been getting a lot of hits from guests - it's one of the few recent links indexed by Google.

Oh, and by the way, I noticed that was your first post - Welcome to the Forum.
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Old 06-28-2010, 10:01 AM   #12
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Quote:
Originally Posted by bwebber View Post
Has anyone heard an ETA? Is the fix a few days, weeks, a month?
Our Kia DM stated Kia is going to use another debit card provider. I donít know the time frame however I would think 30 days would be fast (as in a miracle) & 60 days + is more of a reality. They not only have to setup the accounts but new cards will probably have to be issued & mailed.

I wish Kia would just write individual checks like they used too. When I asked about checks I was told thatís not going to happen. DM suggested the dealers could front the money to the salesman. Thatís not going to happen either, Kia owes the $s not the dealers.

I expect there is a lot of grief about this & it will not go away until the money is paid.
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Old 06-28-2010, 10:43 AM   #13
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Originally Posted by XDCX View Post
I did some checking on the Internet and there's not too much information about Springbok's bankruptcy. In fact, I think that's one of the reasons this thread has been getting a lot of hits from guests - it's one of the few recent links indexed by Google.
Iím surprised there hasnít been more news on this, especially with the size of some of the clients with funds in limbo.

Last week I contacted NBPCA, the Network Branded Prepaid Card Association a non-profit, inter-industry trade association. Springbok Services is a member & is on the board of directors (great). I have not received a response.

I donít know what government agency regulates prepaid debt cards. Probably the same the guys watching "Bernie" Madoff & BP .
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Old 06-28-2010, 11:02 AM   #14
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Quote:
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Iím surprised there hasnít been more news on this, especially with the size of some of the clients with funds in limbo.
I sent an e-mail with a link to this thread to a reporter with Automotive News. Hopefully she'll investigate this story and uncover more information.

On a different note, how can a company go bankrupt running a rewards card program? It seems like such a simple business model. My only guess is they miscalculated the number of people who would lose their cards or throw away a card with a small remaining balance.
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Old 06-28-2010, 07:07 PM   #15
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Thanks for the info and the welcome. It's tough when you have a team relying on that money.
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