Happy to finally see a response. I do think there needs to be some sort of disclaimer with that broker to notify other users of recent issues.
Something like, “Bases on recent activity with this broker, proceed with caution”
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Something like eBay review of how many negatives in last 12 month and positives as a mouse hover when hovering a brokers name could be a great feature to implement.
Easier access to reputation
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Or just move this thread into their review section… otherwise the broker responded, all the info is here for anyone curious in doing their research.
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I agree with you, I just don’t want to see more regulation/expenses for the actions of one person. The review system should warn potential clients of the risks of pre-ordering cars with that particular broker. The fact they stated they would no longer charge a deposit for preorders is definitely the way to go in this situation. However I wouldn’t want that implemented across the board for people like myself that have never had the same issues. Deposits show me that a buyer is serious and not wasting my time
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If you take credit cards, can’t you put a deposit as a pre-authorization and not a full charge?
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What happens when the card expires, is hacked, or is canceled before the vehicle arrives or is able to be ordered?
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IMO the easiest solution is to require a broker to take credit cards. If a broker wants to pass the processing fee onto their client that’s his or her choice. Or alternatively offer a discount for paying through zelle/venmo or some other service that doesn’t charge someone 3%.
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What happens when the customer files a chargeback on the regular credit card purchase? The way authorizations work is the funds are held for 30 days. If the broker needs longer they can re-authorize at 30 days for another 30. This way the funds are guaranteed to the broker, but are not actually taken. If the broker doesn’t capture the funds and 30 days come around, the funds are released back to the customer. If the card expires or is replaced with the different card the authorization still holds, but it won’t be able to be re-authorized. There is a long list of ifs, buts, protections from both sides, etc. that people who deal with credit card transactions should be aware of and are out of scope for this thread. To me personally I would never pay an unknown entity on the internet through venmo, but to each their own.
we are talking $15 dollars on a $500 transaction for a piece of mind. Are you telling me that brokers are operating on such low margin that $15 cannot be absorbed? I get that every broker operates differently, but there are plenty that have minimal involvement in the process outside of passing on pre-arranged deals between the customer and the dealership. Seems in those cases the $500 is pure margin. The full service brokers that take care of everything and the customer doesn’t even know where the car comes from as it materializes in their driveway, those I get have overhead costs, but even then, $15 fee seems like it should be a non-issue.
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Bank immediately pulls the amount from the bank account of the merchant.
Bank also charges a $35 fee to the merchant. (Amt varies but $35 is what I’ve seen)
All this is done through the merchant’s Processor
The merchant has 10 days (Yes 10!) to respond to the processor about the claim.
If the merchant wins (unknown on the time frame) , the money is given back.
If the merchant loses (or does not answer in 10 days), it is closed and the money is given back to the card holder.
So if you REALLY wanted to screw a merchant, do a charge back on a $35 transaction. It costs the merchant $35 to even ‘view’ it.
Note : Doing this multiple times can get your card closed. Banks do view this as neg on your record whether true or not, and it is flagged to see if you just like screwing merchants.
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Maybe it’s just me, but I don’t see multiple negative posts about any other broker on this site. I’m starting to see a pattern regardless of who was right or wrong…
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The chargeback was not a question of how it works, although the way you described it you have some messed up processor with draconian rules, if you don’t mind sending me a name who charges $35 to look at chargeback in PM, that would be interesting. It was more to answer @AutoPaint question of how would the broker be protected in the event of cancelled card. My point was that even if they charge instead of authorizing, the customer has recourse.
With credit card both sides are kind of sort of protected and there are options on how to process the transaction so both sides are comfortable, with venmo it’s very one sided.
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I definitely believe in less regulation when it benefits the people. I agree that you taking deposits HOWEVER you like (not through credit cards if that is a burden to us which increases fees, and wait types). If you dont take deposits and that makes it worse for us beause it causes the brokers to have more BS/timewasters to deal with then I’m against it.
At the end of the day there is no magic answer to fix the inevitable issues we will face but there will have to be some type of compromises eventually to help out the masses. Not all of us are savvy enough or have enough time to read through hundreds of posts.
All I’m proposing/ asking for is that there are laid out guidelines/policies that we can all look back on to that we know what it they are.
The fact that the locking of this specific brokers thread was an off the cuff response after almost a hundred responses to this thread is the real issue. If that was already known ahead of time as a possible consequence then majority of these comments would never have happened.
Imagine this thread went like so:
OP - I have an issue with Broker A - Not getting anywhere What do I do?
Response 1 - Get the popcorn
Response 2 - Hey there is policies about this. Look here @ “LH policies on crap like this link”
Response 3 - Yeah, look at that link, the broker is supposed to give a refund within X amount of time and now that there is thread about this they have 3 days to respond or their account gets locked.
Response 4 (Moderator) - Yeah everyone stop commenting about this until the 3 day window is up.
Response 5 - Hey I’m the broker dont lock my account I had legit (or not) issues.
Response 6 - Look how small this thread is, I still popcorn leftover
Response 7 (Moderator) - This is gettting off topic I’m closing this.
CLOSED
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Why not just let the marketplace dictate this? If a customer isn’t comfortable with a brokers policies they do not have to take their business there, pretty simple.
Clearly if there is a problem with the brokers practices the community will listen
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I would suggest this thread be closed as it’s served its purpose. The response and explanation that was asked for was received and whether you agree/like/hate it doesn’t need to continue to be dissected here IMHO. If you are still skeptical then vote with your wallet, as people here are fond of saying, and use any one of the other brokers on this site if you go that route.
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Everyone has their pitch forks out but why don’t people just treat this as any other decision in regards to paying for a service. The review threads are there for a reason. I don’t just give someone $500 without first doing some due diligence.
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The broker had stellar reviews until recently where these cases started popping up, that means that there is a good stretch of time that people can be caught in a void where the service degraded, but the bad reviews didn’t show up yet.
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Herein lies the issue. If you take money for your service, you are guaranteeing that the vehicle is sold at the agreed upon price. PERIOD. That is your only value as a broker. If you fail to deliver, regardless of market conditions or family matters, you should refund the fee in full immediately or what you are doing is fraud plain and simple.
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Vast majority of her deals having no issues was enough reason for me to think they are due to negligence rather than her having a nefarious intent. Does that mean she does not have a black eye? No. I would probably use someone else everything being equal. Having said that, I would not mind using her services if she is the only option for a particular deal. Your assessment may be different.
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For sure. That’s working for us now but just looking back on history, completely “free enterprise” does not pan out well when it scales up. Competition gets tighter and resources become thin, which creates (unfortunately) a supplier that starts to cut corners/ make it worse for the consumer. Thats where regulation comes in. Regulation unfortunately keeps the smaller guys out that cant handle the quality that the larger more funded guys can handle but it gives the consumer a better product. Then we get monopolies and then world just goes in a circle.
Soooooooooooooooooo the story goes,
- non regulated/free enterprise with high quality product,
- too much competition lower quality product,
- then regulation
- higher quality product but higher costs (Only the strong capable survive)
- monopolies and less competition EVEN HIGHER costs/less innovation
- deregulation/ government forcing breakups to help with the last issue
Then it just cycles between the last 2 things.
So goes the capitalists economy in a post.
The problem is clearly not her!
It’s her:
Dealer
And partner
Vis a vis
In messes she finds herself, which she doesn’t
Deserve
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