So I'm about to put a deposit down on a custom off road trailer from a reputable brand. Several grand, and will be several months before I can get it. They charge extra to use a credit card, because it costs extra for them, which makes sense. I'm just wondering if the guy goes under, gets hit by a train, or whatever, and I don't get my trailer if it is worth an extra hundred plus dollars net to use a card due to whatever protections are available. I know the short answer is ask the card vendor, but I hate sitting on hold. Thanks!
Credit Card Protections for Trailer Deposit
- Thread starter SNOWRIDER
- Start date
flipmachine
Adventurer
I know with the way we take your deposit at off grid, the bank should offer you some protection if we were to go under, I could ask our accountant.
pugslyyy
Expedition Vehicle Engineer Guy
It's definitely a valid point, progress payments are pretty common for custom work, but if they company goes belly up you don't have a lot of recourse (other than to get in line with all the other unsecured creditors).
The best recommendation I have is to link the progress payments to completion of YOUR trailer. Your initial payment gets you ownership of the partially completed trailer, so that if at any point something happens you can at least have a claim on the trailer with all the work done to date, because you actually own it.
This is pretty common in the commercial world, not so common for consumers - but a good way to protect your interests in case the business suddenly closes up shop. It may not be normal for the guy manufacturing for you, but shouldn't be a big deal. They don't plan on going out of business, but if something unexpected does happen you at least own the work product to that date.
The best recommendation I have is to link the progress payments to completion of YOUR trailer. Your initial payment gets you ownership of the partially completed trailer, so that if at any point something happens you can at least have a claim on the trailer with all the work done to date, because you actually own it.
This is pretty common in the commercial world, not so common for consumers - but a good way to protect your interests in case the business suddenly closes up shop. It may not be normal for the guy manufacturing for you, but shouldn't be a big deal. They don't plan on going out of business, but if something unexpected does happen you at least own the work product to that date.
Lucky j
Explorer
He is talking about a deposit, a garranty that he will still take the trailer once it is done. Not advance money to build the thing. That kind of deposit should not be touch and even paid back once he pay in full and get the trailer.
so with a credit card, if he does not get the good, he could have them cancel the transaction. Unless you have a limit with the amount of money you can do it with you credit card.
But that is a good question and my answer might not be good. But it is a deposit. Not building of a fab advance.
so with a credit card, if he does not get the good, he could have them cancel the transaction. Unless you have a limit with the amount of money you can do it with you credit card.
But that is a good question and my answer might not be good. But it is a deposit. Not building of a fab advance.
Uncle Jeffy
New member
I paid the extra and put it on my credit card.
I called Am Ex and they assured me that if I do not receive the goods that I paid for with the card, they will refund my payment. I was clear in stating that it would be several months between my deposit being processed and my delivery date. They said to make sure I had the documentation regarding the total price, deposit paid, order details, expected delivery date, etc.
It's as much for peace of mind as anything. No doubt in the worst case scenario they would try to weasel out of it, but at least I would know that I did what I could.
I thought it was pretty inexpensive consumer protection insurance. Also, my loyalty points offset almost half the cost.
I called Am Ex and they assured me that if I do not receive the goods that I paid for with the card, they will refund my payment. I was clear in stating that it would be several months between my deposit being processed and my delivery date. They said to make sure I had the documentation regarding the total price, deposit paid, order details, expected delivery date, etc.
It's as much for peace of mind as anything. No doubt in the worst case scenario they would try to weasel out of it, but at least I would know that I did what I could.
I thought it was pretty inexpensive consumer protection insurance. Also, my loyalty points offset almost half the cost.