05-26-2009, 08:42 AM
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Senior ClubCobra Member
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Join Date: Feb 2006
Location: Northern,
Ca
Cobra Make, Engine: LA Exotics
Posts: 1,037
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Not Ranked
Rather than pick on Mike48, let's appreciate his post for what it is; a lesson for those considering the purchase of a new roadster from one of the many vendors out there. One must be cautious, especially now, as vendors may look viable, but be on the verge of collapse.
- Always give yourself leverage via a strong contract with very specific terms including payment schedules, deliver dates, and penalties.
- Keep your leverage by holding back fees unless terms of the contract are met.
- Never pay huge down payments or full fees, especially now. You have no leverage. Demand for full payment or large down payments from vendors may be an indicator that they have serious cash flow problems.
- Go with vendors that have a good track record.
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