From: RWolf99@aol.com
Message-ID: <a7.a8cabc4.2787743e@aol.com>
Date: Fri, 5 Jan 2001 14:02:22 EST
Subject: Re: Credit
To: lancair.list@olsusa.com
Reply-To: lancair.list@olsusa.com
Mime-Version: 1.0

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In a message dated 1/5/01 2:07:50 AM EST, lancair.list@olsusa.com writes:

<< Insist on COD shipments... no payments in advance >>

This is not the answer.  If you're really concerned about being stiffed by 
Lancair (I'm not, but I can understand why a Glasair builder or a BD-5 
builder might be...) then just charge it to your credit card.  Lancair won't 
charge your credit card at all until they send the parts.  If there's a 
screwup and you do get charged and you don't get your parts then you won't 
have to pay the credit card bill.  This hasn't happened to me with Lancair, 
but I have had to refuse mistaken charges from non-aviation vendors and the 
credit card company is very helpful when this happens.

Myself, I like the convenience of e-mail ordering and the monthly billings, 
but occasionally I use a credit card when I have to stretch the payments out. 
 I tell them how to charge me and they usually get it right the first time, 
and fix it when they don't.  (I occasionally throw them curve balls by 
choosing a different credit card.)  I generally pay the bills to Lancair on 
time but sometimes I forget.  They have never charged me interest (thanks, 
guys!) even though they have every right to.  Besides, I get a chance to 
catch up on Donette's horses while I apologize profusely about the bill I 
stuffed in my briefcase and didn't find for two months....

I did learn from the Stoddard-Hamilton bankruptcy and purchased everything 
that was single-source from Lancair (exhaust systems, cowlings, etc) last 
September.  That was a big order and it went on my credit card.  (I'm still 
paying...)  I would strongly suggest that all builders buy everything that's 
single-source from Lancair as soon as feasible.  This is NOT because I 
believe Lancair is in financial difficulty but rather because it's just good 
practice.  You won't worry as much.

My policy has long been to buy from Lancair if it's close to the same price 
as elsewhere.  Keep the money in the family and help keep the company alive 
-- it's in everyone's best interest.  Not that my little purchases are enough 
to keep the company afloat, but there's strength in numbers.  Also, I live in 
California, so I get an instant 8% discount by not paying sales tax as I 
would from Aircraft Spruce.  Besides, the service is outstanding.  Kudos 
(again) to Vern and his crew.

I don't know what sparked the $500 limit on credit purchases but I assume 
there's a valid business reason.  If 1000 builders hold a $500 balance, then 
Lancair is floating loans to the tune of $500,000.  At 10% per year that's a 
$50,000 cash drain.  

Personally, I can't remember when a $500 credit limit would have impacted me, 
since I usually charge items that big to my credit card and stretch the 
payments over a few months.

- Rob Wolf
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