“Material Weakness” is audit-speak for royal f-up. As a public company I’m amazed they were able to make it through prior financial statements without proper controls. If their quality control related suits don’t take them down the investor ones sure could.
Fisker lost track of millions of dollars in customer payments for months
21–30 of 72 posts
Re: Fisker lost track of millions of dollars in customer payments for months
#22Earlier quoted context omitted.
They might have a case to keep the car! There are laws around sending people packages and then demanding payment. I think it was to stop trolls from mailing you garbage and demanding payment afterwards… I’m not a lawyer, them having a purchase agreement in place probably changes things, but a clever lawyer might be able to make a case
How are they going to register without a title?
Unregistered car fines are probably less than the cost of the car in many use cases.
Re: Fisker lost track of millions of dollars in customer payments for months
#23“Checks were not cashed in a timely manner or just lost altogether” only in the US of A, or movies from 70s, something like this.
Truly. I had no idea anyone was still using cheques in 2024. Why weren't they simply doing bank transfers? I don't know if you even could buy a car with a cheque in Australia.
In fact we're ending the cheque system entirely in the next few years. I'm 34 and have never written a cheque, and only received about 4 - none of which were in the last 5 years.
Re: Fisker lost track of millions of dollars in customer payments for months
#24“Checks were not cashed in a timely manner or just lost altogether” only in the US of A, or movies from 70s, something like this.
To be fair, my mother is in a protracted situation with one of Europe's largest banks and the UK government's savings scheme. She made a transfer of a sum of money to the savings scheme but the bank refused for various reasons, yet the savings scheme acted as if they had received it. She now has the lump sum in both the bank account and the savings scheme with both of them claiming everything is fine and refusing to…
Heh. Couple months ago my mortgage company applied a payment to two consecutive months, also paid by paper check. Maybe check processing skills are getting lost from the workforce.
Re: Fisker lost track of millions of dollars in customer payments for months
#25“Checks were not cashed in a timely manner or just lost altogether” only in the US of A, or movies from 70s, something like this.
Truly. I had no idea anyone was still using cheques in 2024. Why weren't they simply doing bank transfers? I don't know if you even could buy a car with a cheque in Australia. In fact we're ending the cheque system entirely in the next few years. I'm 34 and have never written a cheque, and only received about 4 - none of which were in the last 5 years.
You can get a Bank Cheque!
I've purchased a car privately this way.
Although, very sensibly, the seller met us at his bank and paid the Cheque in to his account whilst we were there. Fake Bank Cheques are a thing.
I havent used a Cheque Book since the late 1990s. We used to order take-away food in London and then pay with a Cheque and Cheque Guarantee Card when the driver got to the door!
Which of course meant you could buy food on a Friday if you had no money and didnt get paid until Monday! LOL :-)
The original BNPL Scheme! ;-)
But yes, I dont think they issue Cheque Books here in AU anymore. And if they did, what would you even do with one!
Can you imagine trying to pay in a shop with one!
Re: Fisker lost track of millions of dollars in customer payments for months
#26They've also slashed prices https://www.bloomberg.com/news/articles/2024-03-27/fisker-sl... . Presumably that's on existing inventory as the manufacturing is paused. So even if they do cash your check it won't be as big as it used to be. It looks like bankruptcy is imminent. If they do go under does that mean there would be no one there to collect the telemetry? Would an electric car made by a bankrupt company be the…
Someone else could still do the spying.
Re: Fisker lost track of millions of dollars in customer payments for months
#27Rivian lost my full payment for an R1S.
What was the outcome? Free car? A strongly worded letter and you wrote another check?
Re: Fisker lost track of millions of dollars in customer payments for months
#28Rivian lost my full payment for an R1S.
That's astonishing. What ended up happening?
Re: Fisker lost track of millions of dollars in customer payments for months
#29Earlier quoted context omitted.
For something as valuable as a car, they definitely can. You still agreed to pay them. However, you can decide to take the whole thing to court and see what a judge thinks about it. In a way, they screwed up and that may affect the contract.
They might have a case to keep the car! There are laws around sending people packages and then demanding payment. I think it was to stop trolls from mailing you garbage and demanding payment afterwards… I’m not a lawyer, them having a purchase agreement in place probably changes things, but a clever lawyer might be able to make a case
> There are laws around sending people packages and then demanding payment.
Laws are different when you request the package. I don't believe Fisker sent cars to random people.
Re: Fisker lost track of millions of dollars in customer payments for months
#30Billing and Accounts Payable will always seem like a "how could you mess that up?" problem to engineers, but it literally is difficult and complicated and rife with ways to very seriously and permanently fuck your relationship with your customer. And potentially with your auditors, investors, and whoever performs legal oversight in your jurisdiction. All of the largest companies in the tech world have been hit by AP fraud. Billing, collecting taxes, etc. is just fundamentally complicated (fundamentally = by laws of the lands.) There's a reason Stripe is a bazillion dollar business!
That said, this screams of amateur hour. If Fisker can't keep track of the money I certainly wouldn't trust them to build a car correctly.
EDIT: I didn't realize they were already a public company. How in the fuck did they pull that off? It's so over for them.