what happens when you default on amazon loan?

[macgom]

I never knew that I would post something like this here.
I've been selling on amazon and did over $100K monthly.
End of last year, I was offered a loan from amazon lending and I took it and it's been used to buy more inventory for holiday season. Yes, I thought that it was an awesome program until not too long ago when my seller account was suspended for unclear reason; selling inauthentic items.
We provided invoices for inventory but 'auto-bot' simply did not bother to care and the seller account is suspended forever I guess.
My guess is that amazon.com suspended my seller account because I was competetively fighitng against amazon.com's price because I never sold any inauthentic item (not even one).

Now, this seriously affected the business since I took the loan to buy whole lot of inventory to sell more items on amazon but I'm stuck with huge inventory and I'm sitting on debt; amazon loan with no cash flow.
Based on current financial situation with business being taken apart, I can't even imagine how I can repay amazon loan.
Yes, I should have been prepared but I never expected this would happen right after taking the loan from them.

Does anyone know what would happen if I fail to repay amazon loan?
Not that I've planned to run away without paying back for what I borrowed but it's the sad reality and very upsetting.
If anyone can give any tips, please share.
Thank You,

[jane]

your steath account or real info account?

whichever whichway, buy a steath book to start again, that's why this forum for !

if your loan went to your steath account, i guess it's something concern fraud.

[incniu]

Amazon is dangerous playground.

[macgom]

Originally Posted by jane

your steath account or real info account?

whichever whichway, buy a steath book to start again, that's why this forum for !

if your loan went to your steath account, i guess it's something concern fraud.

It was on real info.
I'm planning to buy a Stealth Book soon.
Thanks,

[jane]

Originally Posted by macgom

It was on real info.
I'm planning to buy a Stealth Book soon.
Thanks,

After reading the steath book carefully, then come back if you have something confusing, many people will help.

don't ever think that my account is strong, my account will last forever,,,, forget those naive ideas.
get 3-4 amazon accounts in hand and make them running well, so you will not be worry about suspension again ( make sure don't put too many stock in FBA )

i had similar feeling when my amazon went down at first time, i can also fully understand what you thinking now. world won't go down, buy a steath book, read carefully, then HERE WE GO AGAIN ! MANY PEOPLE HERE WILL LEND YOU A HAND !

[jane]

a small tip to you.
don't ever beat amazon.
when amazon drop price a lot, means amazon want to clean out their stock. sometimes you can see that when you drop your price, amazon system drop their price automatically, don't follow amazon, if you keep beating amazon, amazon will kick you off .
also don't ever beat other sellers, everyone has to make a living, you can put price as same as others, then amazon will put everyone in buy box in turn, so every one will be happy.
if your price also is $0.1 less than others, other sellers may lodge complain to amazon that you are selling Fxxk, no matter it is or not.
amazon is a platform to let you going a long way, not a platform to make quick money.

[rsot]

Real info so...you could be held liable. How big was the loan?

[cmbhuy]

you still have stock..go stealth and sell rest of your inventory

[macgom]

Originally Posted by rsot

Real info so...you could be held liable. How big was the loan?

It was about $40K.

[macgom]

According to loan agreement, it seems like they do not put any lien on collateral but they do have rights to take your inventory in case of default on payment.
I guess no one had similar issue before?

[Techd]

any update to this, wondering what happened.

[frazze2]

**** amazon, forget that loan. Move on with your business.

[MM78]

Originally Posted by frazze2

**** amazon, forget that loan. Move on with your business.

The OP most likely used an SSN along with his real info so technically Amazon can **** him with debt collectors or hurt his credit rating. What the OP needs to do is sell whatever he can to cover that debt.

[JamesNorth101]

Originally Posted by frazze2

**** amazon, forget that loan. Move on with your business.

Really not a good idea...

[amzpro]

Originally Posted by frazze2

**** amazon, forget that loan. Move on with your business.

That's only a good idea if the loan belongs to a corporation, is not personally guaranteed, and you don't care about filing bankruptcy for said corporation.

[KenjiMishima]

Hey could have emailed seller evaluation or jeff. Attached all the needed things to the email along with the plan of action, probably mention the loan in the email.

[sax4]

Don't mess with Amazon, they have drones