Holiday Coupon---Sheffield Financial

Discussion in 'Lawn Mowing' started by Uranus, Dec 8, 2007.

  1. Uranus

    Uranus LawnSite Bronze Member
    from Mass
    Posts: 1,624

    Anyone ever use one of the holiday coupons from a Sheffield financial? I was thinking I might use one since It looks like I'm going to lose out on about 5K in leaf cleanups this year. Crappy weather is killing the northeast this year. We got a late start cuz of a few inches of snow and an early finish (forced finish) Cuz of a few inches of snow.

    I'm looking to see how bad it makes the finial payment since there will be 30 days more of interest added to the loan. Keeping that $400 payment in my pocket seems nice but I dont want to get nailed later on for not paying on the principal.

    Anyone ever use one?
  2. JayD

    JayD LawnSite Silver Member
    Posts: 2,060

    I have not used one from them. I did see where they will charge you $35 for using it though.
    Just wondering, what did you buy that gives you a $400 payment?
  3. robertsturf

    robertsturf LawnSite Bronze Member
    Posts: 1,402

    We use them every year. It helps when the snow doesn't fly.
  4. Pietro

    Pietro LawnSite Senior Member
    Posts: 857

    I planned for the winter, As a matter of fact, I took the payment books from my truck and trailer, and sent a check in and paid the accounts up until April.
  5. Uranus

    Uranus LawnSite Bronze Member
    from Mass
    Posts: 1,624

    lazer xs with 3 bag ultravac. $12,300 or somewhere around there. The payment sucks but thats what I get for not putting any money down on it.

    36 month loan.

    You send in $35 for a processing fee. I guess you end up paying an extra months worth of interest if you dont catch up on the principal. Hate to see what the final payment would be if you used all 6 coupons they give you.
  6. robertsturf

    robertsturf LawnSite Bronze Member
    Posts: 1,402

    We tried to plan for the winter but my wife ended up in the hospital 2 times for 7 days and had to quit her $25 per hr job because of migraines. She couldn't even work with the business this year. Now she substitute teaches at $85.00 per day. We lost more than 15k in lost wages with her alone. Plus we fired our largest property this year!!
  7. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    How do you fire a property? Was it an employee?
  8. topsites

    topsites LawnSite Fanatic
    Posts: 21,653

    I got lucky and got approved for a Chase Visa at 0% until December '08, no annual fee.
    That was back towards August, I immediately dropped $1000 worth of fuel on it, it's a bit further up now but I got it on minimum auto-payment so my only concern is to get the money together to pay it off late next year.

    It always helps to float a loan like that, I wouldn't do it if it involves interest.
    Still it's risky, it's taking a chance on blowing a FICO score big time.
    Even just the balance itself lowered mine by 50 points, high credit limit and it's a brand new line,
    now imagine what happens if I can't pay it off.
    We all know where that road leads...

    You do what you have to do sometimes, now I can't tell you either way case it goes wrong, but I'll go as far as saying that I think if you plan it out correctly you should be fine.

    I'm sure it's just a figure of speech, we don't really fire them, but like when you tell them you ain't showing up no more. :laugh:

    I've had to do this more than once, it hurts when it's your biggest customer but it also seems that knowledge tends to start it sometimes... I can't say for sure but I'd be willing to bet things got too demanding, leave it at that.
  9. Envy Lawn Service

    Envy Lawn Service LawnSite Fanatic
    Posts: 11,062

    I pay cash for my equipment, so I have never used such a thing.

    I just dropped in to drop a relative line or two as food for thought.

    I always used to offer a similar option to my customers. Not in the same form though. What I would do is, say for instance I had one paying monthly on a 12-pay contract.... I would offer them an 11-pay option which allowed them to pick a "skip-pay month" during their annual service agreement.

    Family residential's seemed to appreciate this option and often took the option and often selected December as their skip-pay month to relieve the christmas pressure, while others would select their family vacation month, etc.

    Businesses also seemed to appreciate this option and often took the option and often selected a month when they knew payroll would be extra high, like months when they paid bonuses (like christmas) or months where overtime would be high due to holidays, overtime demands, etc... or selected a month when income was historically lower.
  10. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    So they didnt have to prepay for the year? Just got a month free for their benefit? The thing sheffield is doing, is just delaying the end of the loan by a month. You still have to pay it.

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