Sheffield Finance

Discussion in 'Lawn Mowing' started by zmowing, Sep 5, 2003.

  1. zmowing

    zmowing LawnSite Member
    from York,PA
    Posts: 85

    :blob2: IF YOU BUY EXMARKS BE CAREFUL SHEFFIELD WILL CHANGE YOUR PERCENTAGE RATE EXAMPLE THEY ADVERTISE 9.9% THIS SPRING ON NEW EXMARKS SO I BOUGHT ONE THE CONTRACT SHOWED 13.99% WHEN I WENT TO PICK UP THE NEW MOWER,SO THE DEALER CHECKED TO SEE IF IT WAS A MISS PRINT.IT WASN'T MY CREDIT RATING WAS 781 THEY REQUIRE 800 FOR THIS RATE.SO I PAID CASH FOR THIS MOWER. I'LL NEVER BORROW MONEY FOR A MOWER AGAIN.CASH ONLY
     
  2. Keith

    Keith LawnSite Gold Member
    Posts: 3,977

    That's bizarre. They financed mine at the 9.9 rate and I don't have a beacon as good as yours :confused:
     
  3. work_it

    work_it LawnSite Senior Member
    Posts: 976

    Please take off the CAPS LOCK. A little hard on the eyes this late at night. Thanks!
     
  4. lawnagent

    lawnagent LawnSite Senior Member
    Posts: 529

    I just applied, we will see. their website currently says 8.8% I doubt I will get approved though.
     
  5. redbull

    redbull LawnSite Member
    Posts: 182

    This is a problem ALL dealers & manufactures are having right know. Some dealers in rural areas have gotten Farm & Homes (these companys use to only finance farm equipment) to start loaning $$ on mowers.

    Theres more than 1 way to defur a feline.
     
  6. Rob T

    Rob T LawnSite Member
    Posts: 165

    Just got 8.8% in June. Sheffield is a great thing. It would be hard to get a loan at a regular bank for an equipt purchase. Many years ago Sheffield made a loan to me when I had NO credit history.
     
  7. Randy Scott

    Randy Scott LawnSite Bronze Member
    Posts: 1,915

    Yes, something "you" as a consumer need to be aware of. Many finance companies will try to slip this type of procedure through the cracks. It's a load of crap on their part, but that's how some companies operate. I caught this type of behavior with a finance company many years ago and have learned from then on to double check finance amounts and percentages. Lending institutions are quick to give you the good news of your approval, yet leave this detail out while doing so.
     
  8. Red Dwarf

    Red Dwarf LawnSite Member
    Posts: 99

    The only way to build credit is to borrow. Sucks, but that's the way it works. It's rather foolish to think that you will always be able to make it through life without being in debt at some point. The way our system is set up, you have to do it somewhere along the line, unless you win the lotto when you're 18 LOL.

    BTW, I got 8.8% too.....
     
  9. promower

    promower LawnSite Bronze Member
    Posts: 1,232

    Credit rateing of 800 for the advertised percentage rate:dizzy: Thats crazy 800 is a perfect score which is nearly impossible to achieve even if you do pay all your bills on time.
     
  10. GLAN

    GLAN Banned
    Posts: 1,647

    Or you get the preffered rate if you have had a loan with them before and no problems.

    I leased to own a Walker out of Scheffield. If I remember right 5% down and like 7% interest. OK was a while back. But I have a great history with them.

    When I first used them for a ground blower and a power rake or something it was 25% down and the interest was like 14%. This was a long while back, but the numbers are real close to accurate.

    It's like anything else. Go get a truck loan, after you pay it off they will give you just about anything. I can get $90K from Ford no money down. Last pickup I bought in 95 I got with only a $500 deposit, paid off 6 months early. First 2 dumps I owned were financed by Ford, they are long gone now.

    Now I am creating history with GM.............:p
     

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