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Sheffield loan response

Discussion in 'Business Operations' started by Weekly Weeder, Apr 2, 2009.

  1. Stillwater

    Stillwater LawnSite Platinum Member
    Posts: 4,834

    My GE Money Bank Exmark card can only be used for exmark,, nothing else It would be like trying to use a Home depot credit card at sears

    I should add I never tried mabey I am wrong
  2. corey4671

    corey4671 LawnSite Silver Member
    Posts: 2,931

    I've got a couple of loans with Sheffield. I've always had a response within the hour on them. Give them a call. I've got one loan at 1.9% and the other I think is at 3.9%
  3. daveyo

    daveyo LawnSite Senior Member
    from N.J.
    Posts: 907

    Ive had two loans and knew right after my dealer hung the phone up, if anything I'm haggling the rate, term or options. They don't haggle well so I always took the no interest for one year and paid it off before the term was up. But you should definitely of had an answer call the dealer.
  4. Cutter1

    Cutter1 LawnSite Bronze Member
    Posts: 1,251

    I have had 10+ loans through sheffield.....I just got another laser, they tried to give me it at 17%. I flipped out!!! They ended up giving me something different. 6 months same as cash, then 12% after that. Still too high, but have to deal with it.

    ED'S LAWNCARE LawnSite Senior Member
    Posts: 361

    What I don't understand, outside of new set up or using 0% interest why would you go for a loan period. I read all over this board that you have to have your equiptment cost factored in you pricing. Why isn't that money put up on a monthly basis? I know I put aside in a couple of years the whole 15g that it took for me to start in this field.

    If all is saying build the replacement cost in the cust price then spend that money on other thing then that's bad business:hammerhead:

    Just my .02
  6. Cutter1

    Cutter1 LawnSite Bronze Member
    Posts: 1,251

    6 month same as cash, at the end I pay it off. Put away 6 payments every month. DOes this meet your standard?? If I can't pay it off, the difference gets transferred to a 0% card or my line of credit.

    ED'S LAWNCARE LawnSite Senior Member
    Posts: 361

    If this was directed to me. I don't have a standard I was simply stating that there are a ton of lco on here stating that you have to have the replacement cost built into the customers price, which I agree with. To charge for it and not put it away only to borrow money for the puchase doesn't make any sense.
  8. Stillwater

    Stillwater LawnSite Platinum Member
    Posts: 4,834

    this thred is stupid, pick up the phone..........
  9. Ruben Rocha

    Ruben Rocha LawnSite Senior Member
    Posts: 577

    Yes we should build in a replacement cost in our overhead. But if you are trying to expand sometimes you don't have the capital to invest.
    Or sometimes you are better off using your cash for something else cash wise.
    For me I always figure on I will have at least one loan payment per month for equipment.
    And my reserve money I try to stash in a cd or something that has a return but I can cash out quickly if needed.
    You never know when that 25hp engine will blow and you need to replace the engine or buy a new mower.
  10. gene gls

    gene gls LawnSite Gold Member
    Posts: 3,213

    Your G E Mony card is only good at the dealer that issued it to you and its good for all purchases.

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