Lending Equipment

Discussion in 'Lawn Mowing' started by StoneMan88, Jan 26, 2008.

  1. StoneMan88

    StoneMan88 LawnSite Member
    from North
    Messages: 2

    So I purchased a skid loader a couple weeks ago and ask a relative if they would co sign to get a better interest rate through the lending company and they agreed.

    Well yesterday they tell me they want a key, I said no problem as long as they will be using it for there own personal use when im not using it and that I pay for this piece of equipment and not them. Well they disagreed to the fact that they should be able to use it anytime they want and lend it out to whomever they want (another relative). I go on to tell them that if they want to use it whenever I'm not using it then they're more than than welcome but they do not have a right to call it there equipment that they don't pay for and if they want to start making payments on it then fine.

    Anyone else have problems with partners or people just my situation? Im just looking for some input on this, this just irritates me. I'm wishing now I would've just taken the higher percentage interest rate and the larger down payment oppose to running into this problem...
  2. wooley99

    wooley99 LawnSite Senior Member
    Messages: 269

    Refinance it. Family/friends and money don't go well together.
  3. JB1

    JB1 LawnSite Fanatic
    Messages: 5,904

    nothing like being screwed by family. Refinance now.
  4. Landrus2

    Landrus2 LawnSite Fanatic
    Messages: 5,050

    Tell them on a good way if the machine goes out some body must pay rent fees:drinkup:
  5. corbster

    corbster LawnSite Fanatic
    from OHIO
    Messages: 29,505

    Yep, refinance... it's worth the extra interest rate. Next thing is they will break it and be hounding you to fix it or it's out of gas...ect. or they get hurt and sue you.

    BUCKEYE MOWING LawnSite Bronze Member
    Messages: 1,169

    refinance soon....as has been said ..family /friends and money never mix
  7. DoetschOutdoor

    DoetschOutdoor LawnSite Bronze Member
    from S. IL
    Messages: 1,818

    I was almost stupid enough to go in on a ztr with my gf's brother a few months ago and every time I unload the mower Im sooooo glad his name is far from it. I knew that he would want to use it and seeing how he had treated everything else, I smartly got it in my own name. 2 weeks after I had the mower, he wanted to use it to cut my apartment complex while I was in school. As politely as I could, I explained that I wasnt comfortable with him taking my 6k mower by himself to cut MY account while I was busting my ass taking class. This of course ticked him off and now we do not talk at all and the situation is very akward (due to other circumstances) considering I am going to marry this girl. Not a good situation. THe only people I would ever let on my credit in any way is my parents or my gf. Bottom line
  8. TPnTX

    TPnTX LawnSite Bronze Member
    Messages: 1,775

    you were sounding really smart right up till the end [or my gf] :)

    just kidding!
  9. lawnpro724

    lawnpro724 LawnSite Silver Member
    Messages: 2,201

    What happens if you need to use it and they have already borrowed it or worse they break it and then say that " I didn't do it " and besides its your machine kinda thing? Never and I mean Never have dealings with family or for that matter even friends when it comes down to money and especially if it concerns your business. If you can't finance it by yourself or have the cash on hand to pay for it outright then keep renting until you do.
  10. grass-scapes

    grass-scapes LawnSite Bronze Member
    Messages: 1,552

    As long as you are making payments and you are the main borrower and you maintain it, etc, the court system sees this as YOUR machine, not theirs. They are co-signing the loan only, nothing else. Explain this fact and if it causes problems, so what. Keep the machine locked up but remember, if they take it, its theft..

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