U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-07-2008, 11:19 AM
 
69,360 posts, read 57,081,589 times
Reputation: 9371

Advertisements

Quote:
Originally Posted by ozzie679 View Post
In our business we write allot of interest free contracts. 3mth, 6mth, 1 yr...
I guess per the first posting here, your not really writing a lot of interest free contracts.. But trying to..
Quote:
Originally Posted by ozzie679 View Post
I am getting angry with the finance company that my store uses for retail financing. It think the turn-down rate has more than doubled!
Easy solution, tell them to pay cash..
Reply With Quote Quick reply to this message

 
Old 07-07-2008, 12:47 PM
 
6,743 posts, read 8,469,133 times
Reputation: 1847
Quote:
Originally Posted by pghquest View Post
I guess per the first posting here, your not really writing a lot of interest free contracts.. But trying to..

Easy solution, tell them to pay cash..
Ahhh, we were...

Cash? I haven't seen any cash since the Clinton years
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 12:51 PM
 
6,743 posts, read 8,469,133 times
Reputation: 1847
Quote:
Originally Posted by Dave1215 View Post
Instant Financing provides instant credit decisions at the point of sale for big ticket items. While you are in the store finishing up your purchase decision they make the credit decision on the spot. Almost as easy as paying with your credit card... just give a few pieces of personal identifiable information and a couple of key strokes and a couple of seconds later the sale is made and you have a credit limit and loan.

Basically different wording for the programs that we currently use.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 03:23 PM
 
3,698 posts, read 10,386,932 times
Reputation: 2611
The finance companies don't want to take on the risks of financing your customers. If you think the risks are acceptable, then you can alway finance them yourself.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 04:45 PM
 
6,743 posts, read 8,469,133 times
Reputation: 1847
Quote:
Originally Posted by sean98125 View Post
The finance companies don't want to take on the risks of financing your customers. If you think the risks are acceptable, then you can alway finance them yourself.
We have been in business for 4.5 years. In the first year, we trusted a few customers in the begining, and some of them burned us.

I guess I can understand why finance companies have tightened up the reins. But the abrupt change has put a dent in our bottom line. Times are a changin...
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 06:14 PM
 
Location: Papillion
2,589 posts, read 9,679,616 times
Reputation: 898
Quote:
Originally Posted by ozzie679 View Post
We have been in business for 4.5 years. In the first year, we trusted a few customers in the begining, and some of them burned us.

I guess I can understand why finance companies have tightened up the reins. But the abrupt change has put a dent in our bottom line. Times are a changin...
Agree with you, but with credit getting tighter its a good change that is well over due... credit has been way way too easy to get for those that aren't really qualified. Too many living beyond their means and using easy credit to fiinance it.
Reply With Quote Quick reply to this message
 
Old 01-27-2013, 07:39 PM
 
1 posts, read 401 times
Reputation: 10
You need a retail finance program for each situation. I work with stores that have 4 or 5.

Good credit / Bad credit

Tier 1: GE or WF / Progressive
Tier 2: Springleaf (formerly American Gen) or citibank / Flexpay
Tier 3: Post dated check scams


There are many others. You can also look for local finance companies willing to take on accounts.

There are a couple different options listed here. [url=http://alltradefinance.com/]alltrade finance[/url]
Reply With Quote Quick reply to this message
 
Old 01-29-2013, 02:18 PM
 
Location: North Idaho
24,230 posts, read 31,267,397 times
Reputation: 48586
I don't have a retail store, but I do have some little rentals. The credit reports on the majority of applicants are abysmal. I wouldn't loan them a cup of sugar, let alone $2,000.

I suspect that people with decent credit scores are going to whip out the credit card instead of using retail financing. That leaves the consumer who is a little bit shaky about paying back what he borrows, and the people with poor credit are getting worse and worse.

There is a pronounced difference between the credit scores of the financially unsophisticated before the crash and what I am seeing now. Before, people seemed to believe that if someone would loan them the money, that meant that they could afford it. Now, I see a lot of attitude that they can borrow and there is no reason to pay back. Perhaps because they have seen so many walk away from mortgages and declare bankruptcy?

I don't think you can find fault with the credit companies for not giving them money that they probably won't get back. it's not like repossessing the stereo, or TV, or sofa is going to get their funds back for them.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top