Fabtek 133

Corley5 · March 30, 2013, 02:15:14 PM

This really grinds me. A neighbor has a brand new Chevy 4X4 cab and half shortbox sitting in his yard. Their has house has been up for foreclosure twice that I know of. And a finance company denies me the $$$ to buy a machine that will make $$$ >:( >:( >:( >:( >:( >:( There's something wrong with the system. Still waiting to hear from the bank

AlexInman06 · March 30, 2013, 03:47:05 PM

I've been trying at greenstone, I hear they are one of the better ones to work with

Corley5 · March 30, 2013, 04:53:42 PM

The sales guy said the last logger that wanted to buy the machine was going to Greenstone. He hasn't heard from him since

He figured the guy was a long shot anyway

The sales guy also told me he knew he could get me financed at a last resort firm but it would be at 10% rate

Good luck with your financing Alex

If logging was easy everyone would be doing it 8)

ScottAR · March 30, 2013, 06:14:57 PM

Folks like your neighbor are the reason you have to jump through the hoops. My only advice is stay the course and keep the gym shoes on for jumping. ;)

xalexjx · March 31, 2013, 07:41:59 AM

do they do lease/rent to buy programs? When we buy new excavators we usually do a rent to buy program for 2-3 years then buy them, we have a deal with our local kobelco dealer to do a 95/5 deal where 95% of our rent payments goes as a down payment when we do buy it. When doing this you can deduct the full rent payment not a depreciation and it works the purchase price down for the tax you have to pay on it (8% here in ny). I know this is a used machine but also with the kobelco's when the machine is in a lease program the warranty doesn't start until the "purchase" date. These are things the dealer has done to help us, but they dont do it for everyone, we are buying a new machine at least every three years.

barbender · March 31, 2013, 02:19:05 PM

I think some of Agstar's loans are set up as lease to own.

Corley5 · April 02, 2013, 06:06:46 PM

Still haven't got a yes or no. She said no later than Wed.

Corley5 · April 03, 2013, 03:40:06 PM

Local bank came back with a no. Looks like I'll be moving my personal checking account that's been with them for 21 years along with business accounts from there

;D Still have a couple more options. Not done yet ;D I'll be so good at jumping through hoops by the time this is done that maybe I'll just join the circus

Fla._Deadheader · April 03, 2013, 04:45:17 PM

Last time a bank turned me down, I asked the loan officer for the forms to close out all my accts.

Got the "deer in the headlights look". She started stuttering, but, it was too late. I left there. :D :D

snowstorm · April 03, 2013, 07:13:22 PM

keep looking you will find a bank that will do the deal. was talking to the freightliner salesman. he said they could get anybody financed. tho he says if they have really bad credit we get the loan from the mafia

amberwood · April 03, 2013, 08:34:27 PM

not sure how it works over there but that machine is now a CAT..try CAT finance.

DTR

Corley5 · April 04, 2013, 12:39:00 PM

Got it 8) 8) 8) 8) 8) Ta H*** with banks and finance companies >:( My wife and I had a business meeting yesterday and it was decided to borrow against her retirement fund. The rate is 3.75 for five years 8) 8) Not much different than the bank or finance company. The $$$ will all be in place late next week. We've made a down payment and the machine should be delivered next Friday. In the forest products industry it's good to have an understanding spouse ;D

I'd almost rather be in hock to a bank or finance company :-\ ;D ;D

Fla._Deadheader · April 04, 2013, 02:34:14 PM

8) 8) 8) 8) 8)

pasbuild · April 04, 2013, 02:57:26 PM

You can bet she wont let ya spend any time on the couch.

AlexInman06 · April 04, 2013, 07:19:48 PM

Congrats!!! :-)

ABTS · April 04, 2013, 07:52:53 PM

Good for you !!! If you want wait a couple of years and refinance it with a bank once you have equity in it .

Corley5 · April 04, 2013, 10:52:46 PM

My couch days are over ;) ;D

thecfarm · April 05, 2013, 07:35:50 AM

Glad to hear you are set to put some wood on the ground.

Corley5 · April 05, 2013, 07:54:38 AM

It's gonna be a long week ;D

I've got thoughts on banks to share later. This is my 1st experience with one buying something this big and it wasn't good >:( >:( >:(

Reddog · April 05, 2013, 09:47:27 AM

Glad you worked through it.

The old saying with banks and business loans is "if you can show you don't need the loan because you could pay cash, they will approve it".

beenthere · April 05, 2013, 10:15:55 AM

Banks are under a very hot and bright light by the Feds nowadays.
Previous years, the Feds pushed them to make loans to even those who couldn't afford to pay them back. That led to belly-up loans and the banks were caught.
Nowadays, the banks are being watched very closely to make sure they have the reserve funds to back up loans and they are being overly cautious loaning money out (as said, almost loan it if you don't need the loan). Hear about banks being closed or nearly closed because of their reserve money situations. Or being told they have to sell to a larger bank as they are too loose with their money being a local bank.

Not to defend banks, as to me they are a necessary evil. But they better be a self-sufficient business or their doors won't stay open.
Credit Unions are possibly a better deal, as the CU's don't pay big bucks in the form of income taxes. Banks do pay.

And Corely5 seems to have found the better solution anyway. Keep it in the family.

Corley5 · April 11, 2013, 06:49:52 PM

It's been paid for but it won't be delivered until Monday. When they pulled it into the shop to check it out they found a leak on one of the track drive motors. When they tore it apart to reseal it they found a couple bad bearings which had to be ordered from Cat. They should be here tomorrow and the machine should be ready for delivery Monday. I'm glad they found this problem and are fixing it and not covering it up. It's $3,000.00 for the pair of bearings. I just hope the other side is good. It isn't leaking or they would have looked into it also. So I'll wait for a couple more days

It's snowing, sleeting, and freezing rain now with maybe as much as 8" of snow forecast for tonight into tomorrow so it's best that it's waiting for that reason too. Guess I'll do some vineyard work this weekend instead of playing with my new toy or should I say practicing with my new machine ;) ;D

clww · April 11, 2013, 06:59:04 PM

Congratulations on your new macho-logging machine, Corley!

Corley5 · April 15, 2013, 08:25:54 AM

One more day. I just talked to Jim with Ponsse and the lowboy will be at their shop in Gaylord at 8 tomorrow morning to pick it up for delivery and to haul the Hitachi away. I've been waiting a long time

The 1st payment is almost due

They fixed the drive bearings, a couple leaking fittings and a track adjuster.

Corley5 · April 16, 2013, 04:39:50 PM

I'm beginning to wonder if I haven't spent a bunch of dollars on a lemon. Hopefully it's just a fluke. When they tracked it out of the shop this morning to load it on the lowboy the main boom quit responding. Just plain quit working. I haven't heard yet what the problem is or if they've got it diagnosed. They were talking broken wire, bad ground, blown fuse something simple like that and getting it fixed and delivered yet today. Doesn't look like that's going to happen. Maybe tomorrow ??? I'm just glad it happened while still at their shop and not to me in the middle of the woods next month. The payments are setup as twice monthly and the 1st one is due Friday and I don't even have it yet :