quote:Originally posted by CashGap:
The leasing company makes money when and if they are paid back, not when they lend the money!
The rep is always free to cosign the loan if they think it's a BS issuebut I think it would suddenly become a REAL issue at that point. After all, at that point we'd be talking about REAL money, not OPM.
The leasing company is just wisely refusing all businesses under two years, then looking at the credit app and seeing that there is basically nothing on the app to support the loan, so they request the PG and personal financial information to see if the owner can support the loan.
Though the lease is backed by the asset (copier), that's close enough to worthless as to rank this with an unsecured loan. An unsecured loan is made based on the proven ability to repay.
Cash Gap:
Going back to the past and seems like you've been in the biz for a long time. There was a time when:
Problem now, is that all leasing companies want the cream, and that's where I have an issue, if you want first dibs to our portfolio, don't cream the apps, and throw us a bone every now and then.
In reference to my statement of they can't make money unless they lend it......well it's true, similar to the chicken and the egg. If they don't lend they won't be in business somewhere down the road. Of course everyone needs to get paid and paid on time. The last two years have been probably the most fustrating times I've ever had in this industry.
Art