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-   -   Cheap money (http://forums.pelicanparts.com/showthread.php?t=1054556)

pwd72s 03-09-2020 12:20 PM
tabs warned you boyz...

cabmandone 03-09-2020 12:21 PM
3 machines sold in January.... none of them were funded by loans. 3 machines sold in March. One of them involved a loan. I know because I ask the customer "are you borrowing? If so I can send an invoice directly to your lender" so I'm not guessing. Even better, 2 out of the six pieces were sold to those poor farmers who are allegedly going broke and they both asked for a backdated invoice.

There's money out there Shaun. Don't buy into the hype. Don't buy into the fear mongering. Be rational.

Sooner or later 03-09-2020 12:24 PM
People are not out of money. They may just be afraid to go out and spend it.

Fed action can't really do much to change that.

Shaun @ Tru6 03-09-2020 12:25 PM
Quote:
Originally Posted by cabmando (Post 10777531)
Your LOC is fixed rate? I want to do business with the bank you're doing business with. Put the name and number on here and I'll call them. But before I do, I'm willing to put the $500 I'm gonna take from Denis this fall on the line and say your bank's LOC's are based on prime plus and when the fed increases rates, their LOC rates change too. You game??


What you need to do is turn of the TV, disconnect your wifi and spend more time prepping and coating parts. You've bought into the fear.

FWIW, the majority of my customers have paid cash from their business savings thanks to an economy that has their income skyrocketing.
Rockland Federal Credit Union. Never had an increase.

I'm a pragmatist.

OK, sure.

cabmandone 03-09-2020 12:26 PM
Five days ago there was a report by Moody's that businesses payrolls expanded by 183,000 which beat expectations of 155,000. But the world is ending!!

Shaun @ Tru6 03-09-2020 12:27 PM
time will tell.

pwd72s 03-09-2020 12:28 PM
For what it's worth, the recent jobs report was good.

cabmandone 03-09-2020 12:29 PM
Quote:
Originally Posted by Shaun @ Tru6 (Post 10777547)
Rockland Federal Credit Union. Never had an increase.

I'm a pragmatist.

OK, sure.
From their website. I'll call them just to be sure.

A revolving line of credit is a cost-efficient way to finance your business' operating expenses. Your line of credit will be pre-approved and can be accessed when needed.

Maximum $25,000
Variable interest rate
No Annual Fee

https://www.rfcu.com/home/business/lending/lines

I'll PM you with the address to send the $500. BTW, a 25K max LOL

biosurfer1 03-09-2020 12:29 PM
[QUOTE=Sooner or later;10777534]And 10,000 would damn sure make headlines. /QUOTE]

And that is what is odd to me. I get it, it seems like a rough time if you catch it, especially worrisome if you're older.

But 10,000 cases out of a population of 331+ million seems like a tiny, tiny amount.

cabmandone 03-09-2020 12:32 PM
Let me know if that's the right place and I'll give them a call. But if they're only providing 25K I'm gonna need 20 business LOC from them.

cabmandone 03-09-2020 12:36 PM
I also ask if my customers are borrowing because I let them know I'll only hold the equipment for 24 hours while they obtain approval. I let my customers know that if they haven't obtained preliminary approval in 24 hours the machine will be available on a first come first served basis. Nice way of saying "money talks... bullsh.t walks"

Sooner or later 03-09-2020 12:49 PM
[QUOTE=biosurfer1;10777553]
Quote:
Originally Posted by Sooner or later (Post 10777534)
And 10,000 would damn sure make headlines. /QUOTE]

And that is what is odd to me. I get it, it seems like a rough time if you catch it, especially worrisome if you're older.

But 10,000 cases out of a population of 331+ million seems like a tiny, tiny amount.
You are correct. Do we follow the limited trend from countries that took radical steps and see it start to level off after 3 weeks or do we continue to double every 6 days for another month or two. That is what we don't know.


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