Posted by Mobileguy on September 14, 2009 at 14:24:05:
Are you self financing retail sales? – Yes
Are you doing this as a RTO or Lease Purchase? – As a sale on a retail installment contract
What part of the process gives you the biggest problems? – As always, sometimes people disappear, even with a decent down and on time payments.
Is this something you do because there is no choice, or because of the income stream it creates? – In my market,(Oregon) it is easier to carry a note, than try to find someone with the ability to get a loan, mostly under $20,000.
Posted by joe–ga on September 15, 2009 at 11:17:20:
the basic truth is…a banking charter is a license to steal.Compound interest is MIND BOGGLING!..why allow the bank to make the million dollars when you can be the bank and make it yourself? Maybe if this question surfaced, this business isnt for you… DO THIS…find a financial calculator on line, not just a calculator, but a FINANCIAL calculator. Put in $25000 as the principle,and 12% interest for 180 months…and ask the calculator to give you a print out on the monthly payments,taKE A look at how much interest you pay each month, vs principle.this is why I do owner financing.I will owner finance a washer and dryer if you wish. A $200 purchase could easily make $800