Equipment Line Of Credit

so i have a busness and i gave a subdealer a line of credit to order equipment for our jobs, our busness partership fell through. the x partner is under an assumption i owe them money still so he ordered equipment on my line of credit knowingly that we werent doing business no more. The company who has the line of credit, and not who ordered it is the rightfull owner of the equipment, correct? regardless who ordered it?

It really depends on the terms of the line of credit and the credit agreement (hopefully you have one).

In the banking world we typically secure the line of credit with business assets of some kind, and sometimes we will even secure it with a blanket lien on all business assets to cover situations like that.

If you gave the sub dealer a line of credit with no credit agreement, then you basically gave them a line to do with as they please.

How did they order equipment on your line of credit when you no longer had a relationship with them. I am not sure how the line was set up and the structure of it. You were not very clear.

You are likely going to have to sue them. Small claims court is easy if the amount is small, but if it is not then you will have to sue them for the amount of money they spent that they were not authorized.

Sometimes when they get a letter on lawyer's letter head they will at least come to some sort of agreemennt with you, but if not then court may be your only option.

2009-07-20 16:13:13 by T K

Cprofit Los Angeles California - An alternative business line of credit, line of credit, credit line, working capital lines of credit, cash flow ...

MY HUSBAND & I WANT TO TAKE OVER AN EXISTING RESTAURANT. THE LINE OF CREDIT WOULD PURCHASE THE COMPUTERS, SECURITY SYSTEM (CAMERAS & MONITORS), FURNISHINGS, DINNERWARE, FLATWARE, ETC. THE BUILDING AND EQUIPMENT IS LEASED. THIS SEEMS LIKE IT WOULD BE EASY. BUT IT HASN'T BEEN. PLEASE POINT US IN THE RIGHT DIRECTION.

Before you sign anything - you should verify that you can assume the leases on the building and the equipment.

Most leases have a clause prohibiting transfer. Assuming you have equal or superior personal credit to the current owners - you probably have a good chance the lender(s) will agree to allow you to assume the leases - but get that approved in writing beforehand.

2007-09-30 18:00:57 by

Price: $5.95 $5.95

and good price web companies to make and maintain my company Web Site ? How I take good pictures of my products and put them on web.Who are cheap 800# telephone companies ,so my cutomers can reach us to order products and which are good and honest Merchant Account companies which can help Credit Cards payments? How much it is going to cost me ?Any body with personal experience? LOTS OF THANKS.

I can offer some merchant processing information for you.

Visa and MasterCard, the card associations, receive the majority of the fees that merchants pay for their processing services. The remainder of the fees, or the margin, is what the merchant processor receives. The card associations have designated over 240 different card categories that each merchant processor must recognize and process. Every merchant processor, no matter how big or small, is charged the same rates and fees by the card associations and every merchant processor differentiates each card category utilizing exactly the same card category name as designated by the card associations.

The card categories are designated in the following manner:
1.)Industry – Retail, Restaurant, Hotel, Government, Utility, Service Industry, Gas Station, Supermarket, etc.

2.)Type of Card – Personal Visa or MasterCard, Visa or MasterCard Debit, Visa Rewards, MasterCard World, Commercial Visa, Corporate MasterCard, etc.

3.)Method of Processing – Face-to-Face (swipe), Mail Order/Telephone Order, Key Entered, E-Commerce, etc.

4.)Processing Efficiency – Address Verification, Authorization/Settle Match, Timeliness of Settlement, etc.

You will be selling equipment and supplies to professionals, so it is reasonable to expect that you will process mainly corporate cards. This is where it can get a little murky. Most merchant processors only disclose their "discount" rates and charge an additional fee for Visa and MasterCard corporate cards as well as other specialty cards that your clientele will use. Be sure to get all of the info you need to make an informed decision. You will most likely be paying over 2% of your gross sales to process cards.

Also, you will need a gateway to accept cards over the internet. There are plenty of great applications that will allow you to do Mail Order/Telephone Order/Ecommerce utilizing the same solution.

If you would like more information about merchant processing, feel free to contact me at jbordeaux@windriverfinancial.c... or at (920)993-9433. Wind River is a merchant processor that specializes in offering well supported, competitively priced, custom processing services.

2006-08-04 11:09:06 by peace

Price: $499.00 $204.00

Security level 3 cross-cut type shredding, shreds paper clips, staples, and credit cards. No CD's.
Automatic sheet-feeding shredder is ideal for letter-size stacks; not intended to handle unopened envelopes or "junk mail"
Swingline does NOT recommend using shredder oil with the Stack and Shred

My husband and I own and operate a small business with aout 300,000.00 in sales each year. we have grown VERY quickly. We now need a small business line of credit or loan to obtain more equipment.

We applied through bank of america. Our credit scores are not bad. They ranging from 640-715. They denied us for stupid reasons. (not having enough personal credit history...my husband is 30 hes had credit forever!) Now, we are frustrated!

has anyone else had a problem or found a company that is easy to work with good credit?

Its ridiculous that everything in life revolves around a computer generated FICO score.

Any advice?

This is really easy. Go to another bank. If you want you can go to the Small Business Administration.

As long as you show a profit, banks love to give you money.

Another option is to lease the equipment from the vendor without the use of a bank.

Good Lucj

2007-09-28 14:08:43 by JennyBoBenny

I am purchasing music equipment and the store offers financing pending credit approval. When the lenders look at the balance on my credit card, do they look at my current balance or the balance from my last statement? I pay my balance off each month but I use most of my credit line (I know keep balance to 33% of credit line). I also know they look at other factors, but this question is pertaining only to when they look at my current credit lines. Thanks

Lenders will usually look to see if you are up to date with all your payments. As long as you make your payments on time and arent in debt then you shouldnt have much to worry about. Its the one's that owe thousands of dollars in debt that they deny.

2009-12-04 21:11:52 by highground_07