Money In Motion or Lease Direct

money in motion is just a broker.

i would try mercado out of calgary.
financed my trailer with them.
worked out for me

 

Hi Bill,

Mercado is a good outfit, but requirements have tightened up considerably since they were taken over by WS Leasing, a division on New Westminster Savings and Credit Union. If you run into any snags please give me a call. We can get most deals done.

Regards,

Frank Penkala
President
LeaseDirect Canada
t. 403-701-5877
frank@leasedirect.ca

 

Mercado has a good name, hadn't heard their name in a long time though. Ted L from Kitchener is the guy you want to speak with. He wrote paper with John Deere finance back when they were financing trucks. I'll send out a couple of feelers and see if he is still around and if so with whom.

Are you wanting to buy a truck privately OR from a dealer? A dealer should be able to put together proper financing not from some shark though. I had dealings with "Money in Motion" when I sold a truck privately 6 years ago, they are about as dumb as a box of rocks. Again, (like Riordan)they do a lease/finance contract not a finance/purchase contract.

 

Frank, is this a lease/finance contract OR purchase/finance contract that you write?

 

LeaseDirect specializes in lease transactions. As Bill suggested at the start of this thread, banks are very cautious right now, especially with traditionally "higher risk" industries. Most of the companies we are seeing saw substantially reduced revenues in 2009 and often show losses on the financials (immediately 2 strikes against you with the banks). Our credit folks are not always that much more enlightened, but usually we can find a way to structure a deal.

Cheapest, fastest way to finance your truck is to borrow personally through a home equity line of credit with the bank. No leasing company can touch mortgage rates. Where we come in is if you want to build commercial credit for your company, with the long term view to separating your personal and commercial credit, assets and liabilities. This takes time (3 - 5 years) as you need to build up retained earnings in your company.

Also, always a good idea to diversify away from any one institution. The terms of your truck lease won't change, even if your primary bank suddenly changes its lending policies.

Regards,

Frank

 

How are you making out with your financing requirement Bill? Feel free to drop a note to me at frank@leasedirect.ca if you want a second opinion on any terms that are offered.