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I need proof from the experienced

Discussion in 'Employment' started by younggun86, Nov 9, 2008.

  1. younggun86

    younggun86 Junior Member
    Messages: 23

    Because of the economy, i want to show my bank that i'll be able to make atleast what i borrow. i found my plow for 4200 IF they still have one in stock. My friend that plows says i'll make at least 10,000 this winter. I'd like more input than just his. if it makes a difference, my trucks an 04 2500HD and the blade is a 7'6" straight.
     
  2. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    They want copies of your contracts. And maybe a personal guarantee for the loan before they give you any money.
     
  3. redman6565

    redman6565 PlowSite.com Addict
    Messages: 1,411

    ya and a lot depends on snowfall and how many driveways you have...
     
  4. younggun86

    younggun86 Junior Member
    Messages: 23

    I have zero contracts...i'm supposed to be subbing work this winter from three different companies. all i need to know is what is the least i'll be able to make this winter. i know i'll make something and the good ol' almanac suggests a good winter.
     
  5. grandview

    grandview PlowSite Fanatic
    Messages: 14,609

    Will this company your subbing for write a letter stating what you'll be making an hour this winter?
     
  6. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    The least you could make is less than zero dollars. Believe me, my first winter, I didn't even make enough to pay for the liability insurance - let alone the $3200 I paid for the plow.

    Have your "friend" lend you $10,000 in exchange for a guarantee that you'll work for him until it's paid off.
     
  7. Woodland

    Woodland Senior Member
    Messages: 269

    You don't know "nuthin" if your looking for some kind of guarantee. If you are, find a 9 to 5 job. But, probably what your bank wants is a P&L, budget statement, expected income sheet. Something that will assure them that you plan to make some money from the money they give you. You really don't have any of that and I doubt the company you plan to sub for will be willing to guarantee any income or vouch for you so...you will likely have to take out a personal installment loan. This will be based on your current worth/income from your full time job. They will hold the plow as collateral and you will be personally responsible for paying off the loan.
     
  8. payton

    payton Senior Member
    Messages: 470

    who are the 3 outfits your subbing too. most of the big ones around indy have clauses that u cant work for a competitor and if u do its grounds for default on ur contract.
     
  9. erkoehler

    erkoehler PlowSite Veteran
    Messages: 3,270

    Why go w/ a 7ft 6in plow on a 3/4 ton truck?

    My buddy just picked up a NEW Boss 8ft 6" boss straight plow out the door for $4200.
     
  10. payton

    payton Senior Member
    Messages: 470

    are you not the fella who rolled up north with ur gf to shovel snow? and didnt make a dime?

    payton
     
  11. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    Have you plowed before? You may want to re think your strategy in the financial department, and maybe just get a regular collateral loan....if you can. Banks are tight who they are lending to these days. My first wrecker was a used POS worth only $10k, bank wouldn't touch me with a 680 fica score unless I could prove I had been in he industry for atleast 5 years, and have two contracts in hand. That was in January......Can you imagine what is now after two major bank bail outs?
     
  12. payton

    payton Senior Member
    Messages: 470

    wow i just bout went ape **** when i saw the last name post.. bad memories..
     
  13. exmark1

    exmark1 PlowSite.com Addict
    Messages: 1,321

    I have caught myself doing that a few times too... :gunsfiring:
     
  14. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    hahaha, Gee I havn't got the reaction before.....
     
  15. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    Hey, I got some paintings I could sell ya if you want. :nod:
     
  16. tom_mccauley

    tom_mccauley Senior Member
    Messages: 465

    NOT the same repo!!!!!
     
  17. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    Well thank you Tom.
     
  18. tom_mccauley

    tom_mccauley Senior Member
    Messages: 465

    No problem!!!:drinkup::drinkup:
     
  19. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,038

    We did the dance before huh. :waving:
     
  20. payton

    payton Senior Member
    Messages: 470


    yeah i realize that. but looking from the expanded view of the forum last poster repoman i wasnt really paying attention till i opened the thread back up and realized it wasnt the same ..

    payton