Interlink Finance

[Doug D]

Anyone ever use Interlink Finance Leasing?? Just curious as to what you think. I leased a new van and machine and made one payment on it, now they are trying to raise my lease payment. Is that even possible?? Having trouble also with the amount of sales tax the state of SD says I owe as well. Can't get an answer from their office as to why they are raising it and about the sales tax issue on the van.

 

[Rex Tyus]

Interlink is funded by GE capitol. They (GE not Interlink) are in serious financial woes. Get a copy of your agreement and read VERY CAREFULLY. They may be able to according to the terms. They are gonna do anything they can to raise their credit rating.

 

[TimP]

My lease is through interlink financial. And I thought it was through aztec.....I don't know if that's ge or not.


I'm not too happy about my lease through them either. Although I have not seen a price increase, and they collect the tax in my payment. In addition you have to pay property tax once a year. They didn't disclose the property tax thing to me for sure. And they told me it would be treated like a finance loan and it's not. Once in you can't get out with the vehicle for much less than the sum of your remaining payments.

 

[Aaron Richards]

My lease is also through interlink, and I believe TimP is right, it's Aztec that they use. My interlink line of credit/credit card is ge money. They have never tried to raise my payments, but didn't disclose the property tax thing to me, either. Overall, I've been happy with the lease, but my next machine will be bought outright so I'll have no payments. In warm weather the payments are no problem, but in the winter they can be a b*tch!!!!

 

[The Preacher]

what did your respective accountants advise you regarding said lease???

 

[sdaws4]

My advice would be not to do it at all, unless you enjoy them 30% interest rates

 

[TimP]

My advice would be not to do it at all, unless you enjoy them 30% interest rates

I'd say 30% is quite an exageration however the interest rate is out of site for sure.

 

[MicahR]

I'll look into this on Monday for you Doug. If they're trying to raise your payments there will be heck to pay.

Interlink Financial is definitely NOT associated with GE in any way. They are doing business as Interlink Financial but are Aztec. They're under the Bridgewater umbrella just like Hydroforce.

We have our choice as a distributor of dealing with any of the numerous leasing companies out there, but I have chosen to deal only with IFS. Not because they have Interlink in their name but because of the people that make up IFS. I have always found them to be honest and above board in their dealings. If there is a problem that comes up or a misunderstanding I've had it taken care of quickly and efficiently.

Bottom line is this: I can't provide the kind of customer service my customers deserve if I can't be backed up by my vendors. If any of you guys are having problems give IFS a call and ask for Chad.

 

[packfancjh]

I haven't heard of any bad dealings with my customers and IFS at all. They are also my top choice in leasing. As Micah said, they have great people working there who do what they can to ensure good cust service. Chad will take care of you.

 

[steve frasier]

if the amount of the sales tax is raised them I am pretty sure they have the right to raise the lease price to cover the amount of the higher tax owed, something had to change some where for you to have to owe more money,etc
sales tax went up
property tax went up
license fees, they will pass the cost along to you

the only estimate the amount owed and pass the cost along to you

it is no difference if the bank miscalulacted the amount of interest rate, it would be the banks mistake but you would still owe the money

Did you do a percentage buyout at the end of the lease? I did a $1 buy out so I am responsible for everything, license, registration, sales tax was paid up front, not over the length of the lease, so those fees weren't part of the overall repayment and didn't need to be recaluated every year

a $1 buyout is teated more like a loan, seemed like a better way to go

 

[Doug D]

not saying for sure but they messed up on the sale tax of the vehicle. State of SD requires that you pay the sales tax on it up front in which I already have. Vehicle purchase price 22,199.00. Got a letter in the mail from the State of SD trying to charge sales tax on a 66,000.00 vehicle. Wondering if that is where the problem is. Not sure how the State got that amount as the machine and vehicle was around 47k. Hope that it gets worked out!!! As for higher interest of the lease I agree, however it was the only way that I could go. I could have gone longer without a new machine, but didn't want to take the chance of not getting parts for my powermatic in my other van as Steamway quite making tm's. Plus Micah needed the commission anyways and made me a killer deal!! :wink:

 

[Walt]

if the amount of the sales tax is raised them I am pretty sure they have the right to raise the lease price to cover the amount of the higher tax owed, something had to change some where for you to have to owe more money,etc
sales tax went up
property tax went up
license fees, they will pass the cost along to you

the only estimate the amount owed and pass the cost along to you

it is no difference if the bank miscalulacted the amount of interest rate, it would be the banks mistake but you would still owe the money

Did you do a percentage buyout at the end of the lease? I did a $1 buy out so I am responsible for everything, license, registration, sales tax was paid up front, not over the length of the lease, so those fees weren't part of the overall repayment and didn't need to be recaluated every year

a $1 buyout is teated more like a loan, seemed like a better way to go

I did the same thing as Steve. 5 years with a dollar buy out.

Country Leasing rates were significantly better then loans and other leasing options I checked with. It was actually cheaper than any loan I could get. Anybody considering getting a lease or a loan would do well to give them a call.

 

[Rex Tyus]

The sales tax requirements are out actuallly out of their hands. Exactly how they are collected is determined by the state you are in. Most lease companies have a pretty good clause for the sales tax issue so it may not be that unusual.

As for a GE finance association, I could have SWORN I read that but I may be mistaken. It is HIGHLY unlikey that a supplier, manufacturer or distributor would have a finance division that is not UNDERWRITTEN by some financial institution. But I have been wrong before.

 

[steve g]

be careful after the whole BP direct deal, they are gonna say we can't help because we are not aztec or whomever. those who had to pay the sales tax upfront on the price of the vehicle, consider yourself lucky, because in utah they tax each lease payment, the only truck I bought on a lease I paid sales tax on every payment + sales tax on the buyout which was 15k, so essentially I paid sales tax on 45k instead of the 30k value of the truck. leasing is a hosing, I strongly suggest getting some advice on this, I will never ever do a lease again, if your too shy to ask, get google amortization charts and play with the numbers, this will unmask if the deal is bad or not.

 

[breathe72]

Interlink Financial was going to be our choice, till I found out they were trying to hit me with something like 21% interest.



I kept asking the rep on the phone what the rate was, and he kept side-stepping it, saying "we don't actually use a rate, we use a 'money factor'....blah blah" Wouldn't tell me.

So I broke out my amoritization table booklet, did the math, and called THEM back to tell them what rate they couldn't tell me I was getting thu them. 21% was what it was, I told them.

They proceeded to tell me that the reason was because of our lack of track record as a business, which made some sense I guess.

But 4 years ago, if you had decent credit, the banks were lined up to loan you the money at a decent rate so I'm not sure what their deal was.

Did it all on a credit card (Chase), the next day, at a fixed rate of 7.99 and saved myself approx 14K in interest.

14 thousand dollars in interest is enough to get me to at least shop around....

 

[TimP]

I believe mine came to 15%.....new business though. I had to put money down however. But the reasons I leased was 1 if I go under it's not on my personal credit. However I was told it was treated like a regular loan and it's not and that's why I'm unhappy with interlink financial. I was planning on using them untill I got establixhed then I was going to move it to a loan. I couldn't do that and save any money for sure, and I was lied to so I wont be using them again.

These companies need to figure out that if you screw someone they are going to remember. Their future rests on keeping customers and not ticking them off. Offer a fair price and decent service and you'll go far in business.


And to the suppliers of course they are going to be great to you. The people you deal with are great salesman, they tell you want you want to hear and get the loan done. And the TM out the door for you. You don't have to pay the outrageous interest rates and learn that you're lied to years down the road.

 

[sdaws4]

It may be 21% but there are even more fees that make it close to 30%. Go some were else. Unlike a loan, they load the lease to where you only pay towards interest for the first year and a half. Best advice I could give is to save up your coin

 

[Walt]

From Country leasing - zero down with a dollar buy out was equivalent to a 7 percent loan. That includes everything - all fees ect. There is no vehicle sales tax in the state of oregon so that wouldn't apply.

I do believe that you have to have good credit and an established business.

 

[boazcan]

that's why they call it a "flease" not a lease.

always try to "finance" buy the product. Ever wonder why when you try to buy a car, they always try to lease it to you first. It's not by accident.

Better yet, start out small or with a CC that you can control a lot better.

 

[Rex Tyus]

Guys don't be too hard on the lease companies. They make funds available for many that would not get a shot at equipment ownership or upgrades otherwise. As with everything inform yourself well on your options before you sign. There are pros as well as con associated with going the route of a lease.

Leasing companies use a variety of funding sources to acheive the sale or the loan. I appoligize if my hasty post implied:

A) that I knew anything
B) that GE Capitol was the only funding source Interlink had at its disposal. I have been informed from a relible source GE is used for specific types of situations.

Back to the Sales Tax thingy. I agree it sounds like a screw up in the numbers/communication from Lease compay to State Revenue Dept. I hope you get it straightened out.

 

[Greenie]

Friends don't let friends get Fleased.

A good supplier will quote you a competitive finance package and not feed you to the sharks.

Imagine that, at the end of the day it's all about working with people you trust to do you right under any condition.

21%?
If someone was gonna offer you a house at 21% you would laugh in their face. I do believe msot leases on TM equip. work out to close to 30% when all is done.

Now I'm motivated, gonna look in GreenLease, the Fair lease.

 

[Able 1]

Interlink lease hmm.. let me think... you don't know who carries the loan??? They side step when you ask them about the percentage??? Sounds about right for Interlink... At 30% the only way I could see doing this, is if I was living in a cardboard box!

I would say a "no intrest CC" would be the way to go over a lease...

 

[steve frasier]

From Country leasing - zero down with a dollar buy out was equivalent to a 7 percent loan. That includes everything - all fees ect. There is no vehicle sales tax in the state of oregon so that wouldn't apply.

I did the same thing as Steve. 5 years with a dollar buy out.

Country Leasing rates were significantly better then loans and other leasing options I checked with. It was actually cheaper than any loan I could get. Anybody considering getting a lease or a loan would do well to give them a call.

Walt is correct, I shopped around leasing companies and loans and even borrowing against money. If I threw out the borrowing against my own money, Country Leasing easily beat everybody.

 

[Doug D]

Update. Called Interlink today as didn't get a return call from Friday. Apparently SD goes by the payment of the lease times term of lease in order to come up with the amount of sales tax due. SD told me that they should have had 2 different leases. One for vehicle and one for the equipment. Works out better this way as the sales tax is now paid up for both. Talked with Micah from Express Distributing in Billings, and he got on the horn to Interlink and hopefully by Tuesday morning it will be worked out.

Thanks Micah for your willingness to help out on this!!!