First job financed through GE Money - Contractor Talk - Professional Construction and Remodeling Forum

MEL · 01-06-2009, 07:21 PM

I sold my first job using GE Money today.

It was for a 7k roofing job.

I have not used financing until now. She said she would prefer a payment. So I had her fill out the application and I used her phone to call GE and got her approved over the phone in about 5 minutes.

It was one of the smoothest sales I ever made. I guess I should have started offering financing a long time ago.

I built the financing fee of 4.9 % into my price.

She chose 3 months no payment with deferred interest, the APR is 9.99%. She gave me $1000 down and financed $6000. Her payment will be around $140 per month.

She got approved for a revolving credit account of $7200. So she can use it again after she gets it paid down. She said she might want new siding in the near future.

She said “If I had known that it was this easy I would have done it months ago”

GoldenRuler · 01-06-2009, 07:38 PM

Nice! Thats on my to-do list for this winter; I need to get a financing program in place. Does GE have any parameters that YOU must meet in order for them to allow you to use their services?

**Ed the Roofer** · 01-06-2009, 07:41 PM

Mel,

I thought that GE and Wells Fargo were clamping down on the financing programs.

What hoops did you have to jump through to get approved to offer there credit?

Are you able to offer a low or zero percent interest loan for a spike in the oints to you?

Congratulations to you. Nice sale.

Ed

MEL · 01-06-2009, 07:50 PM

Quote:

Originally Posted by GoldenRuler

Nice! Thats on my to-do list for this winter; I need to get a financing program in place. Does GE have any parameters that YOU must meet in order for them to allow you to use their services?

I got qualified with GE through CertainTeed’s program for certified contractors. Owens Corning also has a program for certified contractors that allow contractors to offer financing thru GE.

I don’t know if there are other ways to get approved by GE you would have to call them.

They will accept that contractors that have at least $500,000 in annual sales. They want to see tax returns and financial statements.

MEL · 01-06-2009, 07:56 PM

Quote:

Originally Posted by Ed the Roofer

Mel,

I thought that GE and Wells Fargo were clamping down on the financing programs.

What hoops did you have to jump through to get approved to offer there credit?

Are you able to offer a low or zero percent interest loan for a spike in the oints to you?

Congratulations to you. Nice sale.

Ed

You can try calling GE to see if they can help you. I got qualified with GE through CertainTeed’s program for certified contractors.

They will accept that contractors that have at least $500,000 in annual sales. They want to see tax returns and financial statements.

GE has several loan options that I can offer. I have to pay them a fee so I pad my price by 5% to cover the fee.

Alpha · 01-06-2009, 08:21 PM

Nice sale. I hope this helps you make up some of the chalenges that awiat us in these tough economic times

BreyerConstruct · 01-06-2009, 08:47 PM

Check with Capital One as well. I was just told today by another vendor (not related) that they're now offering up to 40k unsecured for home improvements...
This is my kinda financing with the projects we like to do!

~Matt

MEL · 01-06-2009, 09:42 PM

CertainTeed Kicks Off Exclusive Consumer Financing Program with GE Money

CertainTeed joined forces with GE Money to offer a new consumer-financing program for CertainTeed credentialed contractors. Financing from GE Money will provide both revolving and installment loan financing options for CertainTeed customers.

The PROJECTLINE PlusSM revolving program is perfect for customers with on-going home improvement projects or those who want enhanced financing flexibility. GE Money’s PROJECTLOANSM installment program is great for larger projects, and features a fast credit decision process, simple paperwork, and fixed low monthly payments.

PROJECTLINE Plus

SM Program Highlights:

•

Unbeatable credit promotions – Innovative offers such as No payments & Deferred Interest are designed to help CertainTeed contractors sell more.

•

An easy, simple application process – Submit consumer applications via phone, fax,or on-line and get credit decisions within minutes, giving you more time to focus on your customers.

•

Improved cash flow – Sales are funded through electronic funds transfer within approximately two business days of GE Money’s receipt of accurately completed documents.

•

Greater profit margins – There are no processing fees for standard sales transactions, saving you administrative costs. Unlike conventional credit card programs that charge you from 2-4% of the sale, financing from GE Money costs nothing unless you choose special promotional terms.

PROJECTLOAN

SM Program highlights:

•

Get Paid Faster… and in full! – With financing, you don’t collect from your customers. GE Money will, and GE Money will pay you in full, either in stages or within 2 days of project completion.

•

Get more from each job you bid – With financing for their larger projects, customers can complete the whole project now. They don’t need to cut back because they don’t have enough cash.

•

GE Money makes financing easy! – With short, simple paperwork financing through GE Money is easier than you imagined.

Best of all is that GE Money provides support to you through the entire process. With a knowledgeable sales and service team, GE Money representatives are available to provide training, answer program questions, and teach you how to sell larger projects and overcome
common customer objections by offering financing.

For more information, or to get started right away, please call GE Money at 1-866-209-4457.

Please make sure to identify yourself as a CertainTeed contractor when you call.

Dale S. · 01-07-2009, 10:31 AM

We also use GE Money and it is very helpful and a smooth process. We are lumped under Kraftmaid's promotion/category/setup. Not sure how that works but we got qualified for the program really quickly. It works well with a certain group of customers. Not for every customer, but it sure helps. The other great thing is that funds are in our checking account in 48-72 hours. We bill ours out in thirds. 1/3 at contract signing, 1/3 when the job begins, and 1/3 when job is done.

No complaints from us or our customers who have used it. Oh yeah, we have a little credi card terminal that we enter all of the required data, (about 15 things) and we get a response in under 1 mintue or so. This terminal is also used for the regular credit card processing at about 2.5% fee. This fee amount depends on the quality of match that can be done if the card is not present when we process it. We do credit card processing without the card from time to time...

dale

Aiken Colon · 01-07-2009, 01:15 PM

You can also try First Pacific Funding. We deal with Steve over there. He is a good guy and handles the entire aspect of the sale for the financing. Somehow they are still getting people financed even with marginal credit. We recently got a guy done on a thermal imager sale of $5995. The guy had a FICO score of 508. I could not believe they got him done.

JJ

**Ed the Roofer** · 01-07-2009, 01:24 PM

Quote:

Originally Posted by aikencolon

You can also try First Pacific Funding. We deal with Steve over there. He is a good guy and handles the entire aspect of the sale for the financing. Somehow they are still getting people financed even with marginal credit. We recently got a guy done on a thermal imager sale of $5995. The guy had a FICO score of 508. I could not believe they got him done.

JJ

What was Your qualifying process to be able to offer their funds?

What did they want from you and how much are the fees or points per different rate or time options?

Throw in a link if you have one.

Ed

Patrick · 01-07-2009, 01:42 PM

Does anyone know, if you get the GE MONEY program through certainteed roofing, are you limited to using that only for roofs, or can you use it for any home improvement?

nlgutters · 01-07-2009, 02:29 PM

Quote:

Originally Posted by aikencolon

You can also try First Pacific Funding. We deal with Steve over there. He is a good guy and handles the entire aspect of the sale for the financing. Somehow they are still getting people financed even with marginal credit. We recently got a guy done on a thermal imager sale of $5995. The guy had a FICO score of 508. I could not believe they got him done.

JJ

I use him for capital leases. Nice guy and quick.

**Ed the Roofer** · 01-07-2009, 02:55 PM

Quote:

Originally Posted by nlgutters

I use him for capital leases. Nice guy and quick.

So, then could you answer the same questions I asked him?

Ed

What was Your qualifying process to be able to offer their funds?

What did they want from you and how much are the fees or points per different rate or time options?

Throw in a link if you have one.

Ed
__________________

Grumpy · 01-07-2009, 04:03 PM

You said you jacked your price up 4.9%.... What did it cost YOU to get her financed? 4.9? I'm confused.

If people want financing, we sign the contract add a line saying contingent upon financing approval. Then fill out an application with a signature allowing me to share the application with my banking partners and then I take the app to my bank, say to the loan officer "can you get them some money?" and the we take it from there. I wouldn't actually get anything from it except a job sold, which is all I want anyways.

Now I've got to say I've never actually gotten anyone financing. I've had only a handfull of people ask me for financing within my career. The last guy that asked wanted no payment or interest for a year. I laughed and told him we wern't home depot. The guy before that said if we didn't offer the financing internally, he wasn't itnerested. I asked him who does? He said sears. I laughed. I didn't get either jobs and good riddance that I didn't. We do accept visa and master card.

nlgutters · 01-07-2009, 04:04 PM

Quote:

Originally Posted by Ed the Roofer

So, then could you answer the same questions I asked him?

Ed

What was Your qualifying process to be able to offer their funds?

What did they want from you and how much are the fees or points per different rate or time options?

Throw in a link if you have one.

Ed
__________________

No, i only used him for leases.

nlgutters · 01-07-2009, 04:08 PM

Quote:

Originally Posted by Grumpy

You said you jacked your price up 4.9%.... What did it cost YOU to get her financed? 4.9? I'm confused.

If people want financing, we sign the contract add a line saying contingent upon financing approval. Then fill out an application with a signature allowing me to share the application with my banking partners and then I take the app to my bank, say to the loan officer "can you get them some money?" and the we take it from there. I wouldn't actually get anything from it except a job sold, which is all I want anyways.

Now I've got to say I've never actually gotten anyone financing. I've had only a handfull of people ask me for financing within my career. The last guy that asked wanted no payment or interest for a year. I laughed and told him we wern't home depot. The guy before that said if we didn't offer the financing internally, he wasn't itnerested. I asked him who does? He said sears. I laughed. I didn't get either jobs and good riddance that I didn't. We do accept visa and master card.

Grumpy

You don't have to be home depot to offer no payment no intrest for a year. A lot of guys offer financing. Getting approved is a pain in the ass. but i know some guys that finance more than half their jobs. The companies wether it be ge or capital one charge you 5% or what ever it may be. you figure it in your price and offer them 0%.

Grumpy · 01-07-2009, 04:40 PM

I'm not going to mess with it. I do roof, you pay me. I'm not your accountant or financial advisor. You get your own financing.

Most of my customers don't need it anyways and are smart enough to secure their own financing if they do.

LOL Imagine I give a customer a price then they say they want financing them "Oh my price went up 5% but I am going to give you 0% financing." LOL what moron would fall for that? I don't play games. No games, no gimicks that's what I promise. Obviously the American Public is so stupid they want to be taken advantage of with game, gimicks and cons.

NLgutters who the hell would need to finance a gutter job, unless it's copper? And if you can't afford to buy copper outright you don't deserve copper anyways.

Patrick · 01-07-2009, 04:49 PM

Quote:

Originally Posted by Grumpy

NLgutters who the hell would need to finance a gutter job, unless it's copper? And if you can't afford to buy copper outright you don't deserve copper anyways.

Gutters plus gutter guards 150' two story house your lookin over 3 grand a lot of people would finance that. The big franchise companies around here are chargin close to $30/foot and finance almost all of their jobs

Mike Finley · 01-07-2009, 04:54 PM

Quote:

Originally Posted by Grumpy

I'm not going to mess with it. I do roof, you pay me. I'm not your accountant or financial advisor. You get your own financing.

Most of my customers don't need it anyways and are smart enough to secure their own financing if they do.

LOL Imagine I give a customer a price then they say they want financing them "Oh my price went up 5% but I am going to give you 0% financing." LOL what moron would fall for that? I don't play games. No games, no gimicks that's what I promise. Obviously the American Public is so stupid they want to be taken advantage of with game, gimicks and cons.

NLgutters who the hell would need to finance a gutter job, unless it's copper? And if you can't afford to buy copper outright you don't deserve copper anyways.

Do you take credit cards?

The concept is identical. If you take credit cards you're already taking part in the "games, gimicks and cons" as you put it. There is no difference between taking credit cards and offering a finance option.