Operations

FINANCE Q&A: What Happens If I Can’t Make My Payments On Time?

Posted on January 6, 2010

Expert Don Coolbaugh of Advantage Funding continues a weekly series of questions and answers for chauffeured transportation operators on all matters related to financing and leasing fleet vehicles.

QUESTION: What happens if I can't make my payments on time? 

ANSWER: If for any reason your company experiences a cash flow issue, you must immediately contact your financial institution and keep them in the loop. No one knows your business like you do so only you can assume when cash flow will improve.

Lenders are willing to work with those that are forthcoming and have many tools to assist. The worst thing you can do is stop communicating as this always come with dire consequences.

Source: Don Coolbaugh, vice president of sales, Advantage Funding Inc.

E-mail finance and leasing questions to: [email protected]

Related Topics: Advantage Funding, credit, Don Coolbaugh, finance, leasing, leasing companies

Comments ( 0 )
More Stories
Article

Among The Leaders At The LCT Summit

AUG. LCT: The top operators in the luxury transportation industry who attended this year’s exclusive annual executive conference offer some best practices that can work in your operation.

Johnny McBride, owner of Lux Rides
News

Arizona Operator Goes From Gig To Good

eNews Exclusive: Johnny McBride would have never been exposed to the idea of a luxury transportation company if he hadn’t gotten his start as a part-time driver. 

Article

ELDs: Do You Really Need Them?

AUG. LCT: After April 1, 2018, drivers found out of compliance with electronic logging devices could be ordered out of service. Is your service at risk?