2005Steadi-Newbies forum
Risks and problems when financing steadicam gear through specialized financing companies
21 years old. Gear and prices may have changed since.
What the thread found
- Financing companies that specialize in steadicam gear may bait-and-switch customers by sending initial approval terms, then replacing them with a much worse contract with doubled interest rates and payments after collecting a deposit.
- A deposit sent before final contract signature can be cashed immediately, leaving the customer with no recourse if contract terms change unfavorably afterward.
- Financing companies may become unresponsive for days or weeks after receiving payment, making communication difficult.
- When disputes arise, financing companies may claim the customer lacks proper qualifications rather than acknowledging contract issues.
- Interest charges on steadicam financing can be extremely high, with examples cited of 10,000 dollars interest on a 23,000 dollar loan over five years.
- Some financing companies may reference established vendors as references to build credibility, even if the relationship is minimal.
- Arranging financing through personal contacts or relatives may offer better terms than specialized financing companies.
Depends on
- The incidents described occurred in 2005 and may not reflect current lending practices.
- Only two specific financing companies are mentioned; other lenders may have different practices.
- No formal complaints or regulatory actions are documented in the thread.
- The exact terms and fine print of the contracts are not detailed.