the % of depriciation has absolutly NOTHING to do with it. what a bank looks at is first your ability to pay,then at whats going to happen if you DONT. a used logging truck has absolutly NO value whatsoever to a bank,neither does your home,your tractor,or anything else simply because they are not in the used truck,home or tractor buisness.anything that they have to repo for ANY reason is NOT IN ANY WAY AT ALL a asset. its listed and held on their books as a loss.every day that your repo'ed truck house or tractor is on their books is a liability to them if for no other reason than they are paying storage and taxes. the only way they can get it off their books is to sell it and this is even a greater loss because then they have to pay money as taxes on that money. this is simply banking laws and they have bank examiners there every month checking their books. some banks are more lenient than others but they all follow the same basic proceedure. A credit union on the other hand doesnt have as many rules. they are in the buisness TO loan money. and are covered for certain losses. a bank is there to take your money and keep it. acredit union is there to take your money and USE it. abank has to have assets in bonds and things to be able to give you your money on demand.a credit union on the other hand is not bound by such strict rules because its a credit institution.what money it loses on one deal it will make up on another. thats the difference.its the way the money changes hands , is reported,and is guaranteed that makes the difference.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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