Business ProfileforNorthland Credit Corporation

We were working with ***** from ***************************** and he put us in contact with ****************************We requested information on how the payment was calculated and about finance charges for the purchase terms below:Purchase price - $37,300.00 Down to dealer - $2,300.00 Amount financed - $35,000.00 Monthly Payment - $1,961.05/month Financing Term - 30 months Total out of pocket $6,617.10 *** replied with this:Your transaction is an Equipment Financing Agreement. It is similar to an installment sales contract with a set payment and set term, no end of term buyout or residual. The legal business name will be listed as owner on the title and Northland Credit Corporation is listed as lien holder. Our payment schedule is set up with a rate factor not an interest rate, therefore you will not have an interest or principal breakdown, there is no breakdown of finance charges. I dont know what else I can tell you. I am not being evasive in answering these questions. This is just the only answer there is.I am not interested in trying to convince you to finance with Northland mainly because we will be having this debate forever. If you have other options available to you for this financing that meet your needs and wishes then I encourage you to take advantage of those options. If you change your mind and would like me to work on this for you then please let me know.All we wanted to know is how the payment was calculated.Owner Operators beware of these practices. We want to know how the payment terms were calculated.

This was a proposed commercial transaction for a semi-truck for this applicant's trucking company. All requested information was provided to the applicant in regard to the payment and terms. Year, make, model, mileage, time in business, hauling income, and credit (including comparable credit) are all factors that are considered when deriving the payments for each applicant. These were baseline quotes only, as this applicant never sent in their financial paperwork for review and final approval was never submitted. The BBB is not the correct venue for this type of complaint as this situation involves a commercial transaction vs consumer.

The question was not answered. We wanted to know if the remaining payments due under the terms presented would equate to over $54,909.40 and the amount financed is $35,000. Can we get a breakdown of the $19,909.40 that we would have been paying over the 28 month term remaining in the terms presented. That information was not given. We were looking for transparency.