In addition to sending equipment into areas devastated by Hurricane Katrina, manufacturers are temporarily deferring payments and easing other equipment-related financial concerns.
“If a contractor’s equipment is gone, his ability to generate revenue is gone,” says David Rowles, president of utility equipment for Ingersoll-Rand.
Del Keffer, Volvo regional vice president, says the company is open to whatever particular situations require.
For example, dealers and customers in the affected areas are receiving priority service from John Deere credit acceptance teams. The company says it has adapted its processes to anticipated delays in insurance settlements and customers’ limited access to standard financial information. The company also has suspended all collection calls to the area and offered payment deferrals, while reducing the minimum payments on revolving loans.
Other manufacturers announcing similar initiatives include Ingersoll-Rand, Case (through its CNH Capital financing arm) and Komatsu, which is offering two monthly payment deferments free of interest and fees.