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Warnings about financing gear for Newbs.

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#1 Beau Chaput

Beau Chaput

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Posted 18 December 2005 - 03:33 PM

I am glad I am finally doing this. 1 year ago I was attempting to buy new gear from GPI. Would have been my first system. Was super excited I was going to go with new gear right out off the start. Might as well start off as good as possible. Anyhow I started dealing with a few finance companies. One from Texas and unfortunately one from Orange COunty called North American Capital. I first got there number from Derrick Whitehouse. North American Capital, (NAC) is what this post is about. The "president" of the company is Jeff Beier. They new about Steadicam, and I admit they talked a good game. Had done alot of steadi financing. NO problem. They wanted my business. I started sending them everything. taxes, credit stuff, bank stuff, gear lists from the vendors. I checked some references on them. Called GPI they said yeah weve done some business with them. It sounded great, they called me daily. the company in Texas while prostyle, was needing more finance stuff. more years back, more years in the business, werent quite as familiar with steadicam stuff. NAC claimed they were ready to go, they sent me a contract, 60000 over 5 years with 10% down. I sent the contract to my lawyer who said it was pretty standard issue. I was told by Jeff Beier I was approved and all I needed to do was send the money and the gear would be ordered. I was fired up, I actually overnighted the F-ing check!!!! Check was cashed the next day! Couldnt get anyone on the phone for 5 days after that. :angry: When I finally got Jeff on the phone the following week he told me that I was actually approved under a different contract and they would forward me a new one. NO kidding. I told him immediatlely I wanted my money back, deal was over, called him a liar. He talked me down I remember him saying "your going to get your gear dont worry" wait and take a look at this contract. I would call 3 to 12 times a day from that point on. The new contract was horrible the interest was doubled as was the payment. I left messages and then weeks later left one saying my lawyer was taking over and that I wouldnt be just letting my 6 grand walk off. I was ready to break kneecaps and I'm not sure if im joking, I'm probably lucky Im 1000 miles from the OC. The legal work has been on hold for a few months, Ive been busy and the lawyer is doing it for free at this point. They responded to the letter from him saying they wanted to do business and it was I who was screwing off and didnt have the proper qualifications!!! anyhow I hope to take the next step with it now. I still got my rig, its a used one but I am happy. only set me back about 2 months from getting it instead of 2 years like I first was thinking. ANYHOW SORRY FOR THE LONG POST BUT I WANTED TO SHARE MY TALE WITH THE NOOBS AND OPERATORS ALIKE. THIS COMPANY SUCKS. YOU MUST BE MORE THAN CAREFUL WHEN SHOPPING FOR GEAR AND THE FINANCING. I am going to send NAC an email with this link. Thanks for your time, Beau Chaput
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#2 Chris Konash

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Posted 18 December 2005 - 05:16 PM


I am in the process of generating the financing for a new steadicam rig, and I am glad you shared your horror story with us.

I have done what you did and went all the way up to the contract signing with a reputable financial company. This is where I found out that the 23,000 that I was going to finance for the 40,000 rig was going to have 10,000 in interest charges.

$10,000 interest for a $23,000 loan = ridiculous in my book.

I have since backed away from this company and will be financing the rig through one of my relatives.

Again, thank you for your post and I hope everything works out.

Chris "New Clipper 2 comes in January" Konash
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#3 jay kilroy

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Posted 18 December 2005 - 09:41 PM


Congratulations on the purchase. How have you been? Hope all is well.

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