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  • Hey all, just changed over the backend after 15 years I figured time to give it a bit of an update, its probably gonna be a bit weird for most of you and i am sure there is a few bugs to work out but it should kinda work the same as before... hopefully :)

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Mark Andersen said:
My only complaint with DSMC2 is the lack of 1/4 20 mounting points on the left side of the body. When are we gonna see some accessories for that?
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Yeah, I would like to have a DSMC2 TACTICAL LEFT ADAPTOR PLATE for those "mysterious" M3 holes. I hope it's on the soon-to-be-released list...
 
The joke of the Scarlet-W/Epic-W goes on... Another promise broken.

Many people don't get their financing, because of various reasons. In my situation, they didn't trust my income (as I'm a starting film-maker). So what did I do? I gave them my families house as a guarantee, so they would be sure I would pay back (or lose a roof).
Still... not possible! This whole drunken financing plan is a joke. With other people it works? Well... for me it doesn't.

RED knows the value of it's cameras (I hope). Why don't they gave out the loans? They know, if they don't get their money, the camera itself would be worth the loan.
If I buy a camera for €20 000, worth €30 000, I'd be able to sell it for the same amount of money I bought it for. Which means... there's no risk for the lender at all!
A bank doesn't think that way, because well... they're a bank.
 
need good credit for financing.. makes perfect sense to me? maybe get a family member with good credit to put their name on the order?

not on red to make sure you meet the requirements for a loan.. should rethink that
 
Jasper Van Gheluwe said:
The joke of the Scarlet-W/Epic-W goes on... Another promise broken.

Many people don't get their financing, because of various reasons. In my situation, they didn't trust my income (as I'm a starting film-maker). So what did I do? I gave them my families house as a guarantee, so they would be sure I would pay back (or lose a roof).
Still... not possible! This whole drunken financing plan is a joke. With other people it works? Well... for me it doesn't.

RED knows the value of it's cameras (I hope). Why don't they gave out the loans? They know, if they don't get their money, the camera itself would be worth the loan.
If I buy a camera for €20 000, worth €30 000, I'd be able to sell it for the same amount of money I bought it for. Which means... there's no risk for the lender at all!
A bank doesn't think that way, because well... they're a bank.
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i would not bank on it...I mean the statement that a camera that you can buy for 20k USD is worth 30k USD. Sure there is discounts and trade in deals etc but to see the difference as money guaranteed if later the camera is sold... not so much I think. Remember the price drop of epic? price sliced in half over night. Sure those things will happen even in the future.
 
Matthew Quinn said:
need good credit for financing.. makes perfect sense to me? maybe get a family member with good credit to put their name on the order?

not on red to make sure you meet the requirements for a loan.. should rethink that
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I'm not sure if it's possible to lend the money through a family member, while the invoice is on my own name. The invoice has to be on my name, or otherwise I'll have to pay about €4500 tax...

Workarounds, while RED said it would be easy... man... This is crazy. RED messed up and it keeps getting worse.
 
Josiah Duncan said:
Socal wont take cosigners for the drunken finance plan. I was able to get financing together, just cost more money than 0%. They offer 5% off for Red products.
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Josiah, curious on how long it took for SoCal to complete the payment? We were approved over a week ago and it has been a super slow process ever since. I know they are swamped, just curious on others experience.
 
Blair S. Paulsen said:
I guess it's true, no good deed goes unpunished. Blaming RED for the normal underwriting standards used by financing/leasing companies is either naiveté or indicative of a bad attitude. WTF?

Cheers - #19
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They promised it would be easy. Well, it isn't. Maybe it was naive of my to believe a company. So I don't really see the good deed, I don't have any profit of it. And Scarlet-W orders stay quite slow here in Europe if you ordered through red.
 
Jasper Van Gheluwe said:
They promised it would be easy. Well, it isn't. Maybe it was naive of my to believe a company. So I don't really see the good deed, I don't have any profit of it. And Scarlet-W orders stay quite slow here in Europe if you ordered through red.
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RED managed to create a zero interest financing opportunity for customers who were deemed eligible using standard underwriting criteria. To me, that's a good deed - even if it also increases sales for them.

Perhaps part of the issue is how you define easy in this context. Easy as in not too much paperwork - OR - easy, as in "easy credit", implying relaxation of underwriting standards. IMO, if someone with an 800+ FICO score can complete the process in less than one hour of their time - then RED's adjective is reasonably accurate.

I don't mean to attack anyone specifically, and hope people can find a way to pursue their dreams - I just have an issue with RED getting blowback for issues that are pretty standard in the equipment financing industry. Full disclosure: my father served as chairman of the American Association of Equipment Lessors in the 90's.

Cheers - #19
 
Jasper Van Gheluwe said:
RED messed up and it keeps getting worse.
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First time RED is offering this opportunity, so certainly there are bond to be few issues unforseen prior to this moment, this includes accuratly projecting the demand curve (in this case, loan demand)how many applications do you think might have come in just from RED customers? over night? what capacity do you think their process (read "manpower") can handle in any given day? Sure they anticipated this, but no matter your expectation, till you open your doors you never get a fair estimate especially not on the first iteration. I also think as a business design, perhaps it will help a little if you have a backup plan. Loan financing is always associated with risk and remember the more of a particular product sells the lower the "used" market value, couple that with the depreciation rate of technology. Last month, the "used" market value of Weapon Mg could be argued favourable in the north of 20k. With the quantity (and price point) of Epic-W in the market would you buy a used Weapon Mg for 20K?
That's the technology game, the financiers are going to factor that into the risk analysis.
 
Jasper Van Gheluwe said:
RED knows the value of it's cameras (I hope). Why don't they gave out the loans? ...Workarounds, while RED said it would be easy... man... This is crazy. RED messed up and it keeps getting worse.
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Red is not a financial institution. If they were, chances are they would follow similar practices to the company that turned you down. If you don't have an established credit history or good source of income, you are not going to get a high dollar loan.

I am sorry you are unable to get a loan, but you can't blame Red for your situation. Have you tried getting a loan through your bank with your family co-signing the loan and using their house as collateral?

Jasper Van Gheluwe said:
there's no risk for the lender at all!
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There is Tremendous risk! Someone could take the camera and run and not pay back a dime. This happens with people renting gear from others.

Jasper Van Gheluwe said:
I'm not sure if it's possible to lend the money through a family member,
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In the US, you can loan another person up to $10,000 in one year without them having to pay taxes on it. In this situation, you can actually have anyone call in and put money into your Red account.
 
Jasper Van Gheluwe said:
The joke of the Scarlet-W/Epic-W goes on... Another promise broken.

Many people don't get their financing, because of various reasons. In my situation, they didn't trust my income (as I'm a starting film-maker). So what did I do? I gave them my families house as a guarantee, so they would be sure I would pay back (or lose a roof).
Still... not possible! This whole drunken financing plan is a joke. With other people it works? Well... for me it doesn't.

RED knows the value of it's cameras (I hope). Why don't they gave out the loans? They know, if they don't get their money, the camera itself would be worth the loan.
If I buy a camera for €20 000, worth €30 000, I'd be able to sell it for the same amount of money I bought it for. Which means... there's no risk for the lender at all!
A bank doesn't think that way, because well... they're a bank.
Click to expand...

Your frustration is real but your attitude can lead to real consequences for others. As example RED not risking in future to organise a finance plan like that. Red doesn't have to offer a plan like that, if they don't offer it nobody can get upset about it...
And for the risk for a bank: You get a depreciating asset, that they don't have a clue how fast it depreciates and it could get stolen. And for you being not long in the industry it's a massive risk for them. And with you offering another security it's there choice if that's suitable. Nobody has got an entitlement for a loan or a camera. I'm sorry that you couldn't get the loan you wanted and often it's not logical reasons why banks say no but that's life and it's not a broken promise because plenty of others seem to get the financing approved and it's not within the control of Red.
 
Jasper,

Would you have been overjoyed with the financing plan if you were able to make use of it? e.g. If you had one year of earning money from a single camera under your belt, and now how a golden opportunity to add a second camera.

If the answer is a Yes - then you should be happy for those people who can make use of this generous offer today, and this could be you next time around.

The drunken financing offer may not include everyone, but Red went out of their way to give many people a leg-up in this world, and should be respected for it - not vilified.

AJ
 
You can't put this down to Red. I would imagine that to become a financial lender would need all sorts of legalities sorting out and it's just not what they do.

I would also imagine that the majority of people would be okay. After all it's not a throw away cheap purchase, and if you're considering one then you are probably, or should be, pretty financially stable with good credit. If you struggle to get finance then you'd have to wonder if you'd struggle having this level of investment.

cheers
Paul
 
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