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Loaner security

 
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Mat Roop
Senior Member


Joined: 24 Mar 2007
Posts: 911
Location: Wyoming Ontario

PostPosted: Sat May 28, 2016 11:40 pm    Post subject: Loaner security Reply with quote

What is the general practice to deal with security when loaning out insruments and bows for trial. I am thinking of instruments and bows of generally less than $5000 value. So far I have not had a loss, but there have been times I have nervously taken the risk.
Do you take a deposit, if so what percentage?
Just wondering what folks usually do.
Thanks!... Mat
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Michael Darnton
Moderator


Joined: 23 Mar 2007
Posts: 1281
Location: Chicago

PostPosted: Sun May 29, 2016 10:08 am    Post subject: Reply with quote

The essential thing is to make sure you know the person you're making the loan to. Personal connections are important to this: who's your teacher; who sent you; who do you play with? Who else needs to see this for you to feel like you're going to buy it? These are all things you have a right to know if you are letting someone walk out the door with an object worth some thousands of dollars. Someone who's embedded in the community and known is a lesser risk. Someone walks in the door, totally unknown, with whom you have no links? I wouldn't do it.

No paperwork will protect you from someone intent on stealing from you, but I have had the most problems with people who didn't have the money and wanted payment plans. Repeat to yourself "I am not a bank: I am not a bank and I do not give loans,."

An attorney once speculated to me about the amount of paper work involved in a Strad trial agreement. He couldn't believe that it involved having the prospect signing a simple sheet specifying who, what, where, when, and how much*, to satisfy insurance. I told him: you don't lend Strads to people who you don't have every reason to believe will be bringing them back, and paper doesn't assure that; it's that simple.

The other thing we did was require them to pay return shipping AND insurance if it was coming back that way. Without some sort of obligation like this in place, some people will have 50 instruments mailed in from all over, without a second thought, abusing the system, since they have no skin in the game. You don't need to be a participant in this kind of situation, and you're better off without that type of customer. (Bob Bein put it this way: this sale is going to cost the industry much more than the profit; don't contribute to that problem). If someone is playing that game, make them come to you. Be wary of laying out expenses that are not proportional to the chances of success and profit.


* [These are the things you need on the trial agreement, including a signed sentence saying something like "I agree to return or purchase the above stated items by (date)." You should get specific advice about wording this sentence from an attorney if you are concerned, but that does seem like a pretty clear declaration of obligation, and it's what was on the Bein and Fushi trial agreements when I worked there.]
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Mat Roop
Senior Member


Joined: 24 Mar 2007
Posts: 911
Location: Wyoming Ontario

PostPosted: Tue May 31, 2016 8:53 pm    Post subject: Reply with quote

Thanks Michael... all that is real good advice.
I am from the old school where "a handshake" was all that was needed, but in todays world that just does not seem to cut it. I am leaning toward having the client pay for the item and offering them a refund on condition of return by a stated time and in original condition. It may result in fewer sales, but less headaches... I think. Of course there is the issue of form of payment... cash is clean, cheques are dubious, Visa/ Mastercard always favours the buyer in the event of a dispute, but at least forces the buyer to make a serious commitment.

In the end, I like your first advice.. "know the person"
Thanks, Mat
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ollieken
Super Member


Joined: 26 Mar 2007
Posts: 281
Location: New Brunswick Canada

PostPosted: Wed Jun 01, 2016 9:48 am    Post subject: mat Reply with quote

Hello mat just reading your post Here in New Brunswick just
a hand shake & a promise to bring a jug of that wonderful stuff made by the lite of the moon on return of the fiddle would be good enough
Have a good Day. ken
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Mat Roop
Senior Member


Joined: 24 Mar 2007
Posts: 911
Location: Wyoming Ontario

PostPosted: Wed Jun 01, 2016 10:22 pm    Post subject: Reply with quote

ahh... the good ol' days!
Cheers, Mat
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