Snap On Repo Traded Tools?

[Tallpilot]

As far as any interests Snap On retained in the tools - it would depend on the financing agreement and if they had filed a UCC financing lien at the time of sale.

Technically - unlike a vehicle with a VIN or equipment with a serial # - it could be problematic to positively identity any hand tools sold under a financing agreement. Perhaps they do have a unique numbering system - I am not a Snap On user. If he defaulted, the financing agent (maybe a web bank) would try to recover from him. If the tools were disposed of or sold - the seller could be investigated for defrauding a secured creditor. I doubt if anything could be done to a buyer of tools without an identification #. That said - I doubt it would be pursued. I don't know if Snap On carries its own accounts or uses a third party.

Ignoring the ethics of purchasing tools you know are financed and not paid for; I believe you are correct. Scanners and boxes are serialized so can legally be proven to be the same tool. Most hand tools do not.

I don't like the weekly financing model and I think it often puts techs in precarious financial positions and certainly borders on predatory. I have sympathy for the dealers as well. They are often deeply in hock and a few customers skipping town with an unpaid balance could tip them into bankruptcy.

 

[Lucid Moments]

I don't like the weekly financing model and I think it often puts techs in precarious financial positions and certainly borders on predatory. I have sympathy for the dealers as well. They are often deeply in hock and a few customers skipping town with an unpaid balance could tip them into bankruptcy.

It doesn't border on predatory it is way deep into predator territory.

 

[LOW1]

A very important fact is whether snap on filed a "financing statement" with the correct office (usually the secretary of states office). The purpose of this is to put the world on notice that snap on has a lien on the tools. Just like recording a mortgage to have a lien on a house. You are expected to check if such a lien has been filed before buying used tools in a commercial transaction. Whether seller was a consumer or a commercial seller is a good question but buying the tools at a place of work is not a good fact

 

[liliysdad]

A very important fact is whether snap on filed a "financing statement" with the correct office (usually the secretary of states office). The purpose of this is to put the world on notice that snap on has a lien on the tools. Just like recording a mortgage to have a lien on a house. You are expected to check if such a lien has been filed before buying used tools in a commercial transaction. Whether seller was a consumer or a commercial seller is a good question but buying the tools at a place of work is not a good fact

One thing so many folks here don't comprehend is that every locale is different.

Literally nothing you just typed is even a thing where I live.

 

[eyeball]

It doesn't border on predatory it is way deep into predator territory.

I don’t know... it seems to me that predatory would apply when some one has no other options and are taken advantage of because the seller knows of the limited options available.

When buying tools, with the exception of some specialty tools, there are many well known options and almost all of them are cheaper and at least as available as SnapOn.

 

[will335i]

The issue with some business people and larger companies is the person making the financial decisions is so far disconnected from the actual work being performed. They don't understand the job being performed or the requirements to complete the work they just see the dollar signs. It happens in every industry.

My last company used to do it right, all the CEOs came up through the company from entry level positions and they had people that came from the field running every function in the company. Then they had a CEO come out of finance and everything went to ****. Instead of addressing a bloated company with too many management positions they started squeezing the people generating revenue more and more. Stock went from $100/share before I left to now sitting at $17/share.