Bank Wants Struggling Soap Box Derby To Repay Loan

[The Straight Story]

Bank Wants Struggling Soap Box Derby To Repay Loan


AKRON, Ohio —An Ohio bank is stepping up pressure on the financially strapped All-American Soap Box Derby to repay a loan.

FirstMerit Bank says it wants its money back. The move comes as the Akron-based derby has gone two years without a corporate sponsor, dropping its income from $1.6 million to $1.2 million.

In the past, companies such as Goodyear Tire & Rubber Co. and Home Depot generally contributed about $250,000 a year plus free publicity.

Derby board chairman William Evans says the organization is committed to working with the bank. He said the derby has been making regular payments on the loan, although at times that has meant paying interest only.

About 600 finalists raced in the 2009 derby, held in July.

The derby was created during the Great Depression when kids - desperate for cheap entertainment - built cars out of soap boxes and raced them on neighborhood hills.

http://www2.nbc4i.com/cmh/news/local/article/bank_wants_struggling_soap_box_derby_to_repay_loan/27427/

[SmileyRose]

1. How sad, even the soap box derby went corporate.

Is nothing sacred?

[safeinOhio]

2. FirstMerit Bank

If you have money there, take it out and tell them why.

[havocmom]

3. Yep. Loans to Boy Scouts support a lot of bad thinking

Then, the Scouts are deadbeats on top of all their bigotry? I would let the bank hear about it were I a depositor there.

[The Straight Story]

4. What do the scouts have to do with any of this?? (nt)

[havocmom]

8. I'm sorry, I thought they sponsored it

Every kid I ever knew who entered did so as part of their scout stuff :shrug:

[The Straight Story]

11. I think they are more of the pinewood derby thing (nt)

[DerbyDoc]

12. Your right you are SORRY

YOU GOT THAT RIGHT YOU ARE SORRY.

[Angry Dragon]

14. Poor taste for your first post

[tularetom]

5. Boy scouts is a crappy organization but I don't think they are connected

to the soap box derby.

[metalbot]

6. The nerve!

A bank wanting to be paid back for a loan? That's outrageous. Especially considering that they probably enticed the soap box derby to borrow more than they can afford, lying about how the derby would likely increase in value so that they'd be able to refinance later and make serious money.

Seriously, this is the banks business - loaning money and trying to get people to pay them back. If you want to boycott someone, why not boycott the traditional sponsors who aren't sponsoring it rather than the bank for not signing up to be a sponsor? If you are going to boycott the bank, you are basically telling them: "I won't do business with you because you refuse to donate to the Soap Box Derby." In this case, the bank is clearly going to have to work with the Derby to recover their money, because there are likely no assets to be seized.

[Dreamer Tatum]

7. The presumption that any loan should ever be repaid, for any reason, is dead

Might as well get used to it. The moment the facts of a loan enter the public consciousness, that loan is essentially forgiven, and that bank is cursed for all time for having the temerity to issue and service that loan.

Interesting times we live in.

[safeinOhio]

16. As long as that bank didn't get a penny of my tax money at

0% interest to loan out and save the economy.
What's with all this banks are just businesses doing all the good ethical work of loaning money? They are among the lowest scum on earth. They loan out money at usury rates and get bailed out by our taxes.

ok, give me my lecture.

[Synicus Maximus]

9. Where do you think the money for the loan came from? It is the

money deposited by the people who have put their money in checking and savings accounts. Why would someone pull their money out of a bank that was trying to protect their money? But I could see pulling ones money out if the bank didn't try to get the loan paid back.

[Ron Green]

10. Is Soap Box Derby too big to fail?

Actually, it's a big ol' piece of nostalgia that ought to go the way of lawn darts and candy cigarettes.

[itsrobert]

13. Get rid of it

I'm sure a video game can be made of it.

[The Straight Story]

15. Already done:

http://www.redbullsoapboxusa.com/Game.aspx

;)

[safeinOhio]

17. some reviews of that bank

http://www.insiderpages.com/b/3719810475