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re: .
Posted on 5/22/15 at 12:06 pm to tigeraddict
Posted on 5/22/15 at 12:06 pm to tigeraddict
I should also note that the GM is a family member and has always given us at least 20% off every purchase.
0
Posted on 5/22/15 at 12:24 pm to yellowfin
quote:
we that's 58% more than Ashley furniture is worth
Clever. IDGAF if you like Ashley furniture or not, simply pointing out the % of markup.
Posted on 5/22/15 at 12:51 pm to CQQ
don't miss a payment or be late
Posted on 5/22/15 at 2:56 pm to HoustonTiger2008
quote:
Not talking to you like you got burnt at all, but it seems like if you have never financed anything except your house and your truck then you probably aren't the best person to speak up about it in a forum.
I guarantee you I'm the most qualified person on the entire site to speak about consumer financing and regulations. I don't use consumer financing because it's generally shady as hell, but that doesn't mean I cannot tell you the ins and outs of almost every type of consumer lending and where their profits are made. The CEO's of payday lenders don't have payday loans, but I think they are qualified to speak on the subject.
Posted on 5/22/15 at 3:27 pm to Jcorye1
quote:
I'd avoid it if you can just buy it in a couple of months
That's just dumb. 0%! Buy it and pay it off in 2 months. It guarantees you get the furniture you want now. What if it sells out?
Man, it would take at least a month to receive the first statement. So basically in 2 months, you would have to pay the fist $90.
Posted on 5/22/15 at 4:28 pm to mglsu21
I think we are all aware that furniture has high margins
Posted on 5/22/15 at 4:37 pm to tigeraddict
quote:
hat 0% financing has that cost inbed in the sales price
Same thing with automobiles. I get hit everyday with....well if you cant do 0% like Toyota...we arent buying.
Posted on 5/22/15 at 4:39 pm to TheHiddenFlask
quote:
The CEO's of payday lenders don't have payday loans, but I think they are qualified to speak on the subject.
Another example is I Love Bama can tell you about the slums because he is a slumlord not because he lives in one
Posted on 5/22/15 at 5:06 pm to CQQ
The quality of furniture at places like rooms to go is a joke. You will need new stuff sooner than you would with beer quality so you end up spending more once you buy twice
Posted on 5/22/15 at 5:10 pm to Jcorye1
quote:Bingo.
It says no interest, but that doesn't mean interest isn't built into the price of the object.
Very likely could negotiate a much lower cash price on the pieces. Then it's simply a matter of running the numbers.
Posted on 5/22/15 at 5:17 pm to CQQ
quote:Double-check and Triple-check for pre-payment penalties.
I wouldn't carry the note for that long (probably pay off in 1-2 years).
Also - does the price actually represent a value, or are you caving in to the 0%?
Posted on 5/22/15 at 5:20 pm to NC_Tigah
Nope, what they do is tabulate the interest and defer it. It's zero if paid off in time, but if not paid off, all the accumulated interest is tacked on to the balance.
Not sure of the details, but it also can be hit with interest if late on payments.
They know both will happen 50% of the time.
So of course it's a slam dunk for those with enough cash to pay a few months later
Not sure of the details, but it also can be hit with interest if late on payments.
They know both will happen 50% of the time.
So of course it's a slam dunk for those with enough cash to pay a few months later
Posted on 5/22/15 at 5:23 pm to OnTheBrink
quote:
see no problem with it at 0% interest.
Posted on 5/22/15 at 5:54 pm to CQQ
Every "0% deal" I've ever dealt with always ends up being a credit card that is working with the store. You just get the same intro period 0% that you would get if you signed up for a lot of cards. I bought a bike a while back and they offered it to me. I took it and will pay ot off a few months before it's done. I got the cash ready if they start playing games with "security fees" and other stuff. If it doesnt hurt your credit, not a bad option.
And as far as the interest being built into the price. You think they jack up the prices during this offer?? Yeah, they can take the hit due to huge markups, but they aren't going to raise the price to offset the interest lost. People would notice. We shopped for months before getting the furniture for our new house. Would have seen the price changes, especially if they had to do it to the whole store.
And as far as the interest being built into the price. You think they jack up the prices during this offer?? Yeah, they can take the hit due to huge markups, but they aren't going to raise the price to offset the interest lost. People would notice. We shopped for months before getting the furniture for our new house. Would have seen the price changes, especially if they had to do it to the whole store.
Posted on 5/22/15 at 6:34 pm to CQQ
I bought a couch with 0% financing. I suck at negotiating prices so if I got ripped off with the price I probably would've anyway paying cash. I took advantage of the long payment period and just set automatic payments.
Posted on 5/23/15 at 1:29 pm to CQQ
Please don't buy furniture on credit.
Mow some yards or wash some cars or deliver some pizza or something to get the additional money you need to pay cash.
Try your best not to borrow money for depreciable assets. Buy cars even for cash. I would rather see you buy a $5000 car and have to spend $4000 over three years keeping it running that to see you buy a $30000 on credit.
Mow some yards or wash some cars or deliver some pizza or something to get the additional money you need to pay cash.
Try your best not to borrow money for depreciable assets. Buy cars even for cash. I would rather see you buy a $5000 car and have to spend $4000 over three years keeping it running that to see you buy a $30000 on credit.
Posted on 5/23/15 at 1:47 pm to I B Freeman
That is really really dumb.
Posted on 5/23/15 at 2:17 pm to I B Freeman
quote:
I would rather see you buy a $5000 car and have to spend $4000 over three years keeping it running that to see you buy a $30000 on credit.
I just traded my wife's Honda Odyssey for a Pilot. They gave me .09% for 2 years which will costs me $123 in financing costs, ($8000 financed). That's like free money. I could have paid cash and not had a note but why tie up your money at those rates?
Posted on 5/23/15 at 2:37 pm to lsufan1971
quote:
I just traded my wife's Honda Odyssey for a Pilot. They gave me .09% for 2 years which will costs me $123 in financing costs, ($8000 financed). That's like free money. I could have paid cash and not had a note but why tie up your money at those rates?
Your decision. Consumer debt is dumb IMHO.
I understand your logic and if it was an appreciable asset you could easily get your money out of I would agree. If you put the $8000 cash in an easily convertible appreciable asset that would be ok.
As it is it is another anchor to your current income stream--to your job for example.
I would have rather you paid the $8000 and then borrowed $8000 and put it in a safe stock if you felt the urge to borrow. Better yet--just pay the cash and save the $123 a month in a savings account or a stock account somewhere.
Stay out of debt related to depreciable assets if you want your journey to financial freedom to be shorter. It is a rule everyone should adopt.
On the other hand--when you are looking at assets that are most likely to appreciate or provide reliable income borrow all you can. (this does not mean buy a big ole house because I do not believe you will make money on a house over the 25 years but it can mean buy rental property and have stream of income.)
Posted on 5/23/15 at 2:39 pm to TheHiddenFlask
quote:
That is really really dumb.
Let me get this straight. It your opinion Mr. Climpsum The Hidden Flask that working to raise cash to buy furniture is really dumb.
Is that your stance?
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