OT: Interest free deals this weekend

Discussion in 'NZ Computing' started by S Roby, Aug 13, 2005.

  1. S Roby

    S Roby Guest

    Wanting to buy a (HomeTheatre) DVD Recoder I went to
    Hill & Stewart, "Interest Free for 12months"
    Was going to buy a $599 Panasonic & pay a $100 deposit
    Total credit = $499
    Total charges = $240, nearly 50%. Id be better off going to a loan
    shark(seriously)
    Booking fee is $60, "insurance" was $180 (for a $499 loan)

    I told him that the insurance charge was outrageous & walked out.

    Noel Lemming would have charged me $80 insurance.
    S Roby, Aug 13, 2005
    #1
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  2. S Roby wrote:
    > Wanting to buy a (HomeTheatre) DVD Recoder I went to
    > Hill & Stewart, "Interest Free for 12months"
    > Was going to buy a $599 Panasonic & pay a $100 deposit
    > Total credit = $499
    > Total charges = $240, nearly 50%. Id be better off going to a loan
    > shark(seriously)
    > Booking fee is $60, "insurance" was $180 (for a $499 loan)
    >
    > I told him that the insurance charge was outrageous & walked out.
    >
    > Noel Lemming would have charged me $80 insurance.


    These 'deals' are for idiots. The amount paid in fees greatly exceeds
    the amount you'd make on interest if you put the loan amount in the
    bank. I occasionally look at the fine print, and never have I found a
    deal where I would be better off paying later.

    The best option is to use your credit card and pay the following month,
    or just pay cash if you lose on the card transaction.

    If you can't afford it now, don't buy it.

    The Other Guy
    The Other Guy, Aug 13, 2005
    #2
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  3. S Roby

    PC Guest

    Re: Interest free deals this weekend

    "S Roby" <> wrote in message
    news:ZXfLe.2476$...
    > Wanting to buy a (HomeTheatre) DVD Recoder I went to
    > Hill & Stewart, "Interest Free for 12months"
    > Was going to buy a $599 Panasonic & pay a $100 deposit
    > Total credit = $499
    > Total charges = $240, nearly 50%. Id be better off going to a loan
    > shark(seriously)
    > Booking fee is $60, "insurance" was $180 (for a $499 loan)
    >
    > I told him that the insurance charge was outrageous & walked out.
    >
    > Noel Lemming would have charged me $80 insurance.




    Caveat Emptor

    Paul.
    PC, Aug 13, 2005
    #3
  4. In article <42fce713$>, d
    says...
    >
    > These 'deals' are for idiots. The amount paid in fees greatly exceeds
    > the amount you'd make on interest if you put the loan amount in the
    > bank. I occasionally look at the fine print, and never have I found a
    > deal where I would be better off paying later.
    >
    > The best option is to use your credit card and pay the following month,
    > or just pay cash if you lose on the card transaction.
    >
    > If you can't afford it now, don't buy it.
    >
    > The Other Guy


    To boot, they usually factor the cost of the finance on these 'interest
    free' deals into the displayed retail price.
    Day before X-mess our fridge packed a sad. Knowing what I know I walked
    into our nearest appliance store and said "I see you have a 12 month no
    interest deal on your appliances - so how much will this fridge/freezer
    cost me if I pay cash?" The manager knocked just over 400 bucks off the
    price without any further word being said.

    -P.
    Peter Huebner, Aug 13, 2005
    #4
  5. S Roby

    Craig Shore Guest

    On Sat, 13 Aug 2005 18:15:03 +1200, The Other Guy
    <> wrote:

    >S Roby wrote:
    >> Wanting to buy a (HomeTheatre) DVD Recoder I went to
    >> Hill & Stewart, "Interest Free for 12months"
    >> Was going to buy a $599 Panasonic & pay a $100 deposit
    >> Total credit = $499
    >> Total charges = $240, nearly 50%. Id be better off going to a loan
    >> shark(seriously)
    >> Booking fee is $60, "insurance" was $180 (for a $499 loan)
    >>
    >> I told him that the insurance charge was outrageous & walked out.
    >>
    >> Noel Lemming would have charged me $80 insurance.

    >
    >These 'deals' are for idiots. The amount paid in fees greatly exceeds
    >the amount you'd make on interest if you put the loan amount in the
    >bank. I occasionally look at the fine print, and never have I found a
    >deal where I would be better off paying later.
    >
    >The best option is to use your credit card and pay the following month,
    >or just pay cash if you lose on the card transaction.


    And if you don't have the cash to pay for it now, a low interest
    credit card is the way to go. About $60 a year for the card, and 10%
    interest.

    FWIW if you ever need to borrow a substantial amount and own a house
    borrow it against you house. It costs bugger all to set up ($150) and
    you pay the current mortgage interest rates (around 7.5%).
    Craig Shore, Aug 13, 2005
    #5
  6. S Roby

    Richard Guest

    S Roby wrote:
    > Wanting to buy a (HomeTheatre) DVD Recoder I went to
    > Hill & Stewart, "Interest Free for 12months"
    > Was going to buy a $599 Panasonic & pay a $100 deposit
    > Total credit = $499
    > Total charges = $240, nearly 50%. Id be better off going to a loan
    > shark(seriously)
    > Booking fee is $60, "insurance" was $180 (for a $499 loan)
    >
    > I told him that the insurance charge was outrageous & walked out.
    >
    > Noel Lemming would have charged me $80 insurance.


    Is $599 the normal retail of it? if so your being ripped off on that too.

    You can usually knock quite a bit off for cash, authough possibly not on low end
    crap like that thats alredy pretty tight to the margins.
    Richard, Aug 14, 2005
    #6
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