U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-06-2008, 02:00 PM
 
6,743 posts, read 8,477,656 times
Reputation: 1847

Advertisements

I am getting angry with the finance company that my store uses for retail financing. It think the turn-down rate has more than doubled!

Have any of you retailers or salespeople been experiencing the same thing?

VERY FRUSTRATING!
Reply With Quote Quick reply to this message

 
Old 07-06-2008, 06:45 PM
 
Location: Papillion
2,589 posts, read 9,684,159 times
Reputation: 898
Its just a reflection of the tightening credit market... the previous market was way too liberal, so this is just the pendulum swinging back to a more realistic level. What you are seeing is a good thing.
Reply With Quote Quick reply to this message
 
Old 07-06-2008, 07:37 PM
 
Location: West Michigan
654 posts, read 3,160,212 times
Reputation: 568
Retail financing isn't really worth it anyway. High interest rates and other stipulations always makes it a bad deal anyway.
Reply With Quote Quick reply to this message
 
Old 07-06-2008, 09:30 PM
 
6,743 posts, read 8,477,656 times
Reputation: 1847
Quote:
Originally Posted by AVTechMan View Post
Retail financing isn't really worth it anyway. High interest rates and other stipulations always makes it a bad deal anyway.
In our business we write allot of interest free contracts. 3mth, 6mth, 1 yr...
Reply With Quote Quick reply to this message
 
Old 07-06-2008, 09:34 PM
 
6,743 posts, read 8,477,656 times
Reputation: 1847
Quote:
Originally Posted by Dave1215 View Post
Its just a reflection of the tightening credit market... the previous market was way too liberal, so this is just the pendulum swinging back to a more realistic level. What you are seeing is a good thing.
We are not selling homes here...the contracts are rarely over $2000. I guess every business has to suffer because of fraudulent real estate loans.
http://www.thehealthymom.com/wp-content/plugins/more-smilies/maidacollection/dunno.gif (broken link)
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 08:07 AM
 
Location: Papillion
2,589 posts, read 9,684,159 times
Reputation: 898
Quote:
Originally Posted by ozzie679 View Post
We are not selling homes here...the contracts are rarely over $2000. I guess every business has to suffer because of fraudulent real estate loans.
http://www.thehealthymom.com/wp-content/plugins/more-smilies/maidacollection/dunno.gif (broken link)
I wasn't talking about real estate loans, I was talking about consumer loans. The consumer loan market has been way too liberal (even before the real estate market became that way). Both markets needed to tighten up and consumer has been the bigger problem over real estate.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 08:39 AM
 
4,711 posts, read 11,179,453 times
Reputation: 3778
I've always thought that "Instant Financing" and similar BS should be illegal.

The practice gave rise to a lot of identity thefts.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 08:49 AM
 
Location: Papillion
2,589 posts, read 9,684,159 times
Reputation: 898
Quote:
Originally Posted by car54 View Post
I've always thought that "Instant Financing" and similar BS should be illegal.

The practice gave rise to a lot of identity thefts.
There are a lot of folks that believe its borders on being a predatory practice. The credit is so easy to get and the rates are generally very high (take an 0% offer and miss the payment terms and see what the rate is)... the less wealthy and less educated can get caught in these and end up with a lot of really nice stuff that they can't afford. Sometime investigate the collection rates, repossession stats, and write-off volumes for these retail loans.
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 10:37 AM
 
6,743 posts, read 8,477,656 times
Reputation: 1847
What is "instant financing"? Is it like a "rent-to-own"?
Reply With Quote Quick reply to this message
 
Old 07-07-2008, 10:41 AM
 
Location: Papillion
2,589 posts, read 9,684,159 times
Reputation: 898
Quote:
Originally Posted by ozzie679 View Post
What is "instant financing"? Is it like a "rent-to-own"?
Instant Financing provides instant credit decisions at the point of sale for big ticket items. While you are in the store finishing up your purchase decision they make the credit decision on the spot. Almost as easy as paying with your credit card... just give a few pieces of personal identifiable information and a couple of key strokes and a couple of seconds later the sale is made and you have a credit limit and loan.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 06:58 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top