Financing COs for Equipment, goods/bads?

Discussion in 'Lawn Mowing' started by Ramairfreak98ss, Feb 14, 2008.

  1. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Posts: 2,210

    Ive always used "Yard Card" which is through "Shoppers Charge Accounts" for Ferris, Simplicity, Briggs & Stratton, Snapper, and a ton of other companies. They regularly run promotions to attract customers to buy equipment, lots of times at the right month in the season 0% offers.

    I know almost every brand out there has some sort of similar offer. Ive bought all of my Ferris and Simplicity equipment with these offers, sometimes only 12mo. same as cash, other times 0% for 36mo.

    The problem is, after having the account for a few years now, i think they're realizing they're loaning me money for free and not making a profit on my account in general, so they're hitting me with any angle possible.

    Suddenly, my checks around mid 07, start posting very late to the account. Bill is always due 16th of each month and i usually get it out by the 12th, sometimes sooner. I had payments posting as "LATE" to the account on the 19th of the month. I now since September 07, use my online bill pay to pay the same auto payment each month from my bank, its guaranteed to be there on that date, which i have set to the 14th of each month.

    Prior to setting this account up, i forgot about the payment bill pay, thought it sent and it didnt, i only entered the billers info, so the payment was paid "late" on the 18th of October. Since i knew the payment was going to be late, i added another $40.00 to cover the late cost so my bill will be the same amount as always for November. Wrong, they bill me a late fee, AFTER i paid it already. Now theyre trying to say, my $40.00 extra went to the balance "which is on a FIXED 0% for 36mo. plan" and that because i didnt pay for the additional late fee the following month, that i was "late" again. Ive paid about $600.00 over 4 months and my bills only reflect about $485.00 in total charges. WTF?

    The company now seems to "hang up" a LOT. They hung up after 25min on the phone with my g/f which is a finance major out of a popular University in NJ and i think they ran out of BS for her. They "transfer" you constantly now too, Im on the phone for 10 minutes talking to one rep, then when they have no other answer, they transfer you again, and they ask your acct. # again, only to tell me that theres nothing they can do and that i have to eat months worth of late fees.

    Keep in mind, these 0% plans can terminate if there are 2 consecutive late payments made, which there have in their eyes, they can adjust to 22% or some BS. What im worried about, if that happens, how would you pay off the balance to get out of what turned from a 0% apr to a 22% apr? This is the only company that offers a 0% for Ferris machines which i have one ordered for $11,600.00 in two weeks? I could go with another brand, Deere, Scag, anyone which similar offers, but i doubt with this credit amount on my name, and possible LATE payments on my credit history now, that any other company would slip me a 0% offer for a 10k + machine.

    Anyone else have good or bad dealings with these places?
  2. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Posts: 2,210

    no one huh :)

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