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Old 09-18-2010, 10:09 AM   #1
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Sign of the Times - I guess

I don't know how others feel, but one of the great incentives I have enjoyed with Camping World was their 12 month, no interest plan on major purchases. I enjoyed purchasing improvements to my motor home and not paying cash up front and having a year to pay the bill. Well, that's gone now; they don't do it anymore because, as they told me, the Government made it impossible for them to offer that incentive any longer. They couldn't charge the high interest rates if someone didn't pay the bill on time. A little research on my part revealed that approximately 80% of consumers that used the "no interest" plan didn't pay it off on time and had to pay very high interest costs. I have always paid on time so didn't even care what the interest rate was; I just drew a little interest from my bank while I waited for the term to expire.
The most disturbing fact is that those of us that used the system as it was designed have now lost that option due to government regulation. Seems they are just getting a little too close to home with their influence in our day to day life!!
What's next??????
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Old 09-18-2010, 10:22 AM   #2
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guess we'll just have to wait and see but it will come
how does the mkx tow thinkingits about time to move from our mkt its got 60k on it
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Old 09-18-2010, 10:48 AM   #3
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Originally Posted by JBroadaway View Post
The most disturbing fact is that those of us that used the system as it was designed have now lost that option due to government regulation. Seems they are just getting a little too close to home with their influence in our day to day life!!
What's next??????
The thing is, you where not using the "system" as designed. The "system" is knowing that 80% do not pay off in time and the companies could now charge overinflated interest rates to those that could/didn't pay by the due date. This is why companies have their own credit cards and pay later plans, it's huge profit generators to them. The small amount of delinquent or non payment customers don't put a dent in the profit margin.
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Old 09-18-2010, 12:08 PM   #4
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I can assure you were paying interest on the purchases you made. No one but "No One", lends money free of charge. It was built into the price, and we all paid for it, if we purchased from CW. I for one did not. The main reason they blame the government is simply the government cracked down on all these shady tactics. They cannot do it any more with out revealing the terms.
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Old 09-18-2010, 08:36 PM   #5
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Its too bad that option is gone because I also used it several times.
Those who used the system and paid on time did not pay anything additional.
However, those who used the system and did not pay on time paid the additional costs that covered the small cost for the business caused by those who paid on time.
Our government, at all levels, continues to spoon feed those who do not or will not educate themselves regarding money and consumer lending, etc. In the end it only costs those who know how to handle and use money and continue to coddle the malcontents.
Society continues to look to someone, other than themselves, to take the responsibility and blame for all their ignorance and the problems they get themselves into!
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Old 09-19-2010, 05:04 AM   #6
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Originally Posted by Izzyblueye View Post
I can assure you were paying interest on the purchases you made. No one but "No One", lends money free of charge. It was built into the price, and we all paid for it, if we purchased from CW. I for one did not. The main reason they blame the government is simply the government cracked down on all these shady tactics. They cannot do it any more with out revealing the terms.
Gotta explain this...

If there is an item that is now, and always has been $499, and all of a sudden a store offers it for a 15 month interest free payment, where's it built in, other than digging into the sellers profit? If CW or any other store wants to sacrifice their margin in lieu of just making a sale, whats wrong with that?
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Old 09-19-2010, 06:39 AM   #7
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Quote:
Originally Posted by JBroadaway View Post
I don't know how others feel, but one of the great incentives I have enjoyed with Camping World was their 12 month, no interest plan on major purchases. I enjoyed purchasing improvements to my motor home and not paying cash up front and having a year to pay the bill. Well, that's gone now; they don't do it anymore because, as they told me, the Government made it impossible for them to offer that incentive any longer. They couldn't charge the high interest rates if someone didn't pay the bill on time. A little research on my part revealed that approximately 80% of consumers that used the "no interest" plan didn't pay it off on time and had to pay very high interest costs. I have always paid on time so didn't even care what the interest rate was; I just drew a little interest from my bank while I waited for the term to expire.
The most disturbing fact is that those of us that used the system as it was designed have now lost that option due to government regulation. Seems they are just getting a little too close to home with their influence in our day to day life!!
What's next??????
1. This is clearly a political post and thus violates the rules of the forum.
2. It is likely an untrue statement. See the summary of the new credit card law especially 1. of the summary. 8 major benefits of new credit card law
2. Since you started the political stuff let me point out that 30 years of banking deregulation got us in the mess we are in. ( I am a retired government banking attorney -- been there saw it all happen up close and disgusting. You can thank the lack of meaningful campaign finance restrictions allowing special interests to take over as the root cause.)
3. The benefits of this regulation outweigh the small detriments. Usurious interest rates changed at any time and applied to a previous balance etc. etc. are not good by any ones standard except the predator banks and businesses that do it. (Most religions frown on money lenders -- and I can't imagine why.)
4. Camping Worlds real reason for canceling the program is probably not as simplistic as you indicate.
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Old 09-19-2010, 07:09 AM   #8
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Originally Posted by Izzyblueye View Post
I can assure you were paying interest on the purchases you made. No one but "No One", lends money free of charge. It was built into the price, and we all paid for it, if we purchased from CW. I for one did not. The main reason they blame the government is simply the government cracked down on all these shady tactics. They cannot do it any more with out revealing the terms.
This is actually not the 'governments fault.' Companies are still able to do this with credit; however the rules have changed a bit....that's all that changed. My hunch is that camping world bailed out because Best Buy does and still has programs of this nature. They are run with an eye to the consumer and if CW was caught gauging....that's why they no longer offer this program.

Like everyone else here....I'll use someone elses money for free.
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Old 09-19-2010, 08:41 AM   #9
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The thing is, you where not using the "system" as designed. The "system" is knowing that 80% do not pay off in time and the companies could now charge overinflated interest rates to those that could/didn't pay by the due date. This is why companies have their own credit cards and pay later plans, it's huge profit generators to them. The small amount of delinquent or non payment customers don't put a dent in the profit margin.
Exactly. I use my Visa card for nearly everything because I earn frequent flier miles and can track spending via Quicken. I pay the balance in full every month... and am considered a "dead beat" in the industry.

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Old 09-19-2010, 08:59 AM   #10
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I guess

I feel the goverment is protecting the 80% of the people (from themself) that had the work done and knew they could't pay the loan off in time. No different then what happen with the housing market. Overpay, no money down and now short sales and the bank gets stuck. When banks get stuck or CW we all pay. We pay for shop lifting and all other loss to any business in one way or another.
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Old 09-19-2010, 09:32 AM   #11
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I feel the goverment is protecting the 80% of the people (from themself) that had the work done and knew they could't pay the loan off in time. No different then what happen with the housing market. Overpay, no money down and now short sales and the bank gets stuck. When banks get stuck or CW we all pay. We pay for shop lifting and all other loss to any business in one way or another.
You right we should feel sorry for the banks and credit card companies that hand out credit to anyone regardless of credit history and then jack up the rates retroactively and then get stuck with a non paying loan. Yeah it was ok for the politicians to deregulate years ago and let the banks and credit card companies do that even though the government often gets holding the bag (FDIC etc.).
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Old 09-19-2010, 09:53 AM   #12
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Originally Posted by RickO View Post
Exactly. I use my Visa card for nearly everything because I earn frequent flier miles and can track spending via Quicken. I pay the balance in full every month... and am considered a "dead beat" in the industry.

Rick
We must be dead beats also because we do the same thing. DW is very good at paying off the Visa before we pay a penny in interest. We get gift cards from our bank of your choice of hundreds of stores and restaurants. At one point we got up to about $3000 in cards.

Years ago we bought a fridge for the sticks and bricks house and got one of the no interest loans. Paid it off before any interest but the store got the financing through HFC that proceeded to drive us nuts sending junk mail and calling until I finally called them and told them we would never get any kind of loan through them. Lesson learned there was to just buy whatever any skip any of those deals.
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Old 09-19-2010, 12:52 PM   #13
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I don't see that the gov't did anything to CW except make them be honest about what they were offering. If they feel they cannot offer those deals and still be up front about how they work, that's fine by me.

I just saw a "no interest" offer from another company, so not every business feels as CW apparently does.
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Old 09-19-2010, 04:21 PM   #14
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Towing the MKX is a dream; simply start the car, put it in neutral, and turn the key off. This leaves the steering wheel free to turn. No fuses to pull, no driveshaft disconnect, or any of the other problems with towing other cars. Just make sure you get an AWD since 4wd doesn't have the same towing capabilities. I've towed mine over 5,000 miles so far and have never had a problem. I also enjoy buying my autos from a non-bailout company!!!
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