No Interest for 30 Months

[watchenthusiast6]

Hey guys,

I came across this financing no interest for 30 months. Tourneau actually offers this promotion and its a credit card. I called up a local Tourneau store and asked about this promotion, whether I need to know about any hidden fees or anything. One thing I found out is that the Credit Card who will do the financing is a Canadian bank. All you have to do is fill up the credit card app and if your credit is worthy there goes your 30 months financing. This is actually very tempting and I wanted to share the info to the rest of the fellow TRF. If you guys find out anything else please do share. I wonder if you need to put a down or anything?

http://www.tourneau.com/financing.html

Cheers all!

[superdog]

Sorry brother.

Sounds more like an advertisement for tourneau than a post for a Rolex watch forum.

[traf]

If you’re not putting yourself at risk financially then why not, it’s free money!


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[speedmaster73]

Originally Posted by traf

If you’re not putting yourself at risk financially then why not, it’s free money!


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No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

[hugs]

Originally Posted by speedmaster73

No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

He is referring to the free interest you will get by depositing the money in the bank for the duration of the loan

[traf]

Originally Posted by hugs

He is referring to the free interest you will get by depositing the money in the bank for the duration of the loan

Bingo


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[speedmaster73]

Originally Posted by hugs

He is referring to the free interest you will get by depositing the money in the bank for the duration of the loan

thats assuming he even has the $$$

im weary of those who want to purchase a rolex on 'credit'

#iwillgetthemoneylater

[Etschell]

Originally Posted by speedmaster73

No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

Plus the moment you buy the watch you're upside down in the loan.

[rr-nyc]

Originally Posted by speedmaster73

No its not. Free money is money that does not have to be paid back. At some point you have to pay the piper!

Oh boy

People call it free money because it costs nothing to borrow. It has nothing to do with paying it back.

It's actually better than free money if you factor the time value of money on 30 months

[Tony64]

Originally Posted by rr-nyc

Oh boy

People call it free money because it costs nothing to borrow. It has nothing to do with paying it back.

It's actually better than free money if you factor the time value of money on 30 months

What's better than free money?

[rr-nyc]

Originally Posted by Tony64

What's better than free money?

Making money on your own money over 30 months while using that free money to pay for that Rolex.

[CRM114]

Originally Posted by Tony64

What's better than free money?

Free money + beer.

[grimps]

Most dealers in the UK offer 0% finance on Rolex up to 4 years , Ive always thought its a good deal as when you think that there would be 2 or 3 prices rises in that time that watch will probably be worth the same as you paid for it in 4 years time and you've had it for free

[Richard Carver]

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more.

Be very careful. :)

[Ticknaway]

Originally Posted by Richard Carver

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more.

Be very careful. :)

Exactly, you'd better pay it off in 28 months leave nothing to chance!!!

[SDRider]

Originally Posted by Richard Carver

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more.

Be very careful. :)

I didn't have enough cash on me when I bought my Rolex so they offered me 0% interest on a loan of up to $15k (I think they put that amount because that's a little more than the watch cost with sales tax). Interest free for one year. I looked at the terms and it said if it wasn't paid off by the one year mark the interest rate would jump to 29.9%. I have it almost paid off currently and I bought the watch back in June. I put $4k cash down, paid $5k the first month and just paid another $3k. It will be paid off next month.

If nothing else, it will boost my credit score from its already lofty 830 points.

[keithl]

Originally Posted by SDRider

I didn't have enough cash on me when I bought my Rolex so they offered me 0% interest on a loan of up to $15k (I think they put that amount because that's a little more than the watch cost with sales tax). Interest free for one year. I looked at the terms and it said if it wasn't paid off by the one year mark the interest rate would jump to 29.9%. I have it almost paid off currently and I bought the watch back in June. I put $4k cash down, paid $5k the first month and just paid another $3k. It will be paid off next month.

If nothing else, it will boost my credit score from its already lofty 830 points.

[BristolCavendish]

Originally Posted by Richard Carver

Most of those loans are deferred interest loans. If you go beyond the 'free' period interest will accrue from day one at an astonishing interest rate and you will owe thousands more. Be very careful. :)

Yep. Read the fine print as the APR is nearly 30% (28.99%) if one goes beyond the payment period.

Might as well procure a Rolex 'advance' from a loan shark if owning one (or an additional model) is all that important to you.

[texex91]

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

[GradyPhilpott]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy toys.

I agree.

[ejvette]

I'm a huge fan of interest free money .... I can well afford to pay cash for any of my toys but when the option for interest free comes up I take it

[gmh1013]

Originally Posted by GradyPhilpott

I agree.

X3 ....if i dont have enough play cash...i wont buy any toy

[superdog]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

Agree on both accounts.

I just picked up a new watch. Paid on credit for miles. I planned on paying it off slowly. But I just can't do it.

I just don't like credit.

But yes, to each their own.

[SDRider]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

I do have the cash, I have way more money in the bank than my watch cost. My bank card has a $2500 transaction limit and I'd rather do the zero interest loan and just pay it off quickly than put it on my American Express. Our monthly income is vastly more than our monthly expenses so making a couple large payments isn't a problem, nor is paying off the entire amount, and I don't have any other credit card debt. I'm not really seeing a downside to financing it at zero interest quite frankly.

[Star Ferry]

Originally Posted by SDRider

I don't have any credit card debt. I'm not really seeing a downside to this decision I made quite frankly.

did you pay MSRP for the 116613LB? The main downside to these 0% financing deals seems to be lack of discounts where they might otherwise be had

[joli160]

Originally Posted by Star Ferry

did you pay MSRP for the 116613LB? The main downside to these 0% financing deals seems to be lack of discounts where they might otherwise be had

Exactly, so 0% interest easily becomes 10% depending on the model

[tyler1980]

Originally Posted by joli160

Exactly, so 0% interest easily becomes 10% depending on the model

depends, lets just say it was a 10k watch. Spread out over two and a half years at 0% its still probably a better option to pay a non discounted price and keep the 10K invested than save 1K today. The example would probably be more worthwhile if we were talking 50K watches.

Future value of money. You could spend 9k today or less than 9k in the future.

I see your point though.

[tyler1980]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

watches, cars, furniture etc make sense to buy at 0% or even a low APR if you have the cash but can make a higher return with your investment portfolio by holding on to it. Thats the way I always do it if i get a lower interest rate than my portfolios current performance. Usually the benchmark for me as to finance or not is the performance of the most conservative investments, not stock returns.

In principle i agree with you, but if you have the money to pay it off all at once if you needed to, go for it.

[Fleetlord]

Originally Posted by texex91

Watches are toys. If you don't have cash you shouldn't buy.

To each their own.

This should always be a HARD CASH hobby.

Go to the AD and slap down the CASH.

Shows you're not fooling around and are ready to deal...everytime.

[Lawman77]

Originally Posted by fleetlord

this should always be a hard cash hobby.

Go to the ad and slap down the cash.

Shows you're not fooling around and are ready to deal...everytime.

yes!!