Rolex and Consumer Credit.

[stockjock1975]

Every Rolex (and other watches) I have ever purchased in my life has been to mark an accomplishment in my life. For example, a promotion, bonus, wedding, birth of my son/daughter, etc. When I look at my wrist, it always allows me to reflect back on these significant milestones with happiness and pride. So I feel that if I were to finance these treasures via borrowed money, it would certainly cheapen the whole experience.

So, it is cash only purchases for me. No exceptions to that rule!

[SUPERDOC]

Originally Posted by Eric89

I would never buy a luxury item, such as a rolex, unless I had the cash to pay for it. That said, I've used my credit card to buy one before but always pay it off in full at the end of each month. To me, a credit card is uses only as a conveniece and for the added protection and reward points, not as a form of a loan. Just my opinion.

This is in line with my policy..I try to put as much as I can on a credit card..cars, watches, groceries...really racks up the points...
but, I use it as I would a debit card...I'd never spend what I don't have....

I refuse to ever pay a credit card financing fee..

[Fixxxer]

I am getting ready to purchase my first Rolex in about 2 weeks. What I did, like I am sure many people here do, is I have a Rolex fund. Each paycheck or commission I get I transfer a little amount online to a savings account I labeled "Rolex Fund." It is right next to the one labeled "Vacation Fund."

My method obviously takes some time but in a wierd way I like it like that. It's like a little kid counting down the days until Christmas. Every other week I see that fund grow and get closer to the amount needed to buy my Rolex. I am looking forward to walking into my AD in a couple of weeks and paying cash for this watch.

[HL65]

And one wonders why this economy got in trouble. If you can not afford it--don't buy it. Prioties--at the bottom of the list is luxury items--not at the top!!

[nauticajoe]

Pay off the debt. Then buy the LV.

[Watch Professor]

If you pay your credit card bill in full at the end of the month, it makes sense to use the card. It gives you cash or point rewards (on a Rolex the amount can be significant) and it offers some consumer protection. Pay it out with the rediculous interest rates? Never.

[vtsnowplow]

I pay for everything with a Gold American Express. You have to pay in full every month, but the membership rewards are great. Like cash, but with a bonus.

[bran319]

When I buy from my AD I pay cash so I can get a good discount.

It it's a grey market dealer I put it on my card for the points and pay it off at the end of the month so I can earn the miniscule interest on my checking account.

Either way I always only use discretionary funds to purchase a luxury item. Going into debt for a rolex isn't very bright!

[DS_Obsessed]

If I had that much debt, it would be difficult for me to wear my rolex's with the pride I can right now. I paid cash for all 3 of the rollies in my house. My pride in purchasing them came from the fact that I could actually afford them.

If the debt load was very small I would say it's no big deal to take a line of credit qnd pay it off over the course of a couple months. 10's of thousands in debt is way to much. This guy sounds like a 30,000 dollar millionaire.

[viper]

Originally Posted by Eric89

I would never buy a luxury item, such as a rolex, unless I had the cash to pay for it. That said, I've used my credit card to buy one before but always pay it off in full at the end of each month. To me, a credit card is uses only as a conveniece and for the added protection and reward points, not as a form of a loan. Just my opinion.

same here

[Carlos98326194]

My first Rolex was bought from a grey dealer with a big discount for cash.
The second one is a Milgauss GV that I bought from an AD. Since there is no any single discount for cash. I use my CC to pay and get more points and then transfer my money to the CC account immediately the next business day.
The point is to always remember the hierarchy of needs and wants.
Never sacrifice something important just for luxury goods.

Wow! 50,000 in debt and he still have the nerve to think of a rolex.
Rolex should be the last thing he should worry for pete's sake Good thing that he has a true friend like you to remind him the right thing to do.

[karmatp]

When I sold my Tahoe I also sold my M serial sub LV and a Panerai so I could pay for my new car in cash. Probably one of the smartest things I have done lately. To me, it's a complete waste to own a few watch when I can only wear one at a time and be writing checks to pay the interest on a car.

I will buy a watch with a CC, but only to get the rewards, then I pay it off as soon as the bill comes.

[hsfrank]

I have extensive credit card debt each month, as I pay everything by card. I get cash back from my card and PAY IN FULL every month ONTIME. I am proud to say that except for my home mortgage when I was first married, I have never paid 1 cent in interest or fees to another. I even purchased a VW on credit card once and got 1% back. Obviously if I could get better terms on cash I would.

[dalip]

I feel like we've kind of done this topic to death...or is it just me? I realize we repeat stuff etc etc....but 'how anybody chooses to pay for anything' is up to them. We can all give fairly obvious advice to anyone buying any luxury item on credit....it is ultimately an 'unwise' decision....but it's just a sign of the times.

I'm more interested in the watch he's getting...make him a member and post pics once in his possession please!!!!!

[icnbne]

for alot of people the term 'luxury' is misunderstood..

[multimedia]

Originally Posted by dalip

I'm more interested in the watch he's getting...make him a member and post pics once in his possession please!!!!!

Cheers,
Joe

[MitchSteel]

Cashola.

[daveathall]

I sell the Big Issue (Journal of the homeless) most days, during my spare time, I sit on a street corner begging for money, I have a sign that I made from the bottom of a cardboard box that I have written the words "Rolex fund," I try to look as poor as possible and give people that sad eyes look in an attempt to speed up the Rolex purchase process, I have a grand total of £4.22 and a silver looking coin that I think is from Azerbaijan that someone slipped in while I was removing an icicle from my nose and not paying attention, I will have to wear my Rolex on my right arm as my left was a victim of frostbite, and is wedged up in the corner of a shop doorway holding my cardboard sign.





Im just kidding of course, the fingers on the hand of my frostbitten arm snapped off when I tried to attach the sign to them.

[CoopJr]

Originally Posted by patek5107

I was talking with a good friend the other day and he revealed that he owed about $50,000- on credit cards and personal loans.

I was absolutely shocked.

He then told me he was applying for a new credit card to get a new Submariner Date LV.

I told him that was stupid - I told him to repay his loans.

Do many people here use consumer credit to fund a Rolex purchase?

I remember reading a few days ago on here - a guy have bought his watch via American Express. That same person then said he was going to buy another Rolex the same way....

Then we hear that Americans are in debt!

I have seen some stunning collections here! Mine is crappy compared to the serious people here! Unfortunately my education / skills don't allow me to earn more - so I am realistic in what I can afford.

I had a friend of mine disclose that he and his ex wife ran up almost $80K on their credit cards! And that equated to almost half their annual income...serious mismanagement of money there!

Glad to hear that the OP is a realistic spender and if your friend is making $500-$600K a year then the 50 G's aint so much. But if he's making $100K or so...he has some serious problems.

To answer your post...I pay cash for luxury purchases. MAYBE I'll put it on my Amex if I want the points and will pay it all in full at the end of the month. If I have to borrow for it, that tells me that I cant afford it.

I dug myself out of debt a long time ago and the feeling of that relief for outweighs any joy a Rolex bought on credit can give me. Just save your money, looked for a pre-loved watch and you'll have one before you know it.

[spuds]

On a very similar current thread....

Originally Posted by spuds

...Only debt I have (now) is on my home but I've certainly 'been there done that' with finance & to be honest (especially with patience not being one of my stronger points ) I certainly learned my lesson the hard way.

Having said that if other people choose to get their watches (or whatever's) via a Credit Card/HP it's their money & b*gger all to do with me!!


I saw an Aston Martin at Makro's last week & as I walked past I did say to the guy "Mate that is one cool car!".....
I did not say "Mate I bet the repayments on that are a fortune???"

Originally Posted by dalip

I feel like we've kind of done this topic to death...or is it just me? I realize we repeat stuff etc etc....but 'how anybody chooses to pay for anything' is up to them. We can all give fairly obvious advice to anyone buying any luxury item on credit....it is ultimately an 'unwise' decision....but it's just a sign of the times.

I'm more interested in the watch he's getting...make him a member and post pics once in his possession please!!!!!

Hear! Hear!!

[PeteNYC13]

Paid for one with CCARD, took the points, wrote the check to the CCARD company that night - no debt, lot's of points! Go me. Now that I have bought several and part of the discount is using "cash", I pay cash and put the extra money in my pocket. If I am paying retail, I am at least earning the miles or points on my CCARD.

To go in debt for a watch?! To each their own - but that makes no sense to me and is part of a bigger debt problem in our society. IMO.

-Pete

[spuds]

Originally Posted by daveathall

I sell the Big Issue (Journal of the homeless) most days, during my spare time, I sit on a street corner begging for money, I have a sign that I made from the bottom of a cardboard box that I have written the words "Rolex fund," I try to look as poor as possible and give people that sad eyes look in an attempt to speed up the Rolex purchase process, I have a grand total of £4.22 and a silver looking coin that I think is from Azerbaijan that someone slipped in while I was removing an icicle from my nose and not paying attention, I will have to wear my Rolex on my right arm as my left was a victim of frostbite, and is wedged up in the corner of a shop doorway holding my cardboard sign.

Im just kidding of course, the fingers on the hand of my frostbitten arm snapped off when I tried to attach the sign to them.

David.

Take my advice & learn to play the fiddle while dancing a little 'jig'.

I also find that 'taking a small tumble' on every third chorus works wonders as well.

That, and having small children, (unwashed & in threadbare clothes obviously) in tow will undoubtedly win many 'sympathy pounds'.

When I busk at Liverpool Street Station these practices increase my income by at least 200% & regularly 'whups the FTSE's arse' good n'proper.




(Or whatever it was that other guys said he "trashed" in his "Hello & I'm the dogs-danglies introduction" the other day????.... )

[daveathall]

Originally Posted by spuds

David.

Take my advice & learn to play the fiddle while dancing a little 'jig'.

I also find that 'taking a small tumble' on every third chorus works wonders as well.

That, and having small children, (unwashed & in threadbare clothes obviously) in tow will undoubtedly win many 'sympathy pounds'.

When I busk at Liverpool Street Station these practices increase my income by at least 200% & regularly 'whups the FTSE's arse' good n'proper.


(Or whatever it was that other guys said he "trashed" in his "Hello & I'm the dogs-danglies introduction" the other day????.... )

I do find playing the fiddle with one arm quite difficult, thought of the small children angle some time back, but it detracts from their chimney sweeping duties, on their lunch break though, their small sooty faces do attract the sympathy donation every now and then.

[Stitch]

what about your home?

Originally Posted by mmmmp

If I cannot pay cash...I can't afford it. Man, 50K on a CC...that 'vig' will destroy him. The interest is probably on the principle...not the balance. Ouch!

Mark

[larrysb]

I put everything on credit cards. I probably only use a hundred bucks or so in actual cash a month.

But I have no debt other than a mortgage. All toys paid for. All cards paid in full each and every month. Lots of airline points and other premiums banked up.

Taxes are a scourge, but interest on debt is the real burden on most individual Americans. About half of US households pay no federal income tax at all. But a great many of those paying no taxes are paying huge amounts in interest on consumer items, like cars and credit cards. Sadly, most are simply too ignorant to see it. They just charge and borrow until the bank says "no" and then make the minimum payments for the rest of their lives. Voluntary slavery.

[spuds]

Originally Posted by daveathall

I do find playing the fiddle with one arm quite difficult, thought of the small children angle some time back, but it detracts from their chimney sweeping duties, on their lunch break though, their small sooty faces do attract the sympathy donation every now and then.

I can't believe you give your kids a lunch break!

[UKSub]

This post gives Rolex owners a bad name! You do not see on other forums such as Omega members judging other people on finances etc! It should be about appreciation of our interest in Rolex watches not who has the flashest car or the biggest collection. But hey there will be an element of that as Rolex attracts such people, and the majority on here are here for the right reasons. Posts like show us your car and what job you do is all about pigeon holeing people and assessing how you compare to them! Please get back to discussing Rolexes. I'll get down off my soapbox.

[Nairn1980]

Originally Posted by UKSub

This post gives Rolex owners a bad name! You do not see on other forums such as Omega members judging other people on finances etc! It should be about appreciation of our interest in Rolex watches not who has the flashest car or the biggest collection. But hey there will be an element of that as Rolex attracts such people, and the majority on here are here for the right reasons. Posts like show us your car and what job you do is all about pigeon holeing people and assessing how you compare to them! Please get back to discussing Rolexes. I'll get down off my soapbox.

I think the point of it was to see who pays for their Rolex and who credit cards them etc....sensitive subject for some....but take your point mate.

[UKSub]

Nairn not about that I have a great lifestyle and realise i am very lucky what i have. However i prefer when the conversations are about the watches!

[Nairn1980]

yeh but as you will see, loads of things are discussed on TRF. Most based around watches, but variety is still good! If a topic offends you or you dont like it, you can simply move onto the next topic...

Freedom of speech to a degree mate.