How did you finance your Rolex?

[ref1655]

outside of a 'no interest' period on certain CCs & purchase points, the only other advantage to using a credit card might be the 'buyer protection' program that most major credit cards offer.

in the event of a defect or manufacturing/QA oversight, the customer can simply return the watch & cancel payment on it...it would also reduce the number of troubling threads about bezels falling off, dust/hair/fingerprints beneath crystals & obvious timekeeping discrepancies.

the only problem with large cash purchases is that the AD/seller now has your money in hand & is holding all the cards when it comes to quality customer service/follow-up. the credit card levels the playing field in the event of post-purchase problems/issues.

[ecdc]

Originally Posted by ARTISAN

cash is king. always got a good deal this way.

$10k+ cash is problematic for many merchants. KYC and anti-money laundering stuff kicks in. I own my own business and I would never take $10k+ in cash from a client. Ever. Maybe private seller to private buyer is different.

[kirksingleton]

One time I financed a new gmt. They had 0% for a year so I did it. Besides that, I always pay cash. I don't beleave you should buy something like that unless you can really afford it comfortably.

[Tony64]

Never incur finance charges that exceed the guaranteed rate of return of your principal. If you follow this rule, it always makes more sense to finance.
Buyer protection, benefits, and associated perks will favor the credit card purchase every time.

Those who would insist on paying all cash today, when 12 months of 0% financing is offered, are probably the same that get excited over a tax "refund" at the end of the year. Sounds good emotionally, but shallow financially. I'd rather OWE taxes (without penalty of course) any day!

[Tony64]

Q: What's always the first question asked on this forum when a deal goes sour?

A: "Did you pay by credit card?"

[Hodog16]

Originally Posted by foodle

The AD will typically give you a very poor price on a trade-in compared to what you could get on a private sale.

Yes I'm going to pursue a few avenues to get the best price. The AD offered me a strong trade in value because of my relationship with them, but I'm not sure they could offer that plus the discount I'm looking for (20+%). Usually financing too costs them money so they don't discount as well but again the way it's set up I believe won't be an issue.

I hesitate on private sale because of trust issues. If something goes south that's a lot of money to lose.

[Tony64]

Originally Posted by Hodog16

Yes I'm going to pursue a few avenues to get the best price. The AD offered me a strong trade in value because of my relationship with them, but I'm not sure they could offer that plus the discount I'm looking for (20+%). Usually financing too costs them money so they don't discount as well but again the way it's set up I believe won't be an issue.

I hesitate on private sale because of trust issues. If something goes south that's a lot of money to lose.

Yes, convenience and security but otherwise a losing proposition for you. Higher value for your trade, lesser discount off retail. In the end you'd do better without the trade and just negotiate your best deal straight up.

[AK797]

I only pay in cash or CC with cash already in the bank and paid off straight away. Even at 0% and no charges I don't want the worry that if something terrible should happen I can't make the payments.

[zion_rasta]

Cash meaning I paid with a credit card at the AD and then pay in full when the bill is due.

To me it would feel weird to pull a roll of 150 $100 bills to pay for a watch while others are watching...

[liuk3]

Originally Posted by Tony64

Never incur finance charges that exceed the guaranteed rate of return of your principal. If you follow this rule, it always makes more sense to finance.
Buyer protection, benefits, and associated perks will favor the credit card purchase every time.

Those who would insist on paying all cash today, when 12 months of 0% financing is offered, are probably the same that get excited over a tax "refund" at the end of the year. Sounds good emotionally, but shallow financially. I'd rather OWE taxes (without penalty of course) any day!

There was an article in the WSJ which discussed how the many people getting tax refunds ended up actually saving more because the people who did not might spend that money all along the year. While you might be giving the government an interest free loan over the year, it is sort of a forced "savings" mentality that those people had in receiving tax refunds each year.

The problem with those 0% loans is that if you forget to payoff with the required time, they end up charging you astronomical amounts of interest expense retroactive to the date of your original purchase. Furthermore, people may be tempted to take on an unaffordable amount of debt viewing it as "free" money.

[WhatTheDeuce]

Anything under 10k I try to throw it on a credit card for the points, otherwise, cash...


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[Bgator]

Credit card and pay it off at the end of the month. If the dealer wants to give me 0% interest for some period, then I'll take that. As many others have said, I would not buy something that I couldn't pay in full today.


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[dysondiver]

100% down , then nothing a month.

[DJExplorer]

Bit on the credit card to get some air miles and the rest on the store finance scheme of 15 Months 0% interest.
Pay off the CC at bill time and make over payments sometimes on the finance to bring the term length down.
But, all the while, having the money available to fully clear the finance if I wish.
A few $$ a month for a little while and you get the watch paid off and the bank balance doesn't really take a hit.
I do believe that UK & USA opinions differ on opposite sides. Being a UK guy in the USA it was hard not to take a 15 month free money loan to get the watch there and then. And knowing the payments wouldn't be an issue, while having the funds to clear at any time, it didn't really need any thought.
It's a luxury item. But that does not mean you have to pay cash for it, just be savvy and sound minded and make the choice that works for you.

[Muzz]

Cash, sometimes trade ins. I purge frequently.

[cdmorenot]

Cash - Never finance a non essential.

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[fullcourt]

c a s h....period

[maizerage25]

I only finance cars and houses.

Put it on my CC and pay off immediately.

[GB-man]

Are you guys actually walking in with cash money lol most businesses I've dealt with aren't trying to take in 10k plus in cash. They have to file paperwork with the irs and it's a pain. I'll assume they mean "they don't finance it but rather pay it off immediately?!

[watchwatcher]

I don't finance...either pay for with cc that I pretty much pay off immediately, or wire transfer.

[mater]

Originally Posted by Sublovin

I surely hope that all the responses of CASH are more for people's own ego...
Anyone who is foolish enough to pay cash for something in 2016 is not using financial sense.
In this world, a good credit card offers valuable protection and easy recourse should it be necessary. Pay it off before interest is due and you will reap the benefits of both.

this

[cob427]

Use my American Depressed Card! Then pay in full when statement arrives. Don't walk around with that kind of money.

[RepomanAr]

Cash only,

[beancooker]

Originally Posted by cryptowatch

How do you guys finance your rolex purchases? Does everyone pay cash? Store credit? Part cash part credit? Is trading a big part of financing?

I'll bet you had no idea this question would turn into a four page dick measuring debate over cash/credit cards...

[Hodog16]

Originally Posted by Tony64

Yes, convenience and security but otherwise a losing proposition for you. Higher value for your trade, lesser discount off retail. In the end you'd do better without the trade and just negotiate your best deal straight up.

Yes agree with your advice. The AD is pretty honest with me in what they can and can't do. I'll probably look at 2-3 avenues before deciding which is best, some including trade and discount and others straight up. There's also the option of waiting since the watch doesn't really depreciate with months like a car would.

[Spartacus]

Paying cash and not getting miles, free stay at any Ritz Carlton, Flight, gift cards, etc....is plain stupid.

I feel bad for the folks who are leaving perks on the table, and likely have little understanding with how credit works.

Saying cash is also funny, are you going to the bank and getting bills or a cashiers check? Sounds like a hassle, EFT?

[JLJL]

At AD then credit card. And pay down CC bill every month no matter what. Never incur a CC debt, esp not for the sake of a luxury item.


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[kirksingleton]

When I say cash, I am using credit card and paying it off in full every month also. I spend a lot on the card and the perks are great!

[sea-dweller]

Credit card, then paid in full. I once financed a 16710 GMT II at Tourneau, no finance charges for 24 months.

[tommy91]

Cash for me