How did you finance your Rolex?

[Daryl]

Originally Posted by the_Hunter

Normally pay with my credit card, and then pay it off when I get my bill. I like the points and purchase protection.

same here. credit then pay off right away.

[beancooker]

Originally Posted by liuk3

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.

I don't mean to sound rude, but what you stated here is financial irresponsibility. If you need the government to hold your money in savings so you don't spend it, because you're incapable of saving it yourself... You're financially irresponsible.

If you "forget" to pay off a loan by a certain date, especially a date that will cost you a lot of money... You're financially irresponsible.

It's amazing how many people view credit purchases as taboo, irresponsible or having the inability to afford.
I think it stems from how many people in the US have dug themselves into a financial grave because they're financially irresponsible.

[Dr. Prunesquallor]

Some of you walk around with 10-20k CASH in your wallet? You are braver than me.

I run nearly all expenses through a single CC and pay balance monthly. I have taken many vacations (flights and cruises) on nothing but the points.

[Abdon]

I have bought watches with cash, credit card, AD credit (interest free), trade-ins.

[brandrea]

Originally Posted by watchwatcher

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

Same here.

[adawil2002]

Use a credit card and pay off monthly for cash back rewards, also have credit line with my AD, 15 months at 0% interest.

[foodle]

Originally Posted by liuk3

I think you're missing the point of the thread. The OP is asking how people finance their watch purchases.

I think you're missing the point of my comment. Because an AD would prefer not to have you pay with cc as they lose money, they will often give you a slight discount if paying with cash/check/wire/etc.

[Partagas]

Combination of payday loans and pawn shop loans. If I'm desperate, the local loan shark works, too.

[Star Ferry]

I always use my Amex. It's a charge card, so the balance is paid in full every month. I pay the card off through bank transfer.

edit: I know the merchant will likely price the merchant fees into the deal.. I like amex for the fraud protection and dispute resolution

[Majin Buu]

the usual, Cash !

J

[Mr Kram]

New from AD = CC. Trusted seller = cash usually.


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[franklin]

Cashier's check.

[Star Ferry]

Originally Posted by 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?

I would have to qualify this comment a bit. Yes, at a grocery store or restaurant, there is no good reason to choose cash over a rewards card. Using the card costs nothing and provides rewards, fraud protection, ability to delay payment for several weeks at no cost, and potentially other perks too.

However, at a Rolex AD, you can likely negotiate away 90% of the merchant fee value by paying with bank wire. Yes this requires that the customer trusts the AD and anticipates no fraud and/or dispute. But the discount will almost certainly exceed the value of the points. In the case of Amex, their business model wouldn't work if the value of the rewards exceeded the value of the merchant fees.

In the end, I choose to use my card because I value the purchase protection very highly. But I also understand why others would use cash/wire to buy a Rolex from a trusted merchant.

[Rolexvin]

Centurion. I like the fact that if Lose it, brake it within 90 days, I get my money back. Peace of mind.

[Maxy]

Originally Posted by RolexPete

Cash for my most recent pickup....this 16660. Was a Craigslist purchase and for whatever reason the seller wouldn't take Paypal or an out-of-state third party check. LOL.

You are gutsy my friend to purchase Rolex from Craigslist!

[AK797]

Originally Posted by Partagas

Combination of payday loans and pawn shop loans. If I'm desperate, the local loan shark works, too.

Me too, I can't resist the very competitive 2500% rate.

[AK797]

Originally Posted by 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?!

By cash I think most of us mean bank transfer but I did sell my DD2 to a dealer I know well who suddenly had a bunch of cash from a sale and offered me a better price if I took payment in cash. So his driver and I drove to my bank and I paid it in. But it took over 30 minutes to get all the forms and checks done, and the queue behind me got huge. Never again!

[Terpmedic]

Used a credit card for points. Paid in full when I got the monthly statement.


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[zion_rasta]

I bring a briefcase hand cuffed to my wrist...

[Al1969]

EFT, trade plus wire or if AD is running 0% interest, then I'll take advantage of that and pay it off.

[Ruud Van Driver]

I've bought five references in the last two years, all have been with my credit card. I haven't been charged extra for using the cards (Amex in UK and Citi or DBS in Singapore) and the rewards are excellent, so it's a no brainer.

I've paid off three immediately and took 24 months 0% interest on two. If the wolf knocks the door, then I have the money sat in the bank to pay them off.

At 0% interest, it's a no brainer for me when my savings are earning interest. As long as you have the money in the bank and the discipline to make the payments, then I don't see a problem

[rodneygt3]

For watches and almost all goods I pay with a credit card. As others said why not get the points? You get at least $100 for every $10K of purchases and many times you get 2x or 3x the points. I have not had a balance or paid any finance charges on my credit cards in over 20 years. My AD does not give me a price for Cash vs. Credit. The price mainly is based on supply and demand and being a repeat customer.

[gtnator]

Originally Posted by 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?

Every AD I've worked with provided a "cash discount" in addition to any other discount they may offer. Basically most of them will just give you back the credit card fee.

So don't feel sorry for anyone that pays cash! You know all those credit card perks cost something, and the AD (or other retailer) is the one paying for it. So next time after all negotiations are finished and they're about to ring you up, ask for the cash discount. You will be happy you did.

[kingSubTT]

I don't even finance cars and houses. If I get ridiculously low rate like 1.5% I take it as free money. However financing a watch means you should not buy it in the first place. Save and pay cash.

[Boothroyd]

Originally Posted by Star Ferry

I always use my Amex. It's a charge card, so the balance is paid in full every month. I pay the card off through bank transfer.

edit: I know the merchant will likely price the merchant fees into the deal.. I like amex for the fraud protection and dispute resolution

x2.

[RepomanAr]

When I said cash, I use a reward card that I pay off when the bill comes in so no interest but Hilton rewards

[Egelber]

I purchased mine here via wire.

[68camaro]

Cashola, actually debit card. If I don't have money in bank I do not buy luxury items, or anything for that matter.

[ROLEX MAN]

How did you finance your Rolex?


BY WORKING HARD AND SELLING MY HANDS

Oh and of course Begging to the Missus!

[drhr]

Credit card