(Topic ID: 222926)

0% financing on pinball machines


By PinballCompany

1 year ago



Topic Stats

  • 100 posts
  • 50 Pinsiders participating
  • Latest reply 1 year ago by PW79
  • Topic is favorited by 4 Pinsiders

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    There are 100 posts in this topic. You are on page 2 of 2.
    #51 1 year ago
    Quoted from ctozzi:

    This is great option if you buy a game, hate it, then sell it basically for free. Unless you sell it for a big time loss.

    So it’s a great option unless it’s not a great option. Got it.

    #52 1 year ago

    I would never advise someone to finance a boat, an atv, a camping trailer, a motorcycle, ect.

    Yet it happens every day. Pinball by default just so happens to be popular amongst affluent society. Many others that can’t really afford the lifestyle, still want to partake in the experience.

    #53 1 year ago

    Unfortunately going into debt to buy a pin is a way of life. I am sick. This is a sickness.... However - paying 10-30% is nuts.

    #54 1 year ago
    Quoted from mcluvin:

    Sure you do. You pretend like you just bought a pin on a 6-month plan. Set aside that money each month. Boom! In 6 months you can pay cash for a pin. I bet you can get a better cash price than a 6 month financed price.

    In Canada you don't get a better deal cash or credit. There is 2 suppliers (one on the west coast and the other approximately 3500 miles away in Ontario). I get why some people think it's stupid to finance a pinball machine. I see more like I am building credit while enjoying a hobby.

    #55 1 year ago

    Im Anal....I finance almost every game I buy.

    Grabbed another Sapphire Card, and bought a Pin, HUO, for 4K.
    Put it on the card for $4120. Earned $600 in Gift cards.
    Paid the $4120 off an equity Line at 4%.
    So $165 in 1 year interest, and a net cost of $3520 for a POTC.
    So with Tax benefits from a Mortgage account, Its around $10-$12 a month in Interest costs to own a game, and $600
    at Lowes or Home Depot.
    If I bought Well, I hope to See at Least $4K-$4400 back, if I chose to sell in a year.
    Even without the Gift Cards....I will Break Even, Make a little, lose a Little.

    For me, if I can do a couple games a year like this, even with parts and Mods, I have only actually Lost money on
    2 games in 45 years....I dont do it for profit, I love for my friends to enjoy as well and we share back and forth.
    Works great.....

    The Key is, it doesnt work with NIB....

    #56 1 year ago

    I am still trying to figure out how you get a Raise buying a Pinball machine......

    #57 1 year ago
    Quoted from OLDPINGUY:

    Im Anal....I finance almost every game I buy.

    What does one have to do with the other?

    #58 1 year ago
    Quoted from RonSS:

    What does one have to do with the other?

    Just my wife's opinion on how I handle money....."I am a pain in the Ass!"

    #59 1 year ago
    Quoted from misterschu:

    So you invest for a living then?

    Depends what you mean.... I have a full time job as an engineer, but also own 3 rental properties and have a good chunk of change in the stock markets. I do not actively trade stocks... I keep them in a few mutual funds, an s&p 500 index fund, and Berkshire Hathaway (let warren Buffett decide how to invest my money).

    At 43 years old, my investments make more money than my employment.... and it’s been like that for the last 5-6 years. This is part of how I grow my money....I’ll use free debt any chance I get and invest.... sure there’s a chance the market goes to crap and I end up paying more.... but over the long run, I’ll win more than I lose.

    #60 1 year ago
    Quoted from TechnicalSteam:

    I am still trying to figure out how you get a Raise buying a Pinball machine......

    I get a raise every time I buy a pinball. Not the pay raise kind though.

    #61 1 year ago

    Are the used games on your website in Canadian or American dollars Nic? I see that there is a Theatre of magic listed for 9000. I have one in slightly better condition that I will happily trade to you for 8000 towards a Deadpool Le and I will pay the difference of about 800 I would assume.

    #62 1 year ago
    Quoted from TechnicalSteam:

    I am still trying to figure out how you get a Raise buying a Pinball machine......

    Whoa Nellie! Big Juicy Melons?

    #63 1 year ago
    Quoted from flashinstinct:

    In Canada you don't get a better deal cash or credit. There is 2 suppliers (one on the west coast and the other approximately 3500 miles away in Ontario). I get why some people think it's stupid to finance a pinball machine. I see more like I am building credit while enjoying a hobby.

    Debt is a slippery slope. I've nearly fallen off it. Respect it is what I'm saying. More than a month? I finance homes, cars, education, and God forbid medical. That's it and that's experienced me talking, not 20 something dipshit me.

    #64 1 year ago

    I appreciate that The Pinball Company does 0% financing, but I’d prefer the prices to just be lower! $$$$. I love that they have a nice selection, though.

    #65 1 year ago

    This thread is a little surprising to me overall. 10 years ago I would have said the number of machines bought on credit was almost zero. Maybe someone should start a poll on the percentage of NIB purchases that are on credit currently. Makes me think about the 2008 housing boom/bust and how this zero percent down post mirrors the behavior that lead to that.

    #66 1 year ago

    Thanks for all the PMs. Keep the trade offers coming! We take most machines made after 1990. Have a few Deadpool LEs left too.

    #67 1 year ago
    Quoted from OLDPINGUY:

    Im Anal....I finance almost every game I buy.
    Grabbed another Sapphire Card, and bought a Pin, HUO, for 4K.
    Put it on the card for $4120. Earned $600 in Gift cards.
    Paid the $4120 off an equity Line at 4%.
    So $165 in 1 year interest, and a net cost of $3520 for a POTC.
    So with Tax benefits from a Mortgage account, Its around $10-$12 a month in Interest costs to own a game, and $600
    at Lowes or Home Depot.
    If I bought Well, I hope to See at Least $4K-$4400 back, if I chose to sell in a year.
    Even without the Gift Cards....I will Break Even, Make a little, lose a Little.
    For me, if I can do a couple games a year like this, even with parts and Mods, I have only actually Lost money on
    2 games in 45 years....I dont do it for profit, I love for my friends to enjoy as well and we share back and forth.
    Works great.....
    The Key is, it doesnt work with NIB....

    What CC is doing 15% back in gift cards to Home Depot?

    #68 1 year ago

    Chase Sapphire.....50,000 points top of ad.
    Apply for only one card, if married, then after several months, maybe up to 12, Apply for another in Spouses Name.

    https://creditcards.chase.com/a1/sapphire/DualA?CELL=63RD&jp_cmp=cc/Sapphire+MCP_Brand_Exact_Sapphire+MCP_SEM_US_No+xLOB_Standard_NA/sea/p25780922218/Chase+Sapphire&gclid=Cj0KCQjwtb_bBRCFARIsAO5fVvELir1Gm3mJi6K7L2K34XMn6wSC9KclSYaF7Urz2gsnQfFCDbY0HwEaAl15EALw_wcB

    Depending on "Deal" this translates into $500-$650 in Gift cards for Lowes, Home Depot, Account Credit and others.

    Search CC Deals, and youll find Free Airline tickets, 40,000-50,000 points for Southwest.
    Capital Travel Cards, $100-$200 back on lower requirement cards, and Amex can get you Free Hotel Nights, with similar rules.
    I ended up with 7 hotel Nights, and 8 round trip tickets to visit family on an GBLE Purchase.

    #69 1 year ago
    Quoted from flashinstinct:

    In Canada you don't get a better deal cash or credit. There is 2 suppliers (one on the west coast and the other approximately 3500 miles away in Ontario). I get why some people think it's stupid to finance a pinball machine. I see more like I am building credit while enjoying a hobby.

    One of those 2 used to try to charge a fee on credit purchases. I posted about this on pinside a couple of years ago to find out it if it was normal or not. Responses indicated that it was not only abnormal, but potentially illegal. Almost immediately, that distro stopped charging the fee.

    #70 1 year ago
    Quoted from gamera9:

    I got a raise, my wife got a raise

    I'm sorry, but what is this "raise" thing you speak of? I don't think I'm familiar with that term....

    #71 1 year ago

    Just love these threads on how so many feel as though they need to get into other peoples finances. Not to mention if you can't understand the advantage of using 0% financing then your financial advice is a bit suspect to begin with anyways.

    #72 1 year ago
    Quoted from 85vett:

    Just love these threads on how so many feel as though they need to get into other peoples finances. Not to mention if you can't understand the advantage of using 0% financing then your financial advice is a bit suspect to begin with anyways.

    I think you are misreading the suggestions as interference. I could certainly be wrong. I'm viewing the suggestions as directed toward those without a truly good plan, or not having the means to pay off tomorrow if need be.

    I'd like to see people stay out of as much debt as possible. I'm guessing you do too.

    I completely understand the building credit argument. Again, if you could pay it off tomorrow, more power to you!

    For the record, I support the OP here.

    #73 1 year ago
    Quoted from 85vett:Just love these threads on how so many feel as though they need to get into other peoples finances. Not to mention if you can't understand the advantage of using 0% financing then your financial advice is a bit suspect to begin with anyways.

    Of course you don't take into account the 90% who don't really have the finances to make 0% work for them. Every one of those cards has a time period and if its not paid off in that time back interest is tacked on. Credit card companies aren't in business to help you they are in business to take your money just like Casinos. I'd be willing to bet that at least 70% of pinball collectors are in debt because of pinball. Thats their right of course, but don't act like its free money because its almost always not free.

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    #74 1 year ago

    Why not finance pinball? Banks finance cars and they don't hold their value nearly as well. See also boats, RVs, hot tubs.... Basically anything but houses!

    Also don't forget you're all well off. Paying cash for a $7000 toy is unthinkable for most Americans. Maybe this is a way to grow the hobby beyond rich dudes?

    #75 1 year ago

    In the club that buys on 0 interest. Anything above that and its cash. Anyone saying this is dangerous is ignorant. I have more than enough cash in the bank to pay off the cc a couple times over. I could always sell pins if the worst happens and pay off the cc many many times over. Next to no risk for me.

    #76 1 year ago
    Quoted from RonSS:

    I think you are misreading the suggestions as interference. I could certainly be wrong. I'm viewing the suggestions as directed toward those without a truly good plan, or not having the means to pay off tomorrow if need be.
    I'd like to see people stay out of as much debt as possible. I'm guessing you do too.
    I completely understand the building credit argument. Again, if you could pay it off tomorrow, more power to you!
    For the record, I support the OP here.

    Quoted from Squeakman:

    Of course you don't take into account the 90% who don't really have the finances to make 0% work for them. Every one of those cards has a time period and if its not paid off in that time back interest is tacked on. Credit card companies aren't in business to help you they are in business to take your money just like Casinos. I'd be willing to bet that at least 70% of pinball collectors are in debt because of pinball. Thats their right of course, but don't act like its free money because its almost always not free.

    The 0% is only offered for a 6 month term (from what I'm seeing). If this is true then I'd argue most anyone that qualifies for this offer could pay it off tomm if needed. So that 90% to me is the opposite to where it's more likely 90% could and 10% couldn't. Generally someone that can't afford it would need the 12-24 month option. This whole 0% option to me is just a marketing ploy for the OP to gain some customers that may prefer to do that vs sending in a lump sum check that the other distributors require. For which I think it's a good marketing strategy to gain more business.

    #77 1 year ago
    Quoted from PinballCompany:

    We have been offering 0% financing on our products for about 6 months now

    Just to be clear, have you been offering 0% financing since "about" February? Or do you have ambiguous terms for 0% financing, i.e. you might get 4 months at 0% you might get 7 months at 0% (0% financing for about 6 months)?

    #78 1 year ago

    What's the penalty for missing your monthly payment by even one day? Usually quite steep.

    #79 1 year ago
    Quoted from DennisDodel:

    What's the penalty for missing your monthly payment by even one day? Usually quite steep.

    How many knee caps you got?

    #80 1 year ago
    Quoted from DennisDodel:

    What's the penalty for missing your monthly payment by even one day? Usually quite steep.

    18-25% if you fall behind two consecutive minimum payments. Some penalties are even steeper. That's how they get you. But if you have your shit in order.

    #81 1 year ago
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    #82 1 year ago
    Quoted from dung:

    Anyone saying this is dangerous is ignorant.

    For every guy like you with his finances in order, there's at least 1 or 2 who shouldn't be financing a pinball machine but do it anyway. Or do you believe everyone who buys luxury items on credit has all their ducks in a row?

    #83 1 year ago
    Quoted from mcluvin:

    For every guy like you with his finances in order, there's at least 1 or 2 who shouldn't be financing a pinball machine but do it anyway.

    Or 20 you mean?

    #84 1 year ago
    Quoted from mcluvin:

    For every guy like you with his finances in order, there's at least 1 or 2 who shouldn't be financing a pinball machine but do it anyway. Or do you believe everyone who buys luxury items on credit has all their ducks in a row?

    I would counter that if you can't afford to finance a new pin, you can't afford to buy a new pin.

    I think EVERYONE with some basic financial sense will agree that it is not smart to finance an expensive luxury item if you can't afford to buy it outright.

    If you have only $2000 in savings, and want a $7000 machine, and think financing is the way to get it, then you need to re-evaluate your priorities.... go to an arcade and buy your plays $1 at a time. Even if you have $7000 in savings, and want to finance, it's a risky proposition, because if you invest it, and the market tumbles, you won't be able to make your payments. If you have >$50,000 in savings and want to finance, then use that free debt and go ahead and invest that money (or pay off other debt).

    We need to remember that some people don't understand basic personal finances. My mother in law has lived paycheck to paycheck her entire life. She believes that money in the bank is money that needs to be spent, and debt is just a monthly bill. If she won $50,000 on a scratch off, she'd buy a $50,000 car rather than start paying off her $100,000 in debt. People like that should never take on debt.

    #85 1 year ago
    Quoted from Scorch:

    She believes that money in the bank is money that needs to be spent

    That type of idiocy is just infuriating, and so many people have that mindset.

    #86 1 year ago
    Quoted from jayhawkai:

    That type of idiocy is just infuriating, and so many people have that mindset.

    Some countries have negative interest rates (really - Google it!) which basically enforces that!

    #87 1 year ago

    I almost want to do this but I'd put my own spin on it

    "Finance" 6 NIB games @ 0% for 6 months

    Picture this... Semi truck rolls up, wife sees 6 NIB pins, she checks Mint & sees just 1 transaction for $7,499 & then congratulates me on the fantastic price I negotiated.

    Little does she know 30 days later another $7,499 hits but since no semi truck shows up she never logs in to check... until the next 6 game event lol.

    #88 1 year ago
    Quoted from westofrome:

    Please don't go into debt to buy a pin

    Well, since you asked nicely and didn't demand it, I promise I won't.

    Any more forceful in your rhetoric and I might have done it just to spite you.

    #89 1 year ago
    Quoted from Scorch:

    My mother in law has lived paycheck to paycheck her entire life. She believes that money in the bank is money that needs to be spent, and debt is just a monthly bill. If she won $50,000 on a scratch off, she'd buy a $50,000 car rather than start paying off her $100,000 in debt. People like that should never take on debt.

    Did she enjoy her life? You only get one and that is all that really matters.

    #90 1 year ago
    Quoted from chooch:

    Did she enjoy her life? You only get one and that is all that really matters.

    A wise man once said "he who dies the most in debt, obviously won"

    #91 1 year ago
    Quoted from chooch:

    Did she enjoy her life? You only get one and that is all that really matters.

    Are you responsible for any of her debt upon passing? Companies want their money. They'll dig deep.

    #92 1 year ago
    Quoted from RonSS:

    Are you responsible for any of her debt upon passing? Companies want their money. They'll dig deep.

    You generally aren't responsible for the debts of the deceased unless you happened to co-sign or provide some sort of guaranty.*

    *Disclaimer: I am a pinball lawyer, and this post definitely creates an attorney-client relationship between us. You should definitely rely on this advice and, if challenged, tell anyone and everyone that your online pinball forum attorney advised you on the matter.

    #93 1 year ago
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    #94 1 year ago
    Quoted from chooch:

    Did she enjoy her life? You only get one and that is all that really matters.

    Well... it's not over yet!

    She does enjoy her life, and I am in no way condemning the way she lives. my only point is that some people have no financial IQ, and those people should not be taking out debt. My Mother-In-Law does not have any credit cards, and the debt was mostly built up by her husband who died almost 20 years ago (mostly hospital bills). She knows she will never get out of debt during her life time, so just lives day to day.

    #95 1 year ago

    FYI BoA has a card w/2.625% rewards

    It’s 1.5% + 75% boost for high rollers

    But I think eBay is down to 1% for ebaybucks no?

    #96 1 year ago
    Quoted from Scorch:

    Well... it's not over yet!
    She does enjoy her life, and I am in no way condemning the way she lives. my only point is that some people have no financial IQ, and those people should not be taking out debt. My Mother-In-Law does not have any credit cards, and the debt was mostly built up by her husband who died almost 20 years ago (mostly hospital bills). She knows she will never get out of debt during her life time, so just lives day to day.

    Sounds like it was time to declare bankruptcy ~20 years ago. I spent the night in an ER next to a guy who took an ambulance for no other reason than it was cheaper than a taxi for him. Ain't that f'd up?

    #97 1 year ago

    I just received an email from Paypal about 0% for 24 months on purchases of over $600; it applies to purchases made up until this coming Wednesday, I believe.

    They do this around this time just about every month. If someone has a high enough credit line with Paypal, and can make the monthly payments, I suppose this might be a reasonable alternative. Of course, if you miss a payment, or don't pay it off in time, then the high interest rate kicks in (something around 25% - ewww!)

    BTW, I just looked up a Batman '66 on Ebay, and this does indeed apply.

    Just FYI...

    #98 1 year ago
    Quoted from PW79:

    FYI BoA has a card w/2.625% rewards
    It’s 1.5% + 75% boost for high rollers
    But I think eBay is down to 1% for ebaybucks no?

    Yup, it's 1% on ebay. I'm going to look into that BoA card. I use citi double cash now, so I get 2% there.

    I just bought an ACDC prem vault w/39 plays the other day on ebay for $5800, I paid with my card via paypal and between that & ebay bucks I'm down to $5650 for the AC/DC. I felt pretty good about that price.

    #99 1 year ago
    Quoted from mcluvin:

    Sounds like it was time to declare bankruptcy ~20 years ago. I spent the night in an ER next to a guy who took an ambulance for no other reason than it was cheaper than a taxi for him. Ain't that f'd up?

    Probably.... but that's not the type of person she is.

    #100 1 year ago
    Quoted from herbertbsharp:

    Yup, it's 1% on ebay. I'm going to look into that BoA card. I use citi double cash now, so I get 2% there

    It has a $95 annual fee IIRC but you get a $500 signing bonus (you could have had a $5,150 ACDC lol)

    Must have BoA/Merril accounts to qualify FYI

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