How do you pay the distrubitor for a NIB, assuming you don't want to charge it?
Mail a check? Wire transfer from your bank? PayPal?
Quoted from Captain_Kirk:How do you pay the distrubitor for a NIB, assuming you don't want to charge it?
Mail a check? Wire transfer from your bank? PayPal?
Yes. I did bill pay from my bank and a check was mailed. There was plenty of time for the check to clear before the game was shipped from Stern.
Quoted from Spybryon:Yes. I did bill pay from my bank and a check was mailed. There was plenty of time for the check to clear before the game was shipped from Stern.
So, essentially no different that writing out a check yourself and mailing it to the distrib?
Quoted from Don1:I don't think you're dumb for not selling the AMX to fund a pin. They're chick magnets!
My dream car!
Quoted from Captain_Kirk:So, essentially no different that writing out a check yourself and mailing it to the distrib?
Yes
I was not really talking about the ol' "Put it on the credit card and pay it off the same month" kinda deal...
I am talking about walking into a credit union and saying "Hi, I need a loan to purchase a pinball machines please" lol.
Lenders need to be able to repossess something... a car... a home... a boat... they can come and get those if things go south. A pinball machine? Not so much...
Quoted from o-din:A vehicle or a house is not a life necessity.
Bad example. For some people they are to accomplish their daily tasks or go to work etc
Quoted from o-din:A vehicle or a house is not a life necessity.
Transportation and shelter aren't necessities? What century do you live in? Food, water, and air don't cut it.
My wife and I bought our furniture with a credit card in July of 2013. We opened a credit card with GE Capitol to purchase it (that's who did the financing at the furniture place by us), and we have an "Equal Payments No Interest" setup so that it's paid off in 2018 with, well, no interest. It means we didn't have to shell out $3k for furniture right after moving into our house and paying THOSE fees. It was rad.
If I could get something like that for a pin, I would do it no contest.
I was always taught that it's not proper to count other people's money. You may be shocked by how they behave with respect to money, but that's nobody's business but their own.
I know a few people who bought games with a credit card. They really wanted a game they couldn't afford, and were willing to pay the interest to get it. I wouldn't do it, but if they want to, great. Debt is a fact of life for most people. I owe a lot in student loans, and pay a ton of interest on it. It was worth it. I wanted something I couldn't afford, so I charged it. I have also paid cash for pins in the last couple of years that could have put at least a dent in what I owe. I would rather have the games. I would rather make a payment for 10 years, that really doesn't affect my lifestyle at all, than put all of my money into paying it off in 4-5 years. It basically costs me $1000/yr to be able to enjoy myself for the next 10 years instead of not buying any toys for the next 5. I will make that trade without any hesitation. I started my career late at 40, and I am going to enjoy my 40s and not worry about trying to be debt free.
Quoted from Jared:I was not really talking about the ol' "Put it on the credit card and pay it off the same month" kinda deal...
I am talking about walking into a credit union and saying "Hi, I need a loan to purchase a pinball machines please" lol.
Lenders need to be able to repossess something... a car... a home... a boat... they can come and get those if things go south. A pinball machine? Not so much...
If someone walks into a bank to finance a machine then that individual is an idiot or ignorant to better financing options. Like I mentioned you can get a 0% loan for 18 months right now with CITI. So why pay interest?
Quoted from jrivelli:Bad example. For some people they are to accomplish their daily tasks or go to work etc
Some people yes. But for others, food and water are the only true life necessities. Whether by their choice or a bad set of circumstances.
Quoted from Jared:Lenders need to be able to repossess something... a car... a home... a boat... they can come and get those if things go south. A pinball machine? Not so much...
A pinball machine is a physical item with value. I'm not sure how you would be unable to repossess it.
Quoted from epthegeek:A pinball machine is a physical item with value. I'm not sure how you would be unable to repossess it.
It's not as easy as a car because pinball machines would typically be kept indoors. Cars are sometimes stored outside and easily towed away. So if you hire a repo man to reposses the pinball machine, they probably have to break into the building they are stored inside.
Quoted from nicoga3000:My wife and I bought our furniture with a credit card in July of 2013. We opened a credit card with GE Capitol to purchase it (that's who did the financing at the furniture place by us), and we have an "Equal Payments No Interest" setup so that it's paid off in 2018 with, well, no interest. It means we didn't have to shell out $3k for furniture right after moving into our house and paying THOSE fees. It was rad.
If I could get something like that for a pin, I would do it no contest.
Exactly. Even just 12 months same as cash. For people with good credit, why not pay it off over 12 months if it doesn't cost you anything?
Problem is, you only find that in big retail chains, which usually don't have Pinball! LOL!
Quoted from Captain_Kirk:Exactly. Even just 12 months same as cash. For people with good credit, why not pay it off over 12 months if it doesn't cost you anything?
Problem is, you only find that in big retail chains, which usually don't have Pinball! LOL!
I'm going to try and convince my furniture store to introduce "game room" stuff. That will work, right?
Quoted from gambit3113:Don't people know how to CrowdFund machines???
My kickstarter will be up in a few. Backer rewards include signed pictures of me with my new machines and a handwritten letter saying thank you. And custom mousepads.
Quoted from IdahoRealtor:Transportation and shelter aren't necessities? What century do you live in? Food, water, and air don't cut it.
Tell that to the people that have only that.
Quoted from nicoga3000:I'm going to try and convince my furniture store to introduce "game room" stuff. That will work, right?
Every time we go to visit a friend who works at HHGregg at work, they've got more junk in the store. Furniture, grills, mattresses galore, kitchen appliances, cookware, etc. He said they'll sell anything they can make money on. I probably need to get them the number for some pinball people...
Quoted from IdahoRealtor:Transportation and shelter aren't necessities? What century do you live in? Food, water, and air don't cut it.
He didn't say transportation and shelter aren't necessities. He said a house and a vehicle aren't.
Millions of people live in apartments in the city and commute with public transportation. No house owned, no vehicle owned.
Quoted from nicoga3000:I'm going to try and convince my furniture store to introduce "game room" stuff. That will work, right?
My kickstarter will be up in a few. Backer rewards include signed pictures of me with my new machines and a handwritten letter saying thank you. And custom mousepads.
Two best ideas I've seen today!
Better to pay 0% for 12-18 mos on a pinball machine than take out an auto loan.
People get confused & think auto loans are ok. They think the payments go toward the balance. In truth you aren't paying off a loan per se you are just paying the depreciation each month dogh! You didn't finance a car you financed its negative equity sukka
Don't try & say the car loan is required for work. It's your ego that wants the loan. There are plenty of dependable low cost autos one can buy with cash.
Don't get me started on mortgages... In a past life I worked for Citi & Countrywide from subprime to ultra high net worth. I learned pretty much everyone is an idiot lol
I'm not going to say buying a pin at a low rate is bad. I'm not going to say financing a car is bad. I'm just going to say both are optional. My house isn't paid off yet & I bought a $750 Weber last night... I too am an idiot
Quoted from jrivelli:Bad example. For some people they are to accomplish their daily tasks or go to work etc
Depends what kind of car your talking about.
Quoted from Spybryon:When I ordered my only NIB pin (Tron), if I wanted to pay with credit card it was more expensive vs. paying by check. So I don't see what benefit there is to putting it on a credit card with points, if the higher purchase price is going to cancel the benefits.
Interestingly enough Amazon. I bought a Tron from them and because it was prime eligible I got it shipped for free. The price I paid was competitive with what I was being offered by the distributors, so why not?
Quoted from zr11990:Try getting to a job without a car. You can rent a home but it will cost you more in the long run
I've had 4-5 lucrative jobs (6 figures annual each) over the past 10 years, all without owning a car or any other motorized vehicle. Your point?
Quoted from Jared:***
Financing something like a STLE at 20% down at 11% interest for 48 months would still be around $300 a month... for years.... people do this?
***
Bro your math absolutely sux...that's $14,400 without any interest. That is not even close to accurate.
Quoted from Captain_Kirk:He didn't say transportation and shelter aren't necessities. He said a house and a vehicle aren't.
Millions of people live in apartments in the city and commute with public transportation. No house owned, no vehicle owned.
Now you're just arguing semantics. Housing is housing. Done with this topic.
Whether or not going into debt to acquire a pinball machine makes sense depends on the individual's goals, current financial condition and available credit terms among other things. Without going into a financial dissertation on what constitutes good debt, in general a debt is considered "good" if it's at a reasonable rate and has a term less than the useful lifetime of the asset.
Before we beat the OP into submission, the concern he's voicing isn't about people using credit cards and taking advantage of 18 month low cost specials or points. He's voicing concern about people paying 20% on toy debt and saying it doesn't strike him as wise. Financially, that argument is bordering on a tautology in the mathematical sense (IE: always true). That said, just because something doesn't make financial sense doesn't mean there aren't lifestyle considerations that may trump the numbers. IE: you buy a fully-depreciated pin like a Firepower and play it for six months, then sell it and pay off your card. Interest on a 2K purchase over 6 months would be about $200. It might be totally worth it to you to pay $200 to have a Firepower for six months. If so, rock on dude.. Same is true for classic cars, pool tables, whatever. If you find something that makes you happy and gives you joy, run with it.
Thanks for asking this question OP because you've made me wonder if I should try and rent games from one of my operator friends rather than own my own. Gonna go mull that one over.
Quoted from IdahoRealtor:Now you're just arguing semantics. Housing is housing. Done with this topic.
You realize you don't own an apartment, correct? Not semantics....you were over-generalizing and got caught with your pants down.
It happens.....
Quoted from StevenP:I've had 4 or 5 jobs over the past 10 years without owning a car or any other motorized vehicle.
Sorry you can't seem to hold a steady job.
Quoted from DarkWizard:Depends what kind of car your talking about.
We could play what ifs all day...lets assume im referencing a car simply for transportation
Quoted from rockinganker:I have bought all of my NIB and parts on credit. I use my cards for the benefits they offer and I maximize those benefits.
For example, my card gives me points for each $1 I spend so a 5, 6 or 7k machine is a perfect item to purchase to maximize those points. Mind you I pay off my cards in full each month before I get nailed interest.
Buying things with credit has it perks and getting free items and groceries because I like pinball is a bonus.
^^THIS^^
Building credit affordably, taking rewards, and playing pinball.
Quoted from Jared:Just read a thread where a guy said "the bank owns my machines" and I realized that he meant that he had a loan out or a line of credit on them...
This blows my mind.
People actually finance pinball machines??
I am of the belief that if you don't have 100% cash for something then you proably can't afford to own it. Well, maybe you could technically afford it, but a pinball machine is not a life necessity like a house or a vehicle...
My pinball budget ends where my play money does. Using a loan or a credit card to buy a machine has never crossed mind, and I am shocked to see people are willing to acrue interest and financial burden just to own a recreation toy.
Maybe I'm the dumb one for not using the AMX to hop onto the a-list owners club, lol.
You have made a lot of assumptions in just a few short sentences.
I had a really nice meal complimentary today at the DFW airport in the Centurion Lounge, just because I own and use my Amex. It's not about the cost, it's about the convenience. If you're saying hobbies shouldn't put you in debt, I get it and happen to agree with you. Lots of people disagree or, at least, don't endanger themselves financially by doing so. Our hobby unites us a group. It's our common bond. Once we cross over into questioning each others financial, social, political and religious beliefs, it all goes to shit.
Not picking a fight, just sayin' there's lots of ways to do things.
Quoted from o-din:Some people yes. But for others, food and water are the only true life necessities. Whether by their choice or a bad set of circumstances.
I would add shelter to this list. Especially in colder climates. I'm sure you've seen the survival shows. Finding or building some sort of shelter is always their first order of business.
Quoted from Anth:I would add shelter to this list.
Quoted from Jared:Just read a thread where a guy said "the bank owns my machines" and I realized that he meant that he had a loan out or a line of credit on them...
This blows my mind.
People actually finance pinball machines??
I am of the belief that if you don't have 100% cash for something then you proably can't afford to own it. Well, maybe you could technically afford it, but a pinball machine is not a life necessity like a house or a vehicle...
My pinball budget ends where my play money does. Using a loan or a credit card to buy a machine has never crossed mind, and I am shocked to see people are willing to acrue interest and financial burden just to own a recreation toy.
Maybe I'm the dumb one for not using the AMX to hop onto the a-list owners club, lol.
If you have any debt and you buy a pinball machine with cash you just financed the pinball machine. Anything you buy and you have debt is financing it. Does not matter until you are debt free.
Now buying a pinball machine with a direct loan. I wouldn't do it but that is for those who are buying it to decide.
Excellent point Bakushan.
The replies to your thread are laughable; seems like many in the hobby are financially savvy and the rest of us, average people, are destined to own the the lower B and C titles.
I have been in the hobby about 15 years; the first 12 were great, as pin prices were reasonable for a hobby; now you got noobs who are "financially savvy" dictating market prices. Frankly, between you and me, I don't think they are financially savvy, and I don't think they are better off than either of us - simply the "Jones".
Simply my opinion.
Quoted from Captain_Kirk:How do you pay the distrubitor for a NIB, assuming you don't want to charge it?
Mail a check? Wire transfer from your bank? PayPal?
Fairly major distributors take checks. I bought Luci that way.
Quoted from zr11990:Try getting to a job without a car. You can rent a home but it will cost you more in the long run
Like StephenP, I make 6 figs and work from home. I do have a car, though (no car payment).
The 'trying' was in graduating college and finding a career path where people are highly sought. .NET developer (for business) is the #1 unstaffed job in the country right now.
The work-from-home model is going to become more common, esp. with highly skilled jobs where workers are scarce.
I buy a lot of things on credit. When I want it, I buy it. Gives me motivation to make more money. Sometimes I pay it off quickly, sometimes it takes awhile. I do have the cash other places, most times, but easier to pull out the cc. It gives me what I want when I want it. Then I choose whether I want to pay it off quickly, or not, depending on what unforseen expenses rear their head. Certain opportunities need a timely response. Live full and have fun. One thing I'll never say when I'm on my deathbed, "You know, I should have never bought that damn (insert impulse luxury buy here)".
Quoted from swf127:Whether or not going into debt to acquire a pinball machine makes sense depends on the individual's goals, current financial condition and available credit terms among other things. Without going into a financial dissertation on what constitutes good debt, in general a debt is considered "good" if it's at a reasonable rate and has a term less than the useful lifetime of the asset.
Before we beat the OP into submission, the concern he's voicing isn't about people using credit cards and taking advantage of 18 month low cost specials or points. He's voicing concern about people paying 20% on toy debt and saying it doesn't strike him as wise. Financially, that argument is bordering on a tautology in the mathematical sense (IE: always true). That said, just because something doesn't make financial sense doesn't mean there aren't lifestyle considerations that may trump the numbers. IE: you buy a fully-depreciated pin like a Firepower and play it for six months, then sell it and pay off your card. Interest on a 2K purchase over 6 months would be about $200. It might be totally worth it to you to pay $200 to have a Firepower for six months. If so, rock on dude.. Same is true for classic cars, pool tables, whatever. If you find something that makes you happy and gives you joy, run with it.
Thanks for asking this question OP because you've made me wonder if I should try and rent games from one of my operator friends rather than own my own. Gonna go mull that one over.
A great post, thanks for that.
Quoted from Nevus:You have made a lot of assumptions in just a few short sentences.
I had a really nice meal complimentary today at the DFW airport in the Centurion Lounge, just because I own and use my Amex. It's not about the cost, it's about the convenience. If you're saying hobbies shouldn't put you in debt, I get it and happen to agree with you. Lots of people disagree or, at least, don't endanger themselves financially by doing so. Our hobby unites us a group. It's our common bond. Once we cross over into questioning each others financial, social, political and religious beliefs, it all goes to shit.
Not picking a fight, just sayin' there's lots of ways to do things.
Fantastic point. My thread was not about the people who take advantage of points/miles on a credit card and pay it off in 30 days... its about the people who pay on a $8,000 machine for 3-4 years at a interest rate... (which apparently do exist).
But I agree with you, once we get into nit picking about someones finances... man... have we lost sight of the point. It's not anyone business to be honest... and it does not affect any of us either. Thats between you and your lender...
I was just venting my dismay, because I never realized that such situations existed until just last night when I read it myself. Then I remembered the GE Capital loans at Pinballz in Austin and realized that this could be much more prevalent than we thought...
And so what? Whats the different between this and financing a jet ski, dirt-bike or a motorcycle? Nothing I guess... but it surprised me is all.
***
No offense meant to anyone. <3
Quoted from StevenP:I've had 4-5 lucrative jobs (6 figures annual each) over the past 10 years, all without owning a car or any other motorized vehicle. Your point?
You live in NY. That doesn't count.
Anyone who owes money on their house or car has little room to judge. Ultimately it's less than the cost of one night's entertainment vs 30 days of in-home pinball ($25/month for a $3k game at today's consumer loan rate of 10%).
Also if you want to get very creative, lets say you had that loan for the past 5 years and sold the game today, you'd be highly likely to have recovered the entire cost of the game plus 100% of the interest paid. On the other hand if you thought you were smart and bought a house 8 years ago with cash, you're probably still down $10's of thousands. Everything is relative.
Quoted from Jared:I am of the belief that if you don't have 100% cash for something then you proably can't afford to own it.
I'm of the firm belief that anyone who preaches to others how to spend their money should have fewer firm beliefs
I also think that anyone who believes your 100%-cash-only statement doesn't actually understand how credit works.
Ex:
The last car I bought cost ~$35k.
I could have paid cash for it, but instead I financed it for 5 years at 0% interest (btw, I'll probably keep it for 2.5-3 yrs- so I'll probably JUST barely stay right side-up on it)....
It would be stupid not to take money that cheap.... ANYTHING I do with that $35k will net me more than the 0%....
But beyond that- why do you care? Hell, I've seen people finance WHEELS for their leased cars.... I've seen people pay for items 3 years before they were to be delivered.... It takes all types..... Why judge?
Quoted from lowepg:I'm of the firm belief that anyone who preaches to others how to spend their money should have fewer firm beliefs
I also think that anyone who believes your 100%-cash-only statement doesn't actually understand how credit works.
Ex:
The last car I bought cost ~$35k.
I could have paid cash for it, but instead I financed it for 5 years at 0% interest (btw, I'll probably keep it for 2.5-3 yrs- so I'll probably JUST barely stay right side-up on it)....
It would be stupid not to take money that cheap.... ANYTHING I do with that $35k will net me more than the 0%....
But beyond that- why do you care? Hell, I've seen people finance WHEELS for their leased cars.... I've seen people pay for items 3 years before they were to be delivered.... It takes all types..... Why judge?
If you could read each of the comments on page 1 and 2 of this thread you will see my angle, and it's not one of judgement or hate.
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