Author Topic: “Progressive” leasing  (Read 2931 times)

Alternatepriorities

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“Progressive” leasing
« on: February 29, 2020, 09:49:27 AM »
https://www.washingtonpost.com/business/2020/02/27/best-buy-program-gets-shoppers-pay-twice-list-price-big-ticket-items/

“An Acer Chromebook that sells for $199 at Best Buy, for example, would cost $495 over 12 months with Progressive Leasing. At Rent-A-Center, it could cost as much as $860, according to its website. That same purchase on the Best Buy Citibank credit card — which has a 27 percent interest rate and requires a monthly minimum payment of $29 — would cost $218 over eight months.”

And I thought buying stuff on a credit card was stupid...
« Last Edit: February 29, 2020, 10:17:27 AM by Alternatepriorities »

Dicey

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Re: “Progressive” leading
« Reply #1 on: February 29, 2020, 10:09:07 AM »
Could you please proofread before you put up a new thread? Pretty sure you mean "Leasing". We have standards here, you know...

Alternatepriorities

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Re: “Progressive” leading
« Reply #2 on: February 29, 2020, 10:22:32 AM »
Could you please proofread before you put up a new thread? Pretty sure you mean "Leasing". We have standards here, you know...

My apologies. Big thumbs on small screen or maybe the corporate AI didn’t agree with my word choice... Either way, A single wrong letter and a lot of the titles irony was lost...

OtherJen

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Re: “Progressive” leasing
« Reply #3 on: February 29, 2020, 10:41:24 AM »
https://www.washingtonpost.com/business/2020/02/27/best-buy-program-gets-shoppers-pay-twice-list-price-big-ticket-items/

“An Acer Chromebook that sells for $199 at Best Buy, for example, would cost $495 over 12 months with Progressive Leasing. At Rent-A-Center, it could cost as much as $860, according to its website. That same purchase on the Best Buy Citibank credit card — which has a 27 percent interest rate and requires a monthly minimum payment of $29 — would cost $218 over eight months.”

And I thought buying stuff on a credit card was stupid...

So...rent-to-own. Yeah, those are awful.

Alternatepriorities

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Re: “Progressive” leasing
« Reply #4 on: February 29, 2020, 12:27:42 PM »
https://www.washingtonpost.com/business/2020/02/27/best-buy-program-gets-shoppers-pay-twice-list-price-big-ticket-items/

“An Acer Chromebook that sells for $199 at Best Buy, for example, would cost $495 over 12 months with Progressive Leasing. At Rent-A-Center, it could cost as much as $860, according to its website. That same purchase on the Best Buy Citibank credit card — which has a 27 percent interest rate and requires a monthly minimum payment of $29 — would cost $218 over eight months.”

And I thought buying stuff on a credit card was stupid...

So...rent-to-own. Yeah, those are awful.

Yeah, i don’t think I could sleep well at night using the argument that “We’re better then rent-a-center”.

I found the part where they get to take money out of their customers checking account automatically particularly incredulous. Seems like their only real risk is the person loosing their job and for that they get a 100% mark up? Puts all of the risk on the consumer and all the reward on the lender.
« Last Edit: February 29, 2020, 12:31:21 PM by Alternatepriorities »

Just Joe

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Re: “Progressive” leasing
« Reply #5 on: March 02, 2020, 10:31:57 AM »
Sounds like progressive screwing to me... Wow people need financial education so these businesses can't thrive. Aim these folks to credit unions and layaway plans. Or - just buying something used.

I know this isn't strictly a computer discussion but:

Off-lease computers have been a good solution for me and mine several times. Meanwhile save up for something newer with more horsepower if a person needs it.

I find the average person just has modest needs - email, web browsers, an office suite. Free Mint Linux (among others) offer all this and runs just peachy on older computers. There are several desktop GUI versions to choose from. KDE for the power click user and XFCE for the older computer with modest abilities. Or Puppy Linux.

https://linuxmint.com

http://puppylinux.com

I try to spread the word and help with installs whenever possible.



   

LennStar

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Re: “Progressive” leasing
« Reply #6 on: March 06, 2020, 10:11:18 AM »
Um... the link says "big ticket items".

Is my English wrong? I always thought that meant expensive stuff, not a $200 cheapbook.

And, (just jumping on the chance to say my favorite line) here in Socialist Germany those interest rates would be forbidden.

Alternatepriorities

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Re: “Progressive” leasing
« Reply #7 on: March 06, 2020, 02:05:28 PM »
Um... the link says "big ticket items".

Is my English wrong? I always thought that meant expensive stuff, not a $200 cheapbook.

And, (just jumping on the chance to say my favorite line) here in Socialist Germany those interest rates would be forbidden.

Right? That's a good point. I was so distracted by rent-a-centers 400% mark up that I didn't even spare a thought about how ridiculous financing a 200 dollar purchase is.

SwordGuy

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Re: “Progressive” leasing
« Reply #8 on: March 06, 2020, 10:09:00 PM »
Um... the link says "big ticket items".

Is my English wrong? I always thought that meant expensive stuff, not a $200 cheapbook.

And, (just jumping on the chance to say my favorite line) here in Socialist Germany those interest rates would be forbidden.

Right? That's a good point. I was so distracted by rent-a-centers 400% mark up that I didn't even spare a thought about how ridiculous financing a 200 dollar purchase is.

Went into Lowes to buy a charcoal grill for my wife's birthday.   (Yes, it really was for her, not me.)

Price was $109.   It had a sign on it that you could lease it but they required a minimum of $79!    I commented on how crazy that was to the Lowes employee helping me lift the box up into the cart and he said, that's not the worst of it.   The $79 doesn't count against the balance, that's a service fee to set up the lease!

Alternatepriorities

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Re: “Progressive” leasing
« Reply #9 on: March 07, 2020, 01:16:02 AM »
Um... the link says "big ticket items".

Is my English wrong? I always thought that meant expensive stuff, not a $200 cheapbook.

And, (just jumping on the chance to say my favorite line) here in Socialist Germany those interest rates would be forbidden.

Right? That's a good point. I was so distracted by rent-a-centers 400% mark up that I didn't even spare a thought about how ridiculous financing a 200 dollar purchase is.

Went into Lowes to buy a charcoal grill for my wife's birthday.   (Yes, it really was for her, not me.)

Price was $109.   It had a sign on it that you could lease it but they required a minimum of $79!    I commented on how crazy that was to the Lowes employee helping me lift the box up into the cart and he said, that's not the worst of it.   The $79 doesn't count against the balance, that's a service fee to set up the lease!

What the F&$! That’s madness. Sometimes late at night I worry that this kind of behavior by both consumers and corporations will actually bring down the economic house of cards for good. It doesn’t seem any more sustainable than our general over consumption.
« Last Edit: March 07, 2020, 01:24:18 AM by Alternatepriorities »

Just Joe

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Re: “Progressive” leasing
« Reply #10 on: March 09, 2020, 12:51:58 PM »
I think alot less of Lowe's than fifteen minutes ago. They were never up there with charities but I thought they were running a reasonably decent operation.

TheGrimSqueaker

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Re: “Progressive” leasing
« Reply #11 on: March 09, 2020, 03:16:21 PM »
Fleacing.

Alternatepriorities

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Re: “Progressive” leasing
« Reply #12 on: March 09, 2020, 03:54:18 PM »

Alternatepriorities

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Re: “Progressive” leasing
« Reply #13 on: March 09, 2020, 04:00:55 PM »
I think alot less of Lowe's than fifteen minutes ago. They were never up there with charities but I thought they were running a reasonably decent operation.

Yeah, I generally like going to Lowes, but knowing they have such a system in place puts me off a bit. Same thing with best buy. I find it hard to respect a company that's willing to fleece it's customers for a quick buck. The problem is finding a company unwilling to do it.

I recently started considering and business opportunity... One of my concerns is that almost everyone buying would be financing it and we're definitely not talking necessary items... Not sure if i could be comfortable with that even knowing that they would just finance something similar elsewhere.

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Re: “Progressive” leasing
« Reply #14 on: March 09, 2020, 08:18:41 PM »
I don't have an issue with what Lowe's is doing. These are people who can't get zero/low APR credit cards but want shiny things. Plus it's tax refund season. There's a demand and there's a supply. It's not fleecing if terms and conditions are laid out and the borrower agrees to them.
If you have qualms, feel free to divest of any mutual funds in your holdings that contain Lowe's stock.
I worked at H&R Block for a couple of years as a side gig; people would pay ~50 to get their refund within 72 hours, and ~99 within 24 hours, and ~149 instantly on a debit/loaded card. This is nothing compared to the few thousands in refunds. I'd get bonus commissions to push these products, having gauged the client's desperation for instant refunds. This was in addition to the preparation & filing fees. We laid out the options transparently, the client signed off understanding they were informed of the fees being deducted.