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View Poll Results: Did you finance your rolex?
Yes, I did. 36 17.39%
No, I paid cash. 171 82.61%
Voters: 207. You may not vote on this poll

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Old 23 April 2008, 05:10 AM   #31
cmcm3
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I had the cash sitting ready to go, but they offered me 24 months interest free, so I took it. I have stuck the £3,280 in an interest bearing account, from which the payments are deducted. It would be stupid not to take the deal in m position.
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Old 23 April 2008, 05:10 AM   #32
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Originally Posted by Smoak352 View Post
I want a rolex sub badly. I am 23, single, own a home and have no credit card debt. I do not have the cash to buy a Rolex right now, but do you think it is dumb to have one financed?
I will say if you don´t can afford it just wait until you can. A watch should be
paid in cash, the only thing that should be financed is houses and cars IMO.

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Old 23 April 2008, 05:12 AM   #33
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Old 23 April 2008, 05:16 AM   #34
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Paid cash for mine. If the AD is offering 0% take it and pay it off without interest. Otherwise, wait until you can afford to pay cash. It's a luxury item......a WANT not a NEED. Rolex makes watches everyday.....just be patient! You'll have it before you know it!
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Old 23 April 2008, 05:19 AM   #35
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I have buy one watch cash each month for 2 years.

Is that the same as finance?



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Old 23 April 2008, 05:36 AM   #36
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No such thing as 0% interest. These notes are factored (sold) to a financial institution at a cost to the seller. This cost is just a cost of doing business and is part of the overall cost of the products you buy. Also, they will not discount the item as much as when someone is paying cash. Trust me. I have made a lots of money on people buying with credit. If it was such a good deal then those who lend money would be leverage to the gills. Credit is bad. My credit rating is zero and I am very happy. Hey, I am old and dumb and it is your money.
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Old 23 April 2008, 05:39 AM   #37
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Quote:
Originally Posted by cmcm3 View Post
I had the cash sitting ready to go, but they offered me 24 months interest free, so I took it. I have stuck the £3,280 in an interest bearing account, from which the payments are deducted. It would be stupid not to take the deal in m position.
That is what I did. Financing is not the way to go unless the interest is 0%. Then it really isn't "financing". A Rolex on a regular credit card will be a huge mistake.
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Old 23 April 2008, 05:48 AM   #38
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Do any of you finance your rolex?

Most definately Yes. After saying that I would not take out finance that had interest on it. Here in the UK many ADs will have 24 months and sometimes more interest free credit. This is the way to buy especially when they will not give a discount on the more desirable watches. I am sure that where you are there must be the same sort of deals going on. As others have advised be cautious. Hope you get yours soon.
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Old 23 April 2008, 05:50 AM   #39
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No such thing as 0% interest. These notes are factored (sold) to a financial institution at a cost to the seller. This cost is just a cost of doing business and is part of the overall cost of the products you buy. Also, they will not discount the item as much as when someone is paying cash. Trust me. I have made a lots of money on people buying with credit. If it was such a good deal then those who lend money would be leverage to the gills. Credit is bad. My credit rating is zero and I am very happy. Hey, I am old and dumb and it is your money.
These guys weren't giving any discount whether I took the 24 months or not, so I took it through interest earned on £3280 over two years. I CBF working it out but its not a negligible sum.
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Old 23 April 2008, 06:05 AM   #40
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Originally Posted by redshirt1957 View Post
No such thing as 0% interest. These notes are factored (sold) to a financial institution at a cost to the seller. This cost is just a cost of doing business and is part of the overall cost of the products you buy. Also, they will not discount the item as much as when someone is paying cash. Trust me. I have made a lots of money on people buying with credit. If it was such a good deal then those who lend money would be leverage to the gills. Credit is bad. My credit rating is zero and I am very happy. Hey, I am old and dumb and it is your money.
Hi
The GMT II C has no discount here in the uk (to me anyway)so if I pay £3600 divided by 24 payments how am I losing money ?
Regards Mike.
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Old 23 April 2008, 06:09 AM   #41
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I paid cash for mine...Saved up,took ages but man its worth it in the end
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Old 23 April 2008, 06:19 AM   #42
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Quote:
Originally Posted by redshirt1957 View Post
No such thing as 0% interest. These notes are factored (sold) to a financial institution at a cost to the seller. This cost is just a cost of doing business and is part of the overall cost of the products you buy. Also, they will not discount the item as much as when someone is paying cash. Trust me. I have made a lots of money on people buying with credit. If it was such a good deal then those who lend money would be leverage to the gills. Credit is bad. My credit rating is zero and I am very happy. Hey, I am old and dumb and it is your money.
He is either confused or it didn't come out correctly in his post. If you take the cash you WOULD have paid upfront and invest it and pay off the watch over time with 0% interest and no premium, you did the right thing and you will come out ahead. Like I said, I did the same thing. I pay 1/24th of the watch each month for 2 years and have the rest invested. My $$$ will continue earning interest on the balance until the final payment is made. When you put it on a real "charge" card, with an interest rate, that is a different story...
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Old 23 April 2008, 06:29 AM   #43
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My current SD is on 24 months interest free, but I also have the cash sitting away in case.
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Old 23 April 2008, 06:32 AM   #44
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I swipe the GM mastercard for EVERYTHING, so in essence I used credit. However, its paid off monthly- just do it to get 5% towards the next 'Lade!

clk199

I think if your work hard and save up for the watch that you can afford, it might be better... Good Luck!
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Old 23 April 2008, 06:48 AM   #45
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Quote:
Originally Posted by GoldenBear View Post
He is either confused or it didn't come out correctly in his post. If you take the cash you WOULD have paid upfront and invest it and pay off the watch over time with 0% interest and no premium, you did the right thing and you will come out ahead. Like I said, I did the same thing. I pay 1/24th of the watch each month for 2 years and have the rest invested. My $$$ will continue earning interest on the balance until the final payment is made. When you put it on a real "charge" card, with an interest rate, that is a different story...
Confused in general yes. Confused about debt? You guys decide. There are many ways to look at the same concept and my choice was to tell a 23 year old to stay away from debt. Simple as that. Not the forum to discuss risk as the major component of ROI.
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Old 23 April 2008, 06:57 AM   #46
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Okay seriously...if you want a watch that maybe won't get discounted...you would have to be mental not to take the two years interest free option!

Think about it, you're in the UK you want an LV...£3500 or whatever. You have the cash but could pay £500 deposit and the rest over 24 monthly installments.

You then take your £3000 remaining cash striaght into the nearest bank and set up your ISA with your shiny new LV on.

In two years time, you've paid for the watch...after another year...you get your 3k back plus about £400 interest tax free!!!!!

That said...my ISA's were maxed so I admit I paid for mine on CC (as I do everything) then paid it off with OT and annual bonus!

J
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Old 23 April 2008, 06:58 AM   #47
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Quote:
Originally Posted by Smoak352 View Post
I want a rolex sub badly. I am 23, single, own a home and have no credit card debt. I do not have the cash to buy a Rolex right now, but do you think it is dumb to have one financed?
I will be happy to finance your next Rolex
via a regular lay-a-way plan.
20% down, regular weekly, bi-weekly or monthly payments
NO FINANCE CHARGE


Am I good or am I good..?
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Old 23 April 2008, 07:54 AM   #48
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I don't want to take the time to make payments on a 0% credit. I travel, etc., and hate it when I get a $35 ding for not getting a payment in on time. I hate carrying credit. I only finance my house and car, and only the car for work/depreciation purposes. If I was trying to get points or something, and paying it off immediately, that's something else. Plus, cash is extremely liquid, thereby giving me better pricing.
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Old 23 April 2008, 08:14 AM   #49
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Plus, cash is extremely liquid, thereby giving me better pricing.
Cash is King

If you have to finance a watch, you have no business even walking into your local Rolex AD. If you really want the watch, you'll be surprised at how quickly you can save the funds.
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Old 23 April 2008, 08:34 AM   #50
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Don't buy the watch if you do not have the money in hand.
Buy the watch if the AD will not discount even if you are paying cash that day.
If the price is the same when using the 0% financing or Cash.Take the 0% and take the saved cash and put it into safe savings at 3.5% intrest and make some money. Use the savings to pay off the monthly payments.
One of my purchases bought at $4500 for 18 months 0% financing with rate of return of 3.5% makes you somwhere around $200 in interest less tax.
Other watch bought ot $7900 for 0% for 24 months rate of return 3.5% is $450 less tax.
So now $4500 watch cost only $4300 and $7900 cost $7450.
I did not use an interset calculator to figure this out, amounts might not be exact but 3.5% return is more than 0% of return if you paid cash the day of purchase!!!
Now I have $650 for more beer!
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Old 23 April 2008, 08:44 AM   #51
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Personally i didn't finance my watch, and secondly if i did not have the money to buy something i wouldn't buy it.
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Old 23 April 2008, 08:56 AM   #52
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Actually, I charged it to get the credit card points. Then, I paid the entire balance off in cold hard cash (check).
X2

When I was younger I did the 0% financing on a couple of things though. In general I think financing a watch is a bad idea but If you have a secure income and know yourself to be disciplined enough to pay it off in the allotted time I don't think it is that big of a deal. Good way to build your credit history as well.
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Old 23 April 2008, 09:12 AM   #53
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12 months, 0% same as cash, at my A.D.

I had the funds, but this was to good of a deal to pass up. Plus I have a great excuse to go to my A.D. once a month to pay the invoice and look at the new Rolex's.
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Old 23 April 2008, 11:16 AM   #54
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cash if you have it ... if your cc is 0% then it's not really financed !!! it would be bad to charge it and pay 14-25% on a cc
good luck with whatever you do
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Old 23 April 2008, 11:23 AM   #55
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Haven't the time to read through all the posts here but I'm in the old fashioned camp. If you can't afford a Rolex, then you can't afford a Rolex. Simple as that.

Leave aside the 0% finance thing. That's different. Even I would use someone elses money to buy a Rolex (or anything) if it's offered at 0%. But only because I would invest my own capital to earn interest. That's a no brainer. That's a lot different than having no money and going in to debt.

Look - let's face it. A Rolex is something you buy yourself as a reward because you've become successful enough to afford one. Nuff said?
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Old 23 April 2008, 11:26 AM   #56
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I have always believed in paying cash for luxury splurges; so that every Rolex in my collection was bought and paid......C.O.D.
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Old 23 April 2008, 11:29 AM   #57
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If you finance a luxury good like a Rolex, I'd hate to see what else you finance. Bad practice. Save up your money for something like a Rolex. Don't even think about that kind of folly.
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Old 23 April 2008, 11:29 AM   #58
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Never financed any watches myself, not a good idea IMHO!

...oh, never will as well :) Just save up for it! 0% sounds tempting, but I'd be rather paying for it as one lump sum. Guess I'm old fashioned...
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Old 23 April 2008, 11:32 AM   #59
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Not yet, but I might consider for a 0% interest for 5 years. lol
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Old 23 April 2008, 11:36 AM   #60
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closest I have come is layaway with local AD to avoid price increases. But that is pretty much the same as not buying until you have the cash. However, I believe 0 percent card is not a bad method as long as you have the discipline not to overspend.
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