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    Default Financing

    I want to get the moto x but im a college student with not a lot of money in the bank and no upgrade until May and even then its on my brothers phone number. I want to do the Financing program but have read bad things about Comenity(?) Bank and how terrible they are. Albeit most if not all of these reviews weren't for the moto financing.

    Anyone have a negative experience with them so far? I will be able to make every monthly payment but I've read they screw you over with false missed payments etc. Do you know if their payment system is easy? Any help is much appreciated!
  2. #2  

    Default Re: Financing

    Hey Jebba, I am financing and a college student as well. The thing with these credit companies is that you need to make sure you follow your card activities weekly. That way, if anything comes up you can take note and try and solve it with customer service. It's about card maintenance, make your payments on time, and try and pay it off as quick as possible! Hope this helps,



    James
  3. #3  
    KWKSLVR's Avatar

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    Dude, I'd wait until May. Avoid credit like the plague. I get the feeling that this is gonna be a device that will last a solid 2-3 years, just in the hardware department. I know May is a long time away, but by then you'll probably be able to get it for free on a 2 year contract. Free vs financing a phone with interest.

    Save the payment you'd make on financing the phone and in May you'll have a phone plus at least a couple hundred bucks?

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    Default Re: Financing

    Yeah I think I might just do that. Once my S3 got 4.3 it went to **** so the Moto X looked real enticing. I guess ill just root my S3 and try and make it useable again. Thanks for the responses!
  5. #5  
    KWKSLVR's Avatar

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    I took my Galaxy Nexus back to CM10 and it worked great after that. I was getting ready to throw it against a wall. I know it sucks having a device that won't cooperate and I remember how bad it sucked being broke in college. You could do what I started doing, sock back like $20/paycheck every 2 weeks. You'll have $520 after a year.... 1 new contract free phone a year if you want. Even if you only save half that, it's still a new phone every 2 years. And if you love tech like I do, it's worth the $20!

    Food for thought at least!

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  6. #6  

    Default Re: Financing

    Comenity is fine as long as you make your payments on time or pay it off early. If you know you can do that, and follow through, they are pretty easy to deal with.
  7. #7  

    Default Re: Financing

    I don't agree you should be avoiding "credit like the plague". The only way to raise credit is to be responsible and use it. IF you can afford it and know you'll be able to pay it off before interest kicks in then imo it'll be worth it. In May this phone will be 9 ish months old? Are you rly going to want to use a 2 year contract for that?

    If you should be avoiding anything like the plague......it's contracts.
    - Kevin Bacon is my bananas.
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    KWKSLVR's Avatar

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    Quote Originally Posted by Woosh View Post
    I don't agree you should be avoiding "credit like the plague". The only way to raise credit is to be responsible and use it. IF you can afford it and know you'll be able to pay it off before interest kicks in then imo it'll be worth it. In May this phone will be 9 ish months old? Are you rly going to want to use a 2 year contract for that?

    If you should be avoiding anything like the plague......it's contracts.
    Philosophical differences. I do not use credit for anything, therefore I have no use for it.

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  9. #9  

    Default Re: Financing

    Exactly. You have to start building credit eventually that way you can actually get a loan when you need it if you can definitely afford the payments every month I say go for it

    Q10, HTC One, Nexus 7, Moto X
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    Default Re: Financing

    Quote Originally Posted by KWKSLVR View Post
    Philosophical differences. I do not use credit for anything, therefore I have no use for it.

    Posted via Android Central App
    Glad to know you will have enough cash to by that first home, first car etc. Save a lot of money in interest that way.
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    DS1331 
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    Quote Originally Posted by nyc_rock View Post
    Glad to know you will have enough cash to by that first home, first car etc. Save a lot of money in interest that way.
    Choices, we all make them. Everyone with a smart phone knows they're going to want to upgrade after 2 years. A new phone, off contract, costs what? $550? There are 52 weeks in a year. 104 weeks in two years. $550 divided by 104 is $5.28. Think about that. Saving $5.28 a week will get you a new phone off contract every two years, but I'm the one that has money to play around with? Who can't come up with an extra $5.28/week? There are people who can't. Those people are not doing themselves any favors by buying crap on credit that they could have afforded if they had planned better.

    I don't make anything different than most other people (statistically speaking). Actually, I have below average income for the county I live in. It really just comes down to planning. I KNOW I'll need a car. So I save for one. I can save for one because I don't have a car payment. I pay it to myself. I KNOW I'll need a phone, so I save for it. I KNOW my fiance is going to want to take a road trip every few months, so I sock away some cash for gas and food. Everyone needs a new car, so they buy one and finance their eyeballs out for it. Because you "need" a new, "reliable" car. Until getting hit head on last month, I was driving 1,000+ miles a week in a 2005 Scion tC with 235,000 miles on it. It was perfectly reliable. That car was awesome. RIP. I drive a reasonable car, new enough to be reliable but not so new I'm going to lose my **** on a car payment.

    Real estate is tricky, but there are lenders out there that will manually underwrite a mortgage. They will still pull your credit first, but you'll get two loan offers. The first is with your credit score, the second is the manually underwritten loan. You have to bring more to the table (like a substantial down payment: think 10% - 20%) but that's how people bought houses for freaking decades. I haven't had a credit card in over 4 years. I make less than the average income for my area. I don't eat out 5x a week and I don't buy useless crap I don't really need. It really isn't a question of income. Like I said, it's lifestyle choices. I live close to a grocery store and it's not uncommon for me to stand in line behind someone paying with EBT and then watching them get into a new car and drive off while I walk home. They need food stamps because they're forking out $500/month on a $45,000 car plus who knows what else.

    Put $5/week in an envelope, wait two years, buy a new phone, rinse, repeat. I promise it's not that hard. (Sorry if that comes across as A-Holish).
  12. #12  

    Default Re: Financing

    Quote Originally Posted by KWKSLVR View Post
    Choices, we all make them. Everyone with a smart phone knows they're going to want to upgrade after 2 years. A new phone, off contract, costs what? $550? There are 52 weeks in a year. 104 weeks in two years. $550 divided by 104 is $5.28. Think about that. Saving $5.28 a week will get you a new phone off contract every two years, but I'm the one that has money to play around with? Who can't come up with an extra $5.28/week? There are people who can't. Those people are not doing themselves any favors by buying crap on credit that they could have afforded if they had planned better.


    I don't make anything different than most other people (statistically speaking). Actually, I have below average income for the county I live in. It really just comes down to planning. I KNOW I'll need a car. So I save for one. I can save for one because I don't have a car payment. I pay it to myself. I KNOW I'll need a phone, so I save for it. I KNOW my fiance is going to want to take a road trip every few months, so I sock away some cash for gas and food. Everyone needs a new car, so they buy one and finance their eyeballs out for it. Because you "need" a new, "reliable" car. Until getting hit head on last month, I was driving 1,000+ miles a week in a 2005 Scion tC with 235,000 miles on it. It was perfectly reliable. That car was awesome. RIP. I drive a reasonable car, new enough to be reliable but not so new I'm going to lose my **** on a car payment.

    Real estate is tricky, but there are lenders out there that will manually underwrite a mortgage. They will still pull your credit first, but you'll get two loan offers. The first is with your credit score, the second is the manually underwritten loan. You have to bring more to the table (like a substantial down payment: think 10% - 20%) but that's how people bought houses for freaking decades. I haven't had a credit card in over 4 years. I make less than the average income for my area. I don't eat out 5x a week and I don't buy useless crap I don't really need. It really isn't a question of income. Like I said, it's lifestyle choices. I live close to a grocery store and it's not uncommon for me to stand in line behind someone paying with EBT and then watching them get into a new car and drive off while I walk home. They need food stamps because they're forking out $500/month on a $45,000 car plus who knows what else.

    Put $5/week in an envelope, wait two years, buy a new phone, rinse, repeat. I promise it's not that hard. (Sorry if that comes across as A-Holish).
    I don't think you came off as A-holish so no worries there.

    I think your position is admirable and wherever possible, not using credit makes a lot of sense. But your key word is "planning" and my keyword is "discipline". If someone wants to float me a no interest loan for 18 months then why not take advantage of it? You just have to be disciplined enough to make your payments every month and stay within your means.
    DS1331 likes this.
  13. #13  
    emg75189's Avatar

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    Default Re: Financing

    Did anyone do the moto financing? wonder how good your credit has to be?
  14. #14  

    Default Re: Financing

    Quote Originally Posted by emg75189 View Post
    Did anyone do the moto financing? wonder how good your credit has to be?
    where do you do it? on the Motorola website?

    Q10, HTC One, Nexus 7, Moto X
  15. #15  
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    Yes

    Sent from my Galaxy Nexus using Tapatalk
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    Quote Originally Posted by nyc_rock View Post
    I don't think you came off as A-holish so no worries there.

    I think your position is admirable and wherever possible, not using credit makes a lot of sense. But your key word is "planning" and my keyword is "discipline". If someone wants to float me a no interest loan for 18 months then why not take advantage of it? You just have to be disciplined enough to make your payments every month and stay within your means.
    I like this topic, thanks for the interest in reading my views on it.

    It's not about interest, it's about payments. Payments destroy cash flow. The minimum on a credit card with a balance of $1,000 and a 0% interest rate is most likely $29. The minimum on a credit card with a balance of $1,000 and an 18% interest rate is most likely $29. Man, how tempting? A 10,000 car loan @ 0% for 60 months is $166.67/month. A 10,000 car loan @ 8% for 60 months is $202.76/month. Yeah, interest costs money, but interest free doesn't negate the necessity of having to make a payment, either way. Interest in my auto loan example is a measly $36. It's not like I'm suddenly rich because my auto loan is 0%. It doesn't solve the problem of owing someone else for something. I like to own what I buy.

    The problem with financing toys, or "small crap" is that it's a hassle to me. The first time the bank doesn't process my payment like they should, or takes it out early because the due date lands on a weekend that month, or anything else annoying happens, it's a pain in the ****. It's a phone call or an office visit I shouldn't have to make over something stupid that I could have just paid cash for if I had the "discipline" to put $20/month into an envelope. Planning and discipline go hand in hand. Planning is easy, but it takes discipline to actually do it. With really great credit, you can finance a Moto X for 0%. So that's what (for easy math), $92, $46, or $31 a month depending on the term (6 months, 12 months, 18 months). Or, $20/month into an envelope because I *know* I'm gonna want a shiny new smart phone. My option is the cheapest, and it's interest free. Plus, I owned my phone for a smaller payment to myself than the guy who let's whoever does Motorola's financing own his phone until he pays it off.

    I spent a little time working for Well Fargo Financial after college. These types of accounts are extremely profitable to banks because most people do not pay them off. Most people don't understand that if you miss a payment, back interest will hit for the full term of the store account. If you fail to pay the whole thing off in time, back interest will hit on the account. It was the #1 complaint our branch received every month. Some stupid shmuck that got sold some crappy, over-priced furniture failed to realize that his $1,000 bill turned into $2,800 all because the bank actually was serious about that back interest thing.

    I remember one time where a customer came in with a complaint. He had purchased a few thousand dollars worth of furniture from Ashley Furniture, and like a good Wells Fargo customer, he used his shiny Wells Fargo credit card to autopay the payment every month. The problem was that his card had been skimmed, and shut off for "security" reasons a few days before his payment on the furniture was due. He didn't know, and the payment didn't go through. In fact, he didn't find out until he tried to use that card over a week later for a transaction that was declined. This caused his account to go delinquent and stacked on an insane amount of back interest. I've never seen someone more pissed. Did Wells Fargo show mercy and fix the problem? Hell no they didn't, and they lost a customer over it too. The cynic in me is tempted to believe someone at the bank flipped the switch on a "fraudulent transaction" just because the poor guy was at something like payment #50 of 60 and hadn't skipped a beat yet. Nope, can't afford to miss out on the interest for all that!

    It's unnecessary gambling. Every payment that is due is transaction that is ripe with the opportunity for something stupid to go wrong. Granted, a $500 phone isn't the same thing as $10,000 in furniture. But the difference is that when life hits the fan, and it will hit the fan eventually, your payments are something that risk breaking your back because you don't have the cash to pay them. However, my cash sitting in envelopes for relatively unimportant things like cell phones and vacations have the ability to serve another purpose - like paying off an unexpected bill without disrupting cash flow or touching real, physical savings. Cash in hand is worth more than credit on a card, every single time.
  17. #17  
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    Default Re: Financing

    More food for thought, financing a Moto X for 18 months stands the potential to cost you roughly $860 if something happens and you have to deal with back interest and the lender won't budge. Or, $20/month in an envelope.
  18. #18  

    Default Re: Financing

    Quote Originally Posted by KWKSLVR View Post
    More food for thought, financing a Moto X for 18 months stands the potential to cost you roughly $860 if something happens and you have to deal with back interest and the lender won't budge. Or, $20/month in an envelope.
    it's about being responsible and growing your credit or cash. whether it's saving money every month to buy a new phone or its saving money to pay the loan off every month. there's probably 1% of people who never use credit in their lives, for the rest of us that plan on buying cars and houses and don't want to put down $50,000 up front to buy a house, credit gets us there

    Q10, HTC One, Nexus 7, Moto X
  19. #19  

    Default Re: Financing

    Quote Originally Posted by emg75189 View Post
    Did anyone do the moto financing? wonder how good your credit has to be?
    I used it but I'm not sure how good your credit has to be. Also not sure which bureau they pull from. Best way to know for sure is to apply and see what they say. It was an instant response for me.
    - Kevin Bacon is my bananas.
  20. #20  

    Default Re: Financing

    Some people don't have $400 - $600 to plop down all at once. Or maybe they do but don't want to strap themselves down.
    There's nothing wrong with financing and paying $50 or $100 per month. There is something wrong if you're going to struggle with the minimum payment.

    Also, some will finance until they can sell their current device to help fund their new one.

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  21. #21  

    Default Re: Financing

    Quote Originally Posted by KWKSLVR View Post
    Cash in hand is worth more than credit on a card, every single time.
    That is not always true. It is good to have both. My employer do check credit history of the new hired (with their permission). The last thing the employer want is to have their employees selling off the company proprietaries or could be a sign of irresponsibility. If your credit report have some red flag.
  22. #22  
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    Default Re: Financing

    Quote Originally Posted by KWKSLVR View Post

    It's not about interest, it's about payments. Payments destroy cash flow. The minimum on a credit card with a balance of $1,000 and a 0% interest rate is most likely $29. The minimum on a credit card with a balance of $1,000 and an 18% interest rate is most likely $29. Man, how tempting? A 10,000 car loan @ 0% for 60 months is $166.67/month. A 10,000 car loan @ 8% for 60 months is $202.76/month. Yeah, interest costs money, but interest free doesn't negate the necessity of having to make a payment, either way. Interest in my auto loan example is a measly $36. It's not like I'm suddenly rich because my auto loan is 0%. It doesn't solve the problem of owing someone else for something. I like to own what I buy.
    I finance nearly everything I own because it presents an opportunity to leverage assets at a rate I know I can beat and it lowers my cost basis.

    You look at the numbers from the lender's perspective; I look at them from mine. There's always money going in and money going out. So far you've only addressed one side of the equation. Maybe it works for you, but I assure you your cash-only strategy would introduce a significant opportunity cost for people like me.
  23. #23  
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    Quote Originally Posted by androidatic View Post
    Some people don't have $400 - $600 to plop down all at once. Or maybe they do but don't want to strap themselves down.
    There's nothing wrong with financing and paying $50 or $100 per month. There is something wrong if you're going to struggle with the minimum payment.

    Also, some will finance until they can sell their current device to help fund their new one.

    Sent from my SCH-I535 using Tapatalk
    So, in other words, you didn't actually read anything I wrote?
    Quote Originally Posted by Nidwow View Post
    That is not always true. It is good to have both. My employer do check credit history of the new hired (with their permission). The last thing the employer want is to have their employees selling off the company proprietaries or could be a sign of irresponsibility. If your credit report have some red flag.
    There is a difference between having no credit and having bad credit. All I'm saying is that you do not need a credit score to buy a house. You do not need a credit score to buy a car and you don't have to have $50,000 for a down payment on a house. I mean, we're talking about people that can't come up with $500 for a phone, yet we think it's a good idea for them to finance everything else? Hogwash. Most people do use credit. Most people are broke. If most people jump off a cliff, is everyone going to do it?

    My fiance and I are debt free. We both have been for a long time. She is currently putting herself through school without loans. After we get married I'll help put her the rest of the way through. We are not rich. I'm a private investigator and she's a nurse. Look those average incomes up. We are both above average national wide, but we aren't sitting on stacks of cash. The best we can figure our future budget, after we get married, in our first year we'll be able to save 15K-20K towards a down payment on a house depending on what her school load looks like and how much she can work. In a mere two years we'll have 30K for a down payment on a house.Why? Because we don't have payments on anything. If every month we were paying $100 on cell phones, $600 on two cars, $200 for crap charged on credit cards or whatever else people buy, we wouldn't be able to have a house.

    So what do people want, crap and a credit score, or a house? We choose a house. Your FICO doesn't give you a positive rate of return on your investment.
  24. #24  

    Default Re: Financing

    Quote Originally Posted by KWKSLVR View Post
    I remember one time where a customer came in with a complaint. He had purchased a few thousand dollars worth of furniture from Ashley Furniture, and like a good Wells Fargo customer, he used his shiny Wells Fargo credit card to autopay the payment every month. The problem was that his card had been skimmed, and shut off for "security" reasons a few days before his payment on the furniture was due. He didn't know, and the payment didn't go through. In fact, he didn't find out until he tried to use that card over a week later for a transaction that was declined. This caused his account to go delinquent and stacked on an insane amount of back interest. I've never seen someone more pissed. Did Wells Fargo show mercy and fix the problem? Hell no they didn't, and they lost a customer over it too. The cynic in me is tempted to believe someone at the bank flipped the switch on a "fraudulent transaction" just because the poor guy was at something like payment #50 of 60 and hadn't skipped a beat yet. Nope, can't afford to miss out on the interest for all that!
    This goes back to NYC_ROCK's point about people needing to make sure that they are disciplined. If that guy really was disciplined, he would have doublechecked each month to make sure that the payments were being made. That is always a problem that people have with autopayments--I know people who have missed mortgage payments because of it--and it's one reason why I don't use them. **** like this always happens with banks. For instance, with some 0% interest financing plans, it's not unheard of for all of a sudden one of the last payment stubs to get "lost" in the mail, leading someone to forget to make the payment and then all of a sudden they owe a ton a money. I've had to do 0% financing before, so I've made sure to always be sure to never miss a payment because of it.

    Again: discipline.
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    Default Re: Financing

    Quote Originally Posted by KWKSLVR View Post
    So, in other words, you didn't actually read anything I wrote?
    There is a difference between having no credit and having bad credit. All I'm saying is that you do not need a credit score to buy a house. You do not need a credit score to buy a car and you don't have to have $50,000 for a down payment on a house. I mean, we're talking about people that can't come up with $500 for a phone, yet we think it's a good idea for them to finance everything else? Hogwash. Most people do use credit. Most people are broke. If most people jump off a cliff, is everyone going to do it?

    My fiance and I are debt free. We both have been for a long time. She is currently putting herself through school without loans. After we get married I'll help put her the rest of the way through. We are not rich. I'm a private investigator and she's a nurse. Look those average incomes up. We are both above average national wide, but we aren't sitting on stacks of cash. The best we can figure our future budget, after we get married, in our first year we'll be able to save 15K-20K towards a down payment on a house depending on what her school load looks like and how much she can work. In a mere two years we'll have 30K for a down payment on a house.Why? Because we don't have payments on anything. If every month we were paying $100 on cell phones, $600 on two cars, $200 for crap charged on credit cards or whatever else people buy, we wouldn't be able to have a house.

    So what do people want, crap and a credit score, or a house? We choose a house. Your FICO doesn't give you a positive rate of return on your investment.
    So according to your plan all I have to do is get married and have 2 incomes to by a house

    Q10, HTC One, Nexus 7, Moto X
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