09-08-2015 10:44 PM
72 123
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  1. sulla1965's Avatar
    Yeah nothing wrong with using Moto credit or Paypal etc. The 0% interest and 12 -18 months to pay beats having to pay all upfront and out of pocket. Those who complain are those who don't understand the 0% is depended on your paying it off within the 6-12-18 months. They miss a few payments, and end of adding serious $$$ to the cost of the item . So just don't get careless and you'll be fine using promotional financing.
    alphabets, Adiliyo and Raptor007 like this.
    09-01-2015 11:51 PM
  2. alphabets's Avatar
    Exactly. Pay your bills like a responsible adult and you're basically receiving an interest free loan. Financed both of my Moto X's through Moto credit without issue.
    Ry, Raptor007 and dmark44 like this.
    09-02-2015 04:15 AM
  3. Adiliyo's Avatar
    This isn't really related to the OP's topic, but here's what I don't understand about Motorola's financing: I bought the 64GB Nexus 6 and financed it for 18 months. My payment is $25/month. After 18 months I will have paid $450. When does the balance of about $300 come due?

    I don't really care that much. I have the cash from the sale of an iPhone and could have paid for it all up front, but I decided to use the financing since it was available and no cost. But I'm curious to see how it spins out.
    $25 is the minimum payment due, it has nothing to do with the promotional financing. to make sure you don't incur any interest, you need to manually figure out how much to pay to pay off that balance before 18 months is up
    Ry, sulla1965 and tgp like this.
    09-03-2015 11:05 AM
  4. sulla1965's Avatar
    $25 is the minimum payment due, it has nothing to do with the promotional financing. to make sure you don't incur any interest, you need to manually figure out how much to pay to pay off that balance before 18 months is up
    Good point, that's another point some don't understand. The minimum payment is just an amount given to keep the account in good standing. The min payment doesn't come close to paying off the entire debt. So people pay the min every month, then get surprised when the promotional 0% APR runs out and becomes 29% or something outlandish like that.
    Adiliyo and tgp like this.
    09-03-2015 03:30 PM
  5. cwise222's Avatar
    When you select the pay with Moto credit option, or whatever it's called, it will even give you the amount you will need to pay each month to pay it off in the zero interest period. Mine was like $41 and change I think.
    Ry likes this.
    09-03-2015 04:13 PM
  6. Adiliyo's Avatar
    When you select the pay with Moto credit option, or whatever it's called, it will even give you the amount you will need to pay each month to pay it off in the zero interest period. Mine was like $41 and change I think.
    yea i think it was originally around $43 and they do tell you on the product page.

    i'm kind of surprised people don't know how these promotional financing deals work before they enter into them.
    09-03-2015 04:37 PM
  7. cwise222's Avatar
    yea i think it was originally around $43 and they do tell you on the product page.

    i'm kind of surprised people don't know how these promotional financing deals work before they enter into them.
    Most of the time the way they display the promo offer is in a shiny, amazing looking ad and they expect you to just get caught up in the flashy graphics and 'no interest' keywords and not pay attention to the rest and it works all the time. I know I got a credit limit way, way above what anyone would need for a phone or from Moto in general (it's literately 10% of my yearly income) and they very much pushed me to buy more stuff.

    People see no interest and these finance companies give a sky high credit limit and people just go crazy with shopping without reading the little text.
    09-03-2015 04:48 PM
  8. Adiliyo's Avatar
    Most of the time the way they display the promo offer is in a shiny, amazing looking ad and they expect you to just get caught up in the flashy graphics and 'no interest' keywords and not pay attention to the rest and it works all the time. I know I got a credit limit way, way above what anyone would need for a phone or from Moto in general (it's literately 10% of my yearly income) and they very much pushed me to buy more stuff.

    People see no interest and these finance companies give a sky high credit limit and people just go crazy with shopping without reading the little text.
    but it's not even long! haha i get what you're saying though. but if i'm going to drop $1000 on stuff, i'm going to know the terms of the loan i'm getting for it.

    they gave me a crazy high limit too, but i guess if you're a couple or family, a few phones and a few watches and some accessories could add up
    09-03-2015 05:39 PM
  9. Ry's Avatar
    yea i think it was originally around $43 and they do tell you on the product page.

    i'm kind of surprised people don't know how these promotional financing deals work before they enter into them.
    I was surprised at the thread title. It's not that different from any other promo financing deals. :/
    Almeuit likes this.
    09-03-2015 05:54 PM
  10. Almeuit's Avatar
    I was surprised at the thread title. It's not that different from any other promo financing deals. :/
    This -- Right on point. .
    Ry likes this.
    09-03-2015 06:03 PM
  11. Raptor007's Avatar
    I've purchased lots of stuff like this. Tires, appliances, TVs, etc. It's pretty simple and if they're going to let me basically borrow money for free, I'll do it. They tell you how many months you have to pay it off interest free. Take the total price and divide by that number of months. Boom, there's your real monthly minimum payment if you wish to avoid the large finance charge at the end. Ignore the minimum monthly payment on the statement, you won't get it paid off in time using that number.
    Agreed, if I can get 0% so long as I pay it off early or on time then I am cool with it. The key is not to spread yourself thin and not be able to keep up. Kind of like people who buy ATV's or Jet Ski's only to have them up for sale a few months later or taken back due to payments not being kept up.
    09-03-2015 08:19 PM
  12. travaz's Avatar
    It is all up to the individual to know the terms of the agreement you sign up for, and your financial ability to live up to the agreement. I have sufficient income to buy the Pure outright with no problem but I choose to use the zero APR option because it gives me options for my money. I will pay it off in about 6 months and be happy. I used Edge on Verizon because it was zero interest. When I bought the Pure yesterday I went to Verizon and paid off the Turbo so I would be free of that debt. ALWAYS know where you stand financially. Be realistic about your job situation and your bill situation. Take advantage of free money when you can! I am now in remission from IWIN ( I Want it Now) now that I have ordered the Pure. So it was Purely for Medical reasons that I ordered it!!!
    thejesse likes this.
    09-03-2015 09:08 PM
  13. ibcop's Avatar
    You can't beat 0% for 18 months. Whatever the scheduled payment is, double or triple it and it'll be paid for in time for the next one!

    Posted via the Android Central App
    Ry and thejesse like this.
    09-03-2015 09:26 PM
  14. diesteldorf's Avatar
    I decided to get the Moto Style/Pure and use my Moto Credit Account. I could've bought it outright or used a different credit card, but I chose the Moto account since I already had it available and for the 0% APR

    I am not advocating using credit just because it's there, but I also hate to leave accounts sitting open with no activity for extended periods of time. I either like to use them or close the account completely.

    Closing older established accounts can negatively affect your FICO score, but this account was setup in December 2013 and had no activity of any kind for 5 months.

    It was a little weird since my entire order was $524.99 before tax and $553 after, so I was planning to select the 12 month option at 0% APR. However, the website must have been having issues because it said the 12 month option was not available because the dollar amount was below the minimum required.

    So....I selected the 18 month option and the order went through. The other alternative was a 24 month option at 9.99% with no 0% introductory APR.

    Now, I am just waiting for the charge to post so I can verify I am getting the correct payment plan.

    Regardless, whether 12 or 18 months, it doesn't matter, as I'll pay it off much sooner.
    tgp likes this.
    09-04-2015 06:44 AM
  15. The Harrington's Avatar
    You can't beat 0% for 18 months. Whatever the scheduled payment is, double or triple it and it'll be paid for in time for the next one!

    Posted via the Android Central App
    That's exactly what I intend to do. If I put it on my regular credit card it would get lost in the shuffle and I'd end up paying more for it with the added interest. Going through Motorola credit means I will pay zero interest.
    ibcop likes this.
    09-04-2015 07:19 AM
  16. tgp's Avatar
    I decided to get the Moto Style/Pure and use my Moto Credit Account. I could've bought it outright or used a different credit card, but I chose the Moto account since I already had it available and for the 0% APR

    I am not advocating using credit just because it's there, but I also hate to leave accounts sitting open with no activity for extended periods of time. I either like to use them or close the account completely.

    Closing older established accounts can negatively affect your FICO score, but this account was setup in December 2013 and had no activity of any kind for 5 months.

    It was a little weird since my entire order was $524.99 before tax and $553 after, so I was planning to select the 12 month option at 0% APR. However, the website must have been having issues because it said the 12 month option was not available because the dollar amount was below the minimum required.

    So....I selected the 18 month option and the order went through. The other alternative was a 24 month option at 9.99% with no 0% introductory APR.

    Now, I am just waiting for the charge to post so I can verify I am getting the correct payment plan.

    Regardless, whether 12 or 18 months, it doesn't matter, as I'll pay it off much sooner.
    This is pretty much my situation. I had the money when I purchased the phone, but I decided to finance since it was no cost. I'm paying the minimum payment each month, then at the end I'll pay it off. No problem, since I have it. And I do like to keep my credit accounts active and serviced. My credit score is over 800, and I intend to keep it there.

    As others have said, you do need to make sure you don't miss a payment or something! Credit card promotions are like that too. They'll often offer 0% financing deals, but send one payment one day late, and you'll find out what the real cost is!
    09-04-2015 07:46 AM
  17. sulla1965's Avatar
    As others have said, you do need to make sure you don't miss a payment or something! Credit card promotions are like that too. They'll often offer 0% financing deals, but send one payment one day late, and you'll find out what the real cost is!
    Obviously Its a win win for the credit card companies. They're glad when you pay off on time, they get their money back. If you don't pay,they win and make money from the interest. So why not offer 0% if it gets you to sign the dotted line as it were. So it always gets me one some then claim its a scam when they didn't really understand what they were getting into in the first place.
    09-04-2015 02:09 PM
  18. hallux's Avatar
    Good point, that's another point some don't understand. The minimum payment is just an amount given to keep the account in good standing. The min payment doesn't come close to paying off the entire debt. So people pay the min every month, then get surprised when the promotional 0% APR runs out and becomes 29% or something outlandish like that.
    It's not like you CAN'T pay the minimum payment each month. You just need to be aware of the lump sum you'll need to pay at the end of the promotional period to avoid the finance charges. I did that with my LASIK, did it with a mattress, did it with tires. Paid the minimum (or a little more) every month, then made a large payment at the end, just before expiration of the promotional period, still paid no interest.
    09-08-2015 09:03 AM
  19. tgp's Avatar
    Paid the minimum (or a little more) every month, then made a large payment at the end, just before expiration of the promotional period, still paid no interest.
    And this is exactly what I plan to do. I have the money in the bank; I could have paid for the phone at the time of purchase. I decided to use Motorola's financing option since it doesn't cost anything. Credit activity is good for your credit score. Another advantage is that the money is available for an emergency.
    alphabets likes this.
    09-08-2015 09:50 AM
  20. phyo21's Avatar
    This is how most places operate with special 0% financing deals. Basically if you don't pay it in full by the end of the promo term they will retroactively go back and charge you the interest on the entire amount. So basically if you still have $15 left on the loan and the promo period expires they will go back and charge 20%+ interest on the entire amount meaning getting charged like $100 or more in interest despite only having $15 left on the loan. Best Buy operates their 0% financing this way and Amazon does as well. This is why you almost must make sure you pay the loan off in full before the 0% financing period expires.
    Thats some [language removed] up game they play..
    09-08-2015 02:40 PM
  21. hallux's Avatar
    Thats some [language removed] up game they play..
    What game is that? The one where they offer super-low (or 0%) financing for a specific time period but if you miss a payment or don't pay it off by the end of the promotional period it turns into an outrageously high rate on the entire purchase (not just what isn't paid off)?

    Have you been living under a rock? This has been common practice for a long time and it's no game, it's spelled out clearly in the fine print/agreement when you sign up for the promotion.
    alphabets likes this.
    09-08-2015 04:58 PM
  22. dmark44's Avatar
    What game is that? The one where they offer super-low (or 0%) financing for a specific time period but if you miss a payment or don't pay it off by the end of the promotional period it turns into an outrageously high rate on the entire purchase (not just what isn't paid off)?

    Have you been living under a rock? This has been common practice for a long time and it's no game, it's spelled out clearly in the fine print/agreement when you sign up for the promotion.
    No need to be so condescending. Everyone has a first time that they read up on or applied for one of these plans.

    And hopefully they read up when they applied.
    09-08-2015 10:44 PM
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