Be careful if you are financing through Moto

[jimbo1mcm]

Minimum purchase for 18 month financing is $549. Interest is over 28% if you miss a payment or don't complete the purchase in the time frame. See the details on Moto website.

 

[dpham00]

Thanks for the tip. Hopefully they will change the policy when when the pure comes out

 

[razortaz18]

Why would they change their policy? It's always been like that.

Posted via the Android Central App

 

[dpham00]

Why would they change their policy? It's always been like that.

Posted via the Android Central App

Correct me if I am wrong but I believe that the Moto x 13 and 14 qualified for financing when originally released. So having the x 15 qualify for for financing would help sales.

 

[Clocks]

The pure will qualify for financing. Just don't miss a payment.

 

[Ry]

Is this new?

Motorola Credit

• $0 down and zero Interest on all purchases of $549 or more if paid within 18 months1 Interest will be charged to your account from the purchase date if the balance is not paid in full within the promotional period.
• $0 down and zero Interest on all purchases if paid within 6 or 12 months1 Interest will be charged to your account from the purchase date if the balance is not paid in full within the promotional period

https://motorola-global-portal.cust...zI4MDkwL3NpZC8qQkVEKjV0bQ==/filename/FAQs.pdf

 

[landale]

Is this new?

Motorola Credit

• $0 down and zero Interest on all purchases of $549 or more if paid within 18 months1 Interest will be charged to your account from the purchase date if the balance is not paid in full within the promotional period.
• $0 down and zero Interest on all purchases if paid within 6 or 12 months1 Interest will be charged to your account from the purchase date if the balance is not paid in full within the promotional period

https://motorola-global-portal.cust...zI4MDkwL3NpZC8qQkVEKjV0bQ==/filename/FAQs.pdf

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.

 

[razortaz18]

Correct me if I am wrong but I believe that the Moto x 13 and 14 qualified for financing when originally released. So having the x 15 qualify for for financing would help sales.

Sorry I was referring to the interest and missing a payment. Not the minimum purchase price that I now realize you are referring to.

Posted via the Android Central App

 

[KWKSLVR]

I guess I don't understand the appeal. I could save $30/month on my own and just buy a new one out right every 18 months?

 

[Clocks]

I guess I don't understand the appeal. I could save $30/month on my own and just buy a new one out right every 18 months?

Technically you'd be losing (a small amount of) money doing it that way. 0% financing is paying you to borrow money on the gamble that you'll miss a payment and have to pay a crazy interest rate. But I agree it is much more responsible to save ahead of time.

 

[getbretweir]

Technically you'd be losing (a small amount of) money doing it that way. 0% financing is paying you to borrow money on the gamble that you'll miss a payment and have to pay a crazy interest rate. But I agree it is much more responsible to save ahead of time.

IF you do miss a payment for whatever reason, assuming you have good credit you can always find a credit card at 0% for 18 months.

I know Wells Fargo offers a cash back card, where every time you accumulate what would equal $25 worth of points, they automatically deposit the cash into your bank account. I'm sure other banks have similar offers.

They also offer something called credit protection, which is actually a great idea. it's 0.3% of your balance, and if you get hospitalized, lose your job, or a lot of other events that would cause you to miss a payment, it'll defer payments so the interest rate doesn't skyrocket.

Posted via the Android Central App

 

[bhatech]

Just put automatic monthly payments of the total phone cost/what ever the interest free period is. Not sure why it's that hard.

Sent from my Nexus 6 using Tapatalk

 

[Leo Bauberger]

Where I live the X Style will be sold for U$ 800 making the needed conversions :/

 

[razortaz18]

Where I live the X Style will be sold for U$ 800 making the needed conversions :/

Why so much? Where do you live?

Posted via the Android Central App

 

[Evilnut]

I just buy things like this on my low interest rate credit card and take the points or miles. This way, I can pay it off quickly if I can afford it, or make the monthly payment on my card if finances are tight that month. To me this is much more flexible and gives me the power to choose what I want to pay off and when. Plus, getting the points or miles is a benefit also.

Posted via Android Central App from a beautiful Ebony backed Original Moto X or the amazing Nexus 10

 

[tgp]

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.

 

[landale]

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.

I would check the terms of your financing, it could be a lump payment is required at the end and if you fail to pay it before the 18 months expire you can expect a charge for the entire financing totaling another couple hundred dollars due to the 28.99% financing. Just because they set the minimum payments at $25 doesn't mean you can keep paying $25 every month and avoid interest as once you hit 18 months the full finance charge will hit if you have any balance outstanding.

 

[Leo Bauberger]

Why so much? Where do you live?

Posted via the Android Central App

Brazil and we are facing huge financial and political crisis

 

[getbretweir]

Brazil and we are facing huge financial and political crisis

damn bro, that really sucks! I knew there was some financial issues down there but I didn't know things were so dire ...

things in the US have been great the past few years as far as the market, unemployment and housing, which means right around early 2017 the carpet should come out underneath us for things to equal out!

Posted via the Android Central App

 

[Raptor007]

Not sure if people realize this is not Motorola's Financing its through Commenity Bank so of course the finance charges are going to be high if you don't pay off the purchase in the allowed window. They divide the financed amount by the # of months allowed for the 0% term so if you make the minimum each month you will do just fine.

Plus its for the total purchase so if you need two Moto X's, some accessories or a Moto X & G for the family. Since you can't get it through the Carriers and the price is hundreds less than what a carrier would charge I don't see this as an issue.

Moto X with a $25 back plate upgrade is $499 + 25 = $524, pick up a case or bluetooth accessory and you are golden for 18 months. So if you do spend $549/18 = $30.50 per month, that is far cheaper than what AT&T would charge for a comparable device.