Financing AP? Can you?

[gwalker]

Most of the time you lose some of the discount with in house financing so your argument really doesn't work. I made a down payment of about 40% on my AP and paid the remainder when I picked it up. Im actually with you on the idea that with really low or no interest it's stupid not to take it but every time I've inquired about it I could get atleast 10% more off with cash. Im not going to say like some on here that debt is such a bad thing. I took out 15 year loans for my RV and boat. The RV is paid for now but I still owe on the boat. I'd rather have a boat payment than have to save many years to pay outright for it. That said all my family and friends gets tons of enjoyment out of the boat. We take it out weekly and the fun and memories had on it are priceless. I only get enjoyment out of a watch so I'd never finance one.

[TSW]

Originally Posted by SteelerFan65

Well young Byron you have a lot to learn in life and this is coming from a cash buyer!

If you don't like the answers and think TRF is so full of crap I'd be happy to hit the eject button--just say the word.

Word

[gwalker]

Originally Posted by TSW

Word

Looks like my reply was after a "Can I finance..." thread got to page 2 so it was getting rough. Oh well.... HAHA

[FremStar]

Originally Posted by BIG_B_n_FLA

I have never heard in my life so much crap of bull*** The TRF is so full of it. The number of folks that claim to pay in cash fully is preposterous. They claim that they pay in full cars, watches and even wedding rings. The automotive industry especially the highend would not survive if everyone on TFR paid in cash nor would Rolex...lol you guys need to give it break and be truthful... This is coming from a CFP by the way.

Aye! I have cautiously read all responses (which for the most part were good) to your initial question. It is not preposterous for anyone to pay for discretionary items such as a timepiece, engagement ring, or car with cash! heck, I even know someone who bought a S550 with cash in his pajamas! ;-) Oh well as Pat said... Have it your way... I too lokk forward to your incoming thread! Early congrats!

[S``]

CFP? so what?

doesn't mean what these guys are saying ain't true

[HL65]

Originally Posted by FremStar

Aye! I have cautiously read all responses (which for the most part were good) to your initial question. It is not preposterous for anyone to pay for discretionary items such as a timepiece, engagement ring, or car with cash! heck, I even know someone who bought a S550 with cash in his pajamas! ;-) Oh well as Pat said... Have it your way... I too lokk forward to your incoming thread! Early congrats!

Sam my man was it Pat that said that or Burger King?

[TSW]

Originally Posted by SteelerFan65

Sam my man was it Pat that said that or Burger King?

[threemonkeys]

Originally Posted by BIG_B_n_FLA

I have never heard in my life so much crap of bull*** The TRF is so full of it. The number of folks that claim to pay in cash fully is preposterous. They claim that they pay in full cars, watches and even wedding rings. The automotive industry especially the highend would not survive if everyone on TFR paid in cash nor would Rolex...lol you guys need to give it break and be truthful... This is coming from a CFP by the way.

You've received feedback from many of our well-respected members and you choose to post this in return?

Have some decency, man.

[Submarino]

Originally Posted by tsw

x2

[dddrees]

Originally Posted by BIG_B_n_FLA

I have never heard in my life so much crap of bull*** The TRF is so full of it. The number of folks that claim to pay in cash fully is preposterous. They claim that they pay in full cars, watches and even wedding rings. The automotive industry especially the highend would not survive if everyone on TFR paid in cash nor would Rolex...lol you guys need to give it break and be truthful... This is coming from a CFP by the way.

I guess you might be surprised then. Besides you've got it all wrong.

Hardly anyone could afford to finance multiple watch purchases. Too expensive that way.

[rr-nyc]

Personally, I don't see the problem with taking advantage of 0% financing. My problem is that a CFP, making a $67k salary, wants to buy a $30k+ watch.

I charge all large purchases on a credit card or debit card for awards and purchase protection but the credit card is paid off monthly. I don't understand why anyone would carry a wad of cash to buy anything substantial.

Besides a home, financing should be out of convenience - not an advance on money you don't have. Cars are very much a necessity so financing makes sense. There are those who can pay cash for a car but choose to lease or finance because of tax benefits, company car allowance, etc.

Financing a luxury item like a watch because you don't have the money isn't the smartest thing to do.

[HL65]

Originally Posted by rr-nyc

Personally, I don't see the problem with taking advantage of 0% financing. My problem is that a CFP, making a $67k salary, wants to buy a $30k+ watch.

I charge all large purchases on a credit card or debit card for awards and purchase protection but the credit card is paid off monthly. I don't understand why anyone would carry a wad of cash to buy anything substantial.

Besides a home, financing should be out of convenience - not an advance on money you don't have. Cars are very much a necessity so financing makes sense. There are those who can pay cash for a car but choose to lease or finance because of tax benefits, company car allowance, etc.

Financing a luxury item like a watch because you don't have the money isn't the smartest thing to do.

Just to clear things up when I say I pay for all of my watches with cash I am not talking about greenbacks but bank wires.

[ocwatching]

Originally Posted by rr-nyc

My problem is that a CFP, making a $67k salary, wants to buy a $30k+ watch.
Financing a luxury item like a watch because you don't have the money isn't the smartest thing to do.

and wow...3 pages on this...

Cash (or bank wire or credit card paid off monthly) is king!

[dalip]

Originally Posted by BIG_B_n_FLA

I have never heard in my life so much crap of bull*** The TRF is so full of it. The number of folks that claim to pay in cash fully is preposterous. They claim that they pay in full cars, watches and even wedding rings. The automotive industry especially the highend would not survive if everyone on TFR paid in cash nor would Rolex...lol you guys need to give it break and be truthful... This is coming from a CFP by the way.

Well now you really have proved yourself with this statement haven't you

It's not 'cash' as in wads of notes necessarily .....but a term used to suggest the money is readily available and is not credit. Even if a credit card is used it's easily paid off.

As has been said many on here have multiple high end pieces.....it would be ludicrous and crippling to have those financed.

You openly disclose a salary figure and then suggest you want to buy a watch which is a huge percentage of that annual figure ....and you state the advice given is is all crap and bs and Trf is full of it in response.

Now I'm going to give you a chance to make this right.

But the window is small. Up to you.

[capote]

Originally Posted by SteelerFan65

Would never buy watch for anything but cash and excess cash at that!

I don't need to scan three pages of advice. This is it
Either you get it or you don't. Chances are you will crash and burn later if you don't get it.

[Big Ern]

Originally Posted by BIG_B_n_FLA

I have never heard in my life so much crap of bull*** The TRF is so full of it. The number of folks that claim to pay in cash fully is preposterous. They claim that they pay in full cars, watches and even wedding rings. The automotive industry especially the highend would not survive if everyone on TFR paid in cash nor would Rolex...lol you guys need to give it break and be truthful... This is coming from a CFP by the way.

You are missing the point big time. First, you assume most everyone here is in your tax bracket - think again. Most everyone giving advice about buying high end watches (and cars) with cash are in a much higher tax bracket. Hence, they are not trying to scrape cash together for something they can't afford. They make sound use of their money and spend accordingly.

You should take the advice given; it's coming from people who For the most part are more successful (financially speaking) than you.

[patek.wis]

Originally Posted by SteelerFan65

Just to clear things up when I say I pay for all of my watches with cash I am not talking about greenbacks but bank wires.

When I was young I bought my first ultra-luxury car in hundred dollar bills.

Took an hour to count out with the seller.

He thought I was a drug dealer.

haha.

[caryyee]

Originally Posted by patek.wis

When I was young I bought my first ultra-luxury car in hundred dollar bills.

Took an hour to count out with the seller.

He thought I was a drug dealer.

haha.

Just interested, is that a reason why you paid for it in greenbacks rather than a bank cheque? I assume you would of had to have gone to the back to get the cash anyway? Unless you have bags of it at home? Haha, I'd think you were a dealer too!

[caryyee]

A Rolex is a luxury item. By definition, luxury is something not essential. So, luxury items should only come from your discretionary savings. Hence the ability to pay in cash. If you need to finance, then it's not from your discretionary savings, and hence maybe you shouldn't be buying it.

Financing something like a car is different. Depending on your circumstances, and the distances you travel, it may be financially beneficial from a tax point of view.

And financing a house ... well, who has several '000k laying about in cash?

[rr-nyc]

Originally Posted by SteelerFan65

Just to clear things up when I say I pay for all of my watches with cash I am not talking about greenbacks but bank wires.

No, I understand. I wasn't specifically referring to you but there are members who in previous threads, stated that they walk in with actual cash.

[HL65]

Originally Posted by rr-nyc

No, I understand. I wasn't specifically referring to you but there are members who in previous threads, stated that they walk in with actual cash.

[brian8121]

Originally Posted by SteelerFan65

Just to clear things up when I say I pay for all of my watches with cash I am not talking about greenbacks but bank wires.

Ken, I just assumed you drove a Brinks truck (or Brinks Audi wagon with the family in tow) to run errands. Bank wires or an AMEX card paid in full at the end of each month for me BTW.

OP:
You can believe what you want. People gave you answers you either don't want to hear or don't believe or both. People pay cash/pay in full for certain items, OP. It happens! There are a lot of smart guys and girls on this forum, some in finance literally working on Wall St - including me (if that legitimizes it for you somehow since you keep mentioning the CFP designation), some in other industries. Some are great savers with tremendous focus. Some are are in a fortunate financial position where buying a Patek is akin to buying groceries. Some are both! Is it really so hard to believe that there are quite a few people on a forum dedicated to a LUXURY item who can pay for a watch in full? Come to Manhattan - it happens here all the time.

I guess my point is calm down and just enjoy TRF. There's no need for the hostility - certainly not over this - which is a topic you brought up.



PS I think the OP's assumptions re: the luxury car industry's survival work only if TRF members on this thread represent the vast majority of luxury car buyers. I think he will find that TRF members make up an extremely small percentage of Rolex watch owners, much less luxury car owners or AP owners.

PPS IBTL!!!

[HL65]

Originally Posted by brian8121

Ken, I just assumed you drove an Brinks truck to run errands

Bank wires or a charge card paid in full for me btw

Wth my awful habit that would make sense Brian.

[brian8121]

Originally Posted by SteelerFan65

Wth my awful habit that would make sense Brian.

It would make tipping the valet a lot easier my friend. You should consider it. Maybe you can get financing!

[HL65]

Originally Posted by brian8121

It would make tipping the valet a lot easier my friend. You should consider it. Maybe you can get financing!

[byeedo]

Originally Posted by slider817

my personal philosophy is not to go into debt for luxuries, i know people fiance vacation homes, but that is not something i would do either.

x2

[FeelingTheBlues]

Originally Posted by threemonkeys

You've received feedback from many of our well-respected members and you choose to post this in return?

Have some decency, man.

That's probably the first time I see you respond in such a serious way Craig, would you be regretting having your watches financed by any chance?

I have to agree with you though, such replies always leave me rather speechless. This isn't what TRF is about in the first place, we are supposed to have fun speaking about watches (as a minority in the world of watch collectors, might I add). The subject of financing comes up every once in a while and I'm personally against it, whether the financial point of view is interesting or not I think about it with another point of view, the one that tells me not to get into debt (however interesting it could be if I start to invest money in the meantime and all those economic tricks I do not know...) for a luxury item (and no, I do not consider my 2004 Mazda 3 a luxury item...).

P.S.: This comes from a young man who worked honestly and saved money to buy every single watch he owns without using any form of credit...the same man who would enjoy paying with this if he could...just for the trip...

[BIG_B_n_FLA]

Let start off by saying I apologize if I may have offended anyone by my last post.... Sorry
Now let me make myself clear: there is statistic data that shows LUXURY items are largest and most frequent lines of credit used by household over annual income of $200k. I started this post just asking if there was a way to finance an AP. I stated my income level only because on this forum if you ask or use the word FINANCE it is such a TABOO thing on here. I respect everyone who had something to say Except for the guy who tries to bully saying he could or would eject me and those who encouraged that behavior . You will get all the types of people judging and saying negative things. So to repute that and since I have SOME knowledge of how wealthy people spend I called some of the people on this forum hippocrates. Example wasn't Newt Gingrich who had aTiffanys line of credit for $500,000. The same guy who makes $70k for a speaking engagements. I current own a SubC and a Navi TT bought using cash. FYI to all, I make $67yr but my net worth is close to a million and I am only 30yrs old. I just wanted to know if financing could have been done. And if anyone utilized the option. I am intelligent to know if it makes sense.. thank you everyone..

Sent from my PC36100 using Tapatalk 2

[dalip]

Originally Posted by BIG_B_n_FLA

Let start off by saying I apologize if I may have offended anyone by my last post.... Sorry
Now let me make myself clear: there is statistic data that shows LUXURY items are largest and most frequent lines of credit used by household over annual income of $200k. I started this post just asking if there was a way to finance an AP. I stated my income level only because on this forum if you ask or use the word FINANCE it is such a TABOO thing on here. I respect everyone who had something to say Except for the guy who tries to bully saying he could or would eject me and those who encouraged that behavior . You will get all the types of people judging and saying negative things. So to repute that and since I have SOME knowledge of how wealthy people spend I called some of the people on this forum hippocrates. Example wasn't Newt Gingrich who had aTiffanys line of credit for $500,000. The same guy who makes $70k for a speaking engagements. I current own a SubC and a Navi TT bought using cash. FYI to all, I make $67yr but my net worth is close to a million and I am only 30yrs old. I just wanted to know if financing could have been done. And if anyone utilized the option. I am intelligent to know if it makes sense.. thank you everyone..

Sent from my PC36100 using Tapatalk 2

Now why would you go and say that which I have highlighted?

I think it's safe to say that you're making a reference to the moderators/moderation of this thread.

So....rather than taking my advice which I clearly gave in my last post you have come back with a smart arse remark.

I hope your bags are packed.

[ChiefOfSmoke]

Let start off by saying I apologize if I may have offended anyone by my last post.... Sorry



You haven't got the hook yet Big B .....I get the "act" you tweaked'um good but my God man pull-up before you nose in