Question about a dealer...

MikeKing

I purchased a coin from this dealer only a few days ago. I had to pay by credit card since I was low on cash. No issues. I got the coin in record time. The coin cost me > 1,000.00

Tonight, I noticed another coin on their site that I seriously wanted. I emailed them asking if I could pay in installments.

I quickly got a response suggesting I use my credit card and they will add 3%.

I politely declined (without saying I had just charged a coin from them and wasn't charged an extra 3%), and asked again if I could pay in intallments.

They responsed and told me they couldn't do that for a coin priced under $5,000.00

Any thoughts on this?

edited to add: my first purchase from this dealer was the one I mentioned above, just a few days ago.

BlindedByEgo

They may not have as much profit in the new coin. Many B&M shops won't take CC's in any event... I'd just swing with the punches.

If you like the coin, is $150 too much to pay for the convenience of using your CC? You can set up your own installment plan

coinguy1

<<Tonight, I noticed another coin on their site that I seriously wanted. I emailed them asking if I could pay in installments.

I quickly got a response suggesting I use my credit card and they will add 3%.>>

My first thought was that the extra 3% was for the installment arrangement and not just for a regular credit card payment. Your subsequent wording leads me to believe otherwise.

Dealers who offer return privileges and/or who are dealing with clients they are not real familiar with often don't want to mess with/risk tying up a coin for a long period of time and then having the transaction fall through. One option might be for you to provide references that would enable the dealer to feel comfortable shipping the coin to you on approval for inspection. If you like it, you could send a deposit and the coin back for him to hold until you pay it off. That way, he at least knows you have seen and approved of the coin, so the risk of the transaction not being consummated is reduced. He might not go for it, but you could try.

Dog97

Stores eat the 3% charge on credit cards but on an installment plan then means they get charged another 3% every time you make a payment. Depending on how many payments you make it could end up costing them money to deal with you. If you don’t like their financing offer of 3% your other option is getting a loan from your bank on their installment plan, which would probably be a little less than the 28% your credit card company charges you.

Barry

Dog - Do your math again. Charging 3% on each installment is the same as charging 3% of the total.

MikeInFL

<< <i>Dog - Do your math again. Charging 3% on each installment is the same as charging 3% of the total. >>



In dog-years it does...

MrEureka

It sounds like you got a reply from a clerk. No business owner would outright refuse installments on a rare coin, unless you made more specific requests. For example, if you asked to make three equal payments in 5, 10 and 15 years, I could understand the refusal.

larrynj

your previous purchase doesn't matter. the guy wants 3% more for a layaway under $5,000. either pay it or pass on the coin.

tradedollarnut

<< <i>It sounds like you got a reply from a clerk. No business owner would outright refuse installments on a rare coin. >>



I would in certain instances - a very liquid coin might not want to be tied up on an installment plan.

Dog97

<<<Dog - Do your math again. Charging 3% on each installment is the same as charging 3% of the total. >>>

I concur.

MrEureka

a very liquid coin might not want to be tied up on an installment plan.

True. However, at retail levels, few coins are "liquid". Especially at the moment.


Edited to say that the point is that a follow-up phone call to the dealer may be productive.

SamByrd

3 % is not unreasonable for cc purchase, I think though that mayby there is some miscomunication why dont you call them and mention your email perhaps it was a cleark that responded talk to the owner if possible.

ABC123

Things Change !

Pentimento

<< <i><<<Dog - Do your math again. Charging 3% on each installment is the same as charging 3% of the total. >>>

I concur. >>



I was with you on your logic-- I know that the liquor store on my block gets mad when I buy chips on my CC and then pull out the card a second time after I realize that I want salsa too. Costs him .30 minimum on each transaction. Your point was correct for those of us who have been known to finance Tostitos.

prenum

purchased a coin from this dealer only a few days ago. I had to pay by credit card since I was low on cash. No issues. I got the coin in record time. The coin cost me > 1,000.00

Tonight, I noticed another coin on their site that I seriously wanted. I emailed them asking if I could pay in installments.

I quickly got a response suggesting I use my credit card and they will add 3%.

I politely declined (without saying I had just charged a coin from them and wasn't charged an extra 3%), and asked again if I could pay in intallments.

They responsed and told me they couldn't do that for a coin priced under $5,000.00

Any thoughts on this?

edited to add: my first purchase from this dealer was the one I mentioned above, just a few days ago.

thoughts-

(1) No issues. I got the coin in record time. Sounds like excellent service.

(2) Many businesses do not offer layaways. Those that do often have a minimum transaction value and often time there are substantial penalties for cancellation.

(3) All businesses are charged by the credit card companies. Charges can range from 2.5% up to 4.5% depending upon the card. There are plenty of occasions where the product markup cannot support the credit card fees.

(4) you politely declined . Sounds like everyone acted properly and agreed that a deal could not be reached.

Sounds like business as usual. Business don't have an obligation to sell anything to anyone. Any dealer that doesn't make a profit won't be around for long!!

stman

<< <i>I quickly got a response suggesting I use my credit card and they will add 3%. >>



If they have payment options stating they take credit cards, they shouldn't be charging an extra fee for it. I would think it's built in already.
Of course some dealers build in the fee and want a check which makes it all the better for them. I know, I know, the "poor" dealers can't hardly make a profit.

notwilight

What's the coin? Maybe one of us should buy it and hold it for you. I'm sure we could beat credit card usury!!!
Jerry

mozin

If you cannot afford to charge the full price of the coin on your credit card, you probably cannot afford to buy the coin at this time. Forget this coin, and move on with your life.

dorkkarl

i suspect that at that high value range, it might be a consignment coin on which he gets 5% commission. deduct the 3.5% for credit card, fees, & he's hardly left w/ anything!

K S

MikeKing

I appreciate all the sound interpretations, advice and even offers, very much so.

regarding:



<< <i>Sounds like business as usual. Business don't have an obligation to sell anything to anyone. Any dealer that doesn't make a profit won't be around for long!! >>



What I posted, however, in no way implicates a decrease in profit to the dealer.

mnmcoin

I did not think it was kosher to pass the cc charge to the buyer.

morris <><

Dog97

<<<I did not think it was kosher to pass the cc charge to the buyer.

morris <>< >>>

Unless the dealer had cloven hooves & chewed cud.
(sorry, couldn't resist)