Upcoming DUI Financing...pretty disappointed

[HowardE]

Keep in mind the interest is probably deferred. The interest is accumulating based on the average balance during the promotional period.

The interest is deferred. These plans (usually offered through companies like American General or GE) have interest based upon original purchase price from the date of purchase if not paid off in full before the anniversary date. Most times when you participate in one of these, it is spelled out on your monthly statement what the "deferred interest" is.

DUI is willing to take this interest float for you to get you in their products

Remember - DUI isn't financing these products themselves. They are "hiring" American General to do it. You won't get a statement from DUI, but rather American General.

12 Months Same As Cash, Payment Deferred. Subject to credit approval. Finance charges accrue from the date of sale unless the Same As Cash plan balance is paid in full prior to the Same As Cash expiration date. Regular credit terms apply after Same As Cash period. Terms subject to change without notice. See agreement for complete information. Annual Percentage Rate: 21.00%. Minimum finance charge:

Same as Cash promotions are great - IF you pay them off in the period specified. If you go beyond the anniversary date, you will get HOSED! My last home theater purchase, I did 12 months same as cash. I paid it off in 11 months just to play it safe. 1 day past the anniversary date can cause them to bill you for a crap load of interest. So purchase wisely!

Allowing people access to the program is a great marketing concept from DUI. I would venture a guess that other equipment manufacters will be following suit (no pun intended)

 

[mike_s]

Keep in mind the interest is probably deferred. The interest is accumulating based on the average balance during the promotional period. When your 12 months is up, you'll be hit with interest from day one if you do not pay the entire balance by the 12 month deadline. Don't pay off a portion thinking your remaining balance will only be used to calculate finances charges.

Still a sweet deal, but pay it off before you get hit with the finance charges.

This is prob the case.... If you read the fine print, you are correct. Anytime you take a deal like this read the fine print and buyer beware.

Consumer Finance Plan at DUI - Diving Unlimited International - drysuit manufacture

This is typical for all kinds of industry to do this. The higher interest rate is normal. Some people pay it off and some don't. They are gambling that you won't.

The interest is deferred. These plans (usually offered through companies like American General or GE) have interest based upon original purchase price from the date of purchase if not paid off in full before the anniversary date. Most times when you participate in one of these, it is spelled out on your monthly statement what the "deferred interest" is.



Remember - DUI isn't financing these products themselves. They are "hiring" American General to do it. You won't get a statement from DUI, but rather American General.

I agree. I doubt this is DUI. They prob get nothing from the finance charges (or little). They profit from selling more suits and a 3rd party does the financing.

just like a furniture store, or any other business that offers this.

Allowing people access to the program is a great marketing concept from DUI. I would venture a guess that other equipment manufacters will be following suit (no pun intended)

Yep... I've seen scuba shops offer similar deals on their gear and use a 3rd party to finance.


As for the orignal poster being dissappointed. It's 12 months same as cash. You don't have to apply or purchase this way. It's just another way they are offering to help get you into their product.

 

[jepuskar]

Ohh and scuba is as cheap or as expensive as you want it to be.

 

[Friggincold]

It's sad that DUI has made something that was once very affordable for a new diver almost out of sight for any diver. IF you look at all the advertising and marketing effort put out, DUI must own the drysuit market world wide. Why keep spending a significant amount on print advertising and help keep costs low so their product is more affordable for everyone To bad ANDY retired he made a great suit

 

[medic001918]

My wife and I both dive Bare drysuits that we bought for a third of the cost of a DUI suit and we're both happy. We haven't had any durability or fit issues, or issues with quality. And Bare offers a lifetime warranty on the suits. We were able to get both suits for the cost of one DUI. Since we were buying two suits, cost was a major consideration for us with a more expensive item like that. I've never dove a DUI so I can't make a straight comparison. But I can say that we're both happy with what we have. There are other less expensive alternatives to DUI.

Shane

 

[ClayJar]

So, if you want DUI and you're responsible, this is a great deal.

If you want DUI and are not responsible, you'll pay, but you're not responsible, so you're probably used to being taken to the cleaners.

If you want DUI and you're shrewd, you can have it just under 12 months with no interest and then pay it off with some other promotional (possibly interest-free) loan, with your money making itself worthwhile in the meantime.

If you don't really care about the DUI-specific features, you can go buy something else, possibly cheap enough that the lack of a financing deal isn't so significant.

(Or, if you're me, you can just luck into a shop clearance sale where they have a drysuit in what is so perfectly your size that it may as well be custom, and you can get it for a song. Sadly, even I don't seem to be me anymore, but the drysuit's holding up well, so hey. :biggrin

 

[PinkPADIgal]

Many LDS offer 12 months same as cash on all Scuba equipment, not just drysuits. We use American General Finance to manage our program.

It works very well. Customer picks out what dive gear they want, and they spend 3 minutes to fill out the application. It takes about 10 minutes to get an approval. Customer signs for their purchase (like a credit card) and walk out and dive with new gear. We receive payment from AGF.

The customer gets a bill from AGF. It is customer's responsibility to pay AGF, not us. I am sure DUI promotion works exactly the same way.

We have sold a lot of equipment lately using AGF. A lot of people are waiting for tax refunds. This way they dive the gear now, and pay it off when they get their taxes back. With no interest, it is cheaper than paying to rent equipment 2-3 times and then buying with cash later.

 

[Gombessa]

In an ironic way, these financing arrangements are generally most beneficial to those who don't really *need* them at all. I go for it all the time whenever it's offered - lasik, big electronics purchases, etc. So long as there are no origination, processing, or early payment fees, instead of paying up front, you just make interest-free minimums until month 11, and then bam, you pay it off in full and your purchase was just subsidized by 11 months of "free" interest that you made by investing the amount you didn't have to pay outright.

As for when you finance because you can't afford the purchase price, you get fleeced, but good. And sadly, that's exactly what the financing plan intended all along.

 

[ianr33]

I have bought a few things on these type of finance plans. I ALWAYS set up the payment plan through the online Bill Pay service with my bank so there is NO WAY I could ever miss/forget a payment.

I guess a new drysuit depreciates pretty quickly after you use it the first time. That will mean you are underwater on the loan

 

[Web Monkey]

Has anyone else noticed the fine print on the DUI web page about their upcoming financing? If my eyes don't deceive me, it states a 21 percent interest rate.

Wow! I was hoping to jump start my drysuit diving by financing it instead of waiting and saving up to buy one. But I'm not sure that I want to pay that much interest.

Here's a better plan.

1. Save up $800.
2. Buy a Northern Diver suit.
3. All done.

I've had one for two years now, with several hundred hours of usage, and it still looks new, doesn't leak and and is very comfortable.

Terry