Is PS Audio considering offering financing? Many of us, I believe, have the champaign taste with a beer budget dilemma. And would prefer to not put significant purchases such as our beloved HiFi gear on a credit card.
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I’d love to, as we all would. Problem with financing is that every service we’ve looked at charges usury rates to people who are late or fail to make a payment and we don’t want to be part of that.
If anyone has info I am not saying that’d be great and we’d be all ears.
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For as long as I can remember, any free financing for a certain number of months deals have been at a huge interest rate if you don’t pay it off on time. My latest, for new tires, was at 29.99%. At least the tire dealer pointed that out before I signed up (which was only to get an additional rebate).
For those of us who would be interested (me included), I would be fine with that so long as we have to speak to someone first to get the financing so that they can explain the terms and warn of the penalty of not making a minimum payment or not paying off the full amount on time.
For those of us that have used these deals in the past, and are aware of the terms, it would allow us to afford more expensive purchases more quickly. Now that online dealers will no longer have PS Audio gear, we don’t have an alternative but to wait and save our dollars.
It would be interesting to survey your old online dealers and see if they have any information on what percentage of customers have failed to pay off these financing agreements on time.
If you still don’t want to offer this kind of financing, then please consider doing a Black Friday sale like you did a couple of years ago to help customers get an extra price break.
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I know that I bought a bed a couple of years back with 48 Month no interest financing from Synchrony financial. The payment for the amount I paid is less than $50 a month and very reasonable. The total amount may have been a little less than what I would pay for some equipment from PSA, but, 2-3 times that amount should put me in range to get some of what PSA offers. And putting some down to help would get me, and others I think, into range to upgrade our systems with PS Audio gear. Over the years I was able to build my system from a simple less expensive system by replacing a component when the funds were available and finding significant, ±50%, discounts from the brick and mortar stores I shopped at. I am referring the HiFi boutiques, not chain stores. I got to know the owners by visiting and having conversations, which you are providing online and I love it. When a component came available that I wanted in my price range they would offer it to me. I have a little more purchasing power now, but I also have a significant other that has influence…
So, short story long I would love to explore what PSA has to offer, but, without the purchasing power it will be difficult.
PS Paul, that last sentence in your response is unclear.
I financed my Stellar Stack through my Amazon/Synchrony account. I got the interest free terms and will have the Stack paid of very soon with no interest. The caveat with Synchrony and others like them are the high interest rates and late fee penalties when you don’t pay up in time.
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I wouldn’t own my Stellar Stack if it weren’t for interest-free financing through Synchrony by way of MusicDirect. Sure, I could have saved the money for years and bought outright, but that’s never happened to me. Monthly payments I can do. On the usury rates problem, I work a second job to fund my audiophile and music fun, so no chance of that. While I love my Stellar Stack, I would buy through MusicDirect again, on financing, and simply choose from the gear they have, even if not PS Audio.
One more thing on the usury rates, what’s to stop me from buying a bunch of gear direct from PS Audio using my regular credit card, then just not paying the credit card bill on time? Seems like not paying a bill is the customer’s choice/situation and not an ethical concern for PS Audio. Is PS Audio going to stop taking credit cards? I doubt it.
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The only reason I was able to afford my BHK300’s was because the dealer offered a generous discount off retail (though financially, it was still a stretch). Without that discount I would not have been able to purchase these magnificent amplifiers. IMHO, discount off retail is far more important than financing.
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@Paul I see that you offer PayPal. I know they have 6 months free and sometimes they run specials on eBay for 24 months no interest. Maybe they can extend the 24 months no interest to PSA.
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I picked up my BHKs in the used market too and with the transfer of warranty means I am in good shape!
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This has always been my view.
Audio, toy cars, vacations, etc. are unnecessary voluntary first-world purchases. It is up to the individual consumer to make intelligent decisions.
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You guys are too brave buying on credit. I leave that for stuff that I can’t get around like home purchase, school loans, car loans. Fun stuff is an all cash thing for me. If I don’t have the funds, I don’t buy. Anyway, to each his own
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Precisely my approach. Everything but the house was bought with cash.
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Very valid point, but, my thought is I would rather not have my funds tied up in a purchase online before I have had a chance to touch, feel and hear that purchase.
PS audio does have a pretty liberal trial period, so if you don’t like it, you can return it. They also have a decent trade in program if you have older gear you are not using. I can’t imagine PSA getting into funding, seems a bit out of their wheelhouse.
They do not need to fund, they are guaranteed the money from the finance company. They have the approach they want to take and if that does not work with what I want I will purchase another manufacturer’s equipment. Simple as that. I am just asking what PSA is planning to offer. Just as I do not want to fund their show room, which is what we are doing by purchasing the equipment before we can hear it.
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ok…
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I know Outlaw Audio (an internet only company) has financing because I used it a couple times in the past to buy some of their home theater equipment. I’m not sure but now I think it’s through Synchrony. I personally don’t want any more credit cards but it might be a good avenue for some if PSA had a card available.
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Bless her little artist heart, I could never get my ex-wife to “buy” my philosophy: Delayed gratification–good, borrowing—bad.
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I will only do it if same as cash and I can afford the amount.