I am 100% against Marine Depot's new financing options

[120reefkeeper]

 

[FirstContact]

Hi Elder1945!

I enjoy the conversation too! And I appreciate a forum like Reef2Reef where the discussion is both fun and challenging and doesn't degrade to name calling!

Have a great night!

 

[bizacon]

I would challenge @MarineDepot to bring in another credit lender for larger purchases that offer the 0% for x amount of months also. Just like @WhiskeyCoffee stated in his opening argument that he bought a washer with that type of promotion. This would drive traffic, help people ( if they choose to use this option) to make larger purchases and not come off as negative.
Thoughts?

 

[Reef Pets]

Outstanding advertising for Marine Depot and Affirm.

 

[Lowell Lemon]

@Elder1945
"If we as a "community" bail out people who make bad decisions where are the incentives not to make them again...... This is just a perpetual cycle that at some point needs to be broken. What i see now is if you make a bunch of bad decisions its ok we as a "community" will just bail you out.. If you make some good decisions and work hard you are now the "evil" person who drives nice cars and owns things..

I think education plays a huge factor as you have said above but i place personal responsibility extremely high on the list. I think in all high interest high pressure loans are wrong but no one is forced to take them it is a decision they make." Elder45

In a short response we have only paid off individuals who pawned their cars (title loan) to pay for their utilities or rent. They would never be able to continue to pay rent or utilities and cover the high (usury) interest rates and not lose the car, apartment, job, and power to the apartment. We do not help those who over extend themselves with the latest items they cannot afford.

The high interest rate only propels many to the bottom faster so in "some" cases we kill that problem first to help people get back on top. Again this is not a common use of the service funds but out of the ordinary. Usually we restrict ourselves to one time help after the individuals are screened by the local Community Action Agency. We partner with Community Action Agency if you will when their funds are allocated already. Community Action Agency refers individuals to local volunteers who counsel people about good money practices and partners with them to great effect. This is also linked to a local chapter of Family Promise that helps homeless familys get back into work with new life skills and a apartment or rental home. Our little organization helps support most of these efforts and we are honored to partner with these larger organizations to better effect.

So yes in many cases couseling is part of the package but not in all.

 

[IronVulture]

I would challenge @MarineDepot to bring in another credit lender for larger purchases that offer the 0% for x amount of months also. Just like @WhiskeyCoffee stated in his opening argument that he bought a washer with that type of promotion. This would drive traffic, help people ( if they choose to use this option) to make larger purchases and not come off as negative.
Thoughts?

PayPal credit has been and is available to just about anyone with decent credit with 0% financing for 6 months. Those with less than stellar credit must pay higher interest rates and be responsible for themselves to earn a higher credit score so they can take advantage of better interest rates. I don't fault Marine Depot for offering the extra option for those that don't have god credit, I personally won't use them though because I worked hard and payed my dues(high interest rates) to earn my credit worthiness.

The bottom line is the retailers and the creditors are not responsible for their patrons life decisions and how individuals spend or repay loans.

 

[Shep]

So you don't think it's reasonable to be skeptical when staff and partner members defend the company(ies) in question?

Haha just so you know we are not paid, we don't get free products or special discounts, we have no incentive to defend a company or censor criticism of it. The staff members are all long time reefers who have their own personal opinions and preferences that are built from years of dealing with many different vendors/sponsors, we don't mindlessly shill for a company just because they are a sponsor on here. We do not delete, change or block criticism of sponsors and as long as a thread follows the rules and stays within the terms of service, then the thread remains open.

 

[Scarybo]

I dont understand the controversy. Marine Depot offers an option that some consumers want. They wouldnt offer this financing option if consumers refused to use it. Is the rate of interest high. Oh Yes! Can it quickly get a consumer into trouble. Yes. This option however isnt forced on any purchaser. They choose to pay the high interest. It's not a companies job to protect people from making poor financial decisions. Just starting a reef is a major financial decision. This is a very expensive hobby. We keep large glass boxes of water in our homes. Rupture of these boxes can cause major financial concerns. How many of us put money aside to cover this potential catastrophe? We all make choices. That's freedom. It's great but it requires responsibility.

 

[MarineDepot]

Many thanks to the all the R2R members who contributed to this lively discussion!

We did our best to compile all of the concerns that were raised in this thread (and elsewhere), turned them into questions, and then sent them over to Affirm to answer for you guys and gals.

You can read our just published Q&A with Affirm here.

 

[ReeferBean]

@mdbannister - find me a staff member that agreed with me. (Hint: There isn't one!) Also find me a partner member that agreed with me (Spoiler: There isn't one!) My thoughts are all within reason.

I only got to page 5, but at that point I think one maybe two people in total agree with you. I am also not one of them. It is simply another option to pay for a product. If you don't like the terms, no one is holding a gun to your head to make the purchase. Interesting discussion though.

 

[brandon429]

MD

respectable reply nicely done

this was the only weird part
Q: What happens if the borrower does not pay on time?
A: Affirm never charges any late fees or penalty fees. Consumers only pay what they see, never a penny more.

that one was left open ended but they did later mention credit reporting.

I can tell you this financing company beats the old one I used to work at though we were loaning up to ten grand and I still can't say anything bad about the industry because as soon as there isn't a demand for credit at that financing level, the industry will shrivel up. we had lots of other fees assessed, they literally state none which was surprising, doesn't sound sharkish to me. no apologies for meeting a legal banking demand anyway, nobody is forced through the doors or through the click. if 30% is the best you can get, you need to double handshake the man or lady that lends it to you at all w always be my standing. to play the game of credit at all is to willingly play the cyclic up and down that is life and is a combo of choice and circumstance I see it all very neutral and heavy on the choice part actually.

 

[leptang]

I'm for marinedepot offers pay later option, if I was in a pinch with cash and didn't have a credit card then somehow water damaged a controller or light, a expensive chiller stopped working and needed to save my corals and fish from death. I would certainly use pay later option. Its not like some drone you buy and crashed and is junk with payments, it's living creatures that may need to rely on equipment that you might not have the money for at that time in life.

 

[JSpen]

Just to update everyone they are offering 0% APR now for your entire loan period.

 

[Erica-Renee]

I HAVE to admit i skipped thou this thread. did not read every post..

I use several of my credit accounts 6 month 12 month and 24 month same as cash.. I do not use this just to put off paying for purchases. but more like to keep the balance in my checking account higher in case i need the Cash for something..

Its all about knowing your finances and being responsible. We can judge young people , but in reality we done the same thing at there age.. I am loving having no debt thou.

 

[SaltyMarine07]

Im sure Ill catch hell for reviving an old thread but figured I would throw my two cents in as someone looking to get into the hobby. I see people saying well thier is no fraud protection and just wait and get someones tear down.... Where the hell is the fraud protection in that. Why did they tear it down. Why spend all that money just to be done with it. I know people have hard times in this hobby and just get frustrated and done. However if that equipment was missused or abused then you have just bought somones broken project. Guess what that takes money to fix. Another point is I agree the apr is a little high however considering you are buying all new gear from a reputable store with warranties from the factory on the items you are buying I do not see the big oh no scam scare people are refering too. The other issue with saltwater hobby is its market driven and guess what you all keep paying the 400-xxxx amount of dollars for just a dang light. Then wonder why people choose to go this route. I did a check to see what this kinda deal would get me on a bunch of gear and a nuvo 40. for 1200 I would pay roughly $122 in intrest over 6 months. Maybe Im nieve or I just love capatilsm in work but that seems to be a small price to pay to be able to stretch my money out to allow me to get started in the hobby. I understand people will say well i can get this on ebay and this here and this of craiglist or facebook market place. Yes you can. You can also build a tank over year or years of building. However I am a human and time is limited and frankly If I do not have to wait for forever to get a decent setup and then piece from the foundation I got started then im all for it. Sory I have sleep issues and felt maybe a voice from the other side would spark some new conversations about this instead of a Marine Depot flame thread as they are just giving the customer another way to get into the hobby without having to throw down a whole tax return then turn around and say where did that just go.

 

[Erica-Renee]

Im sure Ill catch hell for reviving an old thread but figured I would throw my two cents in as someone looking to get into the hobby. I see people saying well thier is no fraud protection and just wait and get someones tear down.... Where the hell is the fraud protection in that. Why did they tear it down. Why spend all that money just to be done with it. I know people have hard times in this hobby and just get frustrated and done. However if that equipment was missused or abused then you have just bought somones broken project. Guess what that takes money to fix. Another point is I agree the apr is a little high however considering you are buying all new gear from a reputable store with warranties from the factory on the items you are buying I do not see the big oh no scam scare people are refering too. The other issue with saltwater hobby is its market driven and guess what you all keep paying the 400-xxxx amount of dollars for just a dang light. Then wonder why people choose to go this route. I did a check to see what this kinda deal would get me on a bunch of gear and a nuvo 40. for 1200 I would pay roughly $122 in intrest over 6 months. Maybe Im nieve or I just love capatilsm in work but that seems to be a small price to pay to be able to stretch my money out to allow me to get started in the hobby. I understand people will say well i can get this on ebay and this here and this of craiglist or facebook market place. Yes you can. You can also build a tank over year or years of building. However I am a human and time is limited and frankly If I do not have to wait for forever to get a decent setup and then piece from the foundation I got started then im all for it. Sory I have sleep issues and felt maybe a voice from the other side would spark some new conversations about this instead of a Marine Depot flame thread as they are just giving the customer another way to get into the hobby without having to throw down a whole tax return then turn around and say where did that just go.

IF you are referring to the AFFIRM Finance option . I have first hand experience using them.Back last spring when i was in the middle of a Huge project at work. I had my finances to there limit , We had Turned on our ac for the first time and it was dead. After some diagnostic work, I determined it was the Compressor. I went online to my HVAC Distributor and was gonna sent up a revolving account to get a new AC For my home (this was not for a customer )
The lady at the Distributor told me they have a short term loan company now that i can do easily and online or call them. I called Affirm and She Walked me thru making the purchase. it as like 4,600 dollars. The payment was like 320.00 for blaa blaa months. They have no fees no late charges . you can pay as much as you want or pay it off at any time.. the rate was like 19% apr . YES SUPER HIGH.. But it helped me for 3 months without getting into my savings During a time when money was tight. I paid it off in 60 days as soon as the project i had just started starting bring in cash.

They did everything they said they would do and charged me nothing they should not have.No forced Auto pay (which is something i can NOT Stand)

As far as financing something for this hobby its no more then financing new Furniture or a brand new car when something . I have used them one time since and the rate was 5% ..

Hope this Re AFFIRMS they seem to be a legit short term finance company. Much better then MOST store Cards by a LONG SHOT..

 

[NS Mike D]

Never finance a depreciating asset.

 

[ReeferBean]

Never finance a depreciating asset.

Do you have the same opinion of a car loan?

 

[SaltyMarine07]

While I agree I would also say that if depends on how much. With a new care you are talking over 10k at least and the drop in value is tremendous. If you are talking about a loan in the ammount of 2k or less then I think it is up to you. Yes you will never sell your setup for 2k but if you get into the hobby just thinking about what you are going to make outta your setup then its probably a good idea to wait or to just find another hobby. Any hobby with a living organism can have its ups and downs. Just do the research and make sure that its what you really want to do and if so be smart and do not overextend yourself just because it says you can pay monthly. I guess what I mean by that is if you got money for a nuvo fusion 20. Do not go buying a red sea s-series 650 lol. However you come down its ok your opinion is valid that their are other ways to do this hobby pic the one that best suites you and if you have friends in the hobby maybe they can help.

 

[NS Mike D]

Do you have the same opinion of a car loan?

mostly, although I recognize for most people, the necessity of having a car outweighs the financial math. The smart move s to buy or lease a 2 yr old car since the bulk of depreciation in a car occurs in the first 2 years.