[colchar]

Has anyone seen any ads for Long & McQuade's Gibson Month for this year? I am assuming that they are running the promotion again this year but haven't seen any ads for it yet.

 

[Robert1950]

Usually comes on the Web site Mar 31 or Apr 1

 

[SG-Rocker]

I'm heading into Edmonton today, I'm feeling kinda saucy and if L&M can offer me the deals / financing today.... who knows

 

[Robert1950]

Gibson month, in the last couple of years has offered financing over 3 years, but at regular interest. The idea is that you can afford the monthly payments for a Gibson. There also a few specials plus gift cards, etc.

 

[colchar]

I was in L&M a little while ago to check on an SG that was available out in the Maritimes (unfortunately for me, it had sold) and, while there, I was given a copy of the Gibson Month flyer. Individual stores will be selling off last year's models at lower prices but the stock depends on the store. As for the flyer itself, there isn't anything great in it. The entire thing seems to be promoting the ability to finance Gibsons, all of which seem to be at their regular prices or reduced only a little bit.

 

[Robert1950]

That is about it. Same as in previous years.

 

[Woof]

Flyers

 

[traynor_garnet]

What is the interest rate?

TG

 

[bigboki]

What is the interest rate?

TG

I think it is quite high
for example:
Gibson LP Standard $59 bi weekly for 36 months totals: 36/12*52/2 = 78 payments x 59 = 4602
selling price $3099

I don't know if financing includes tax or not but in any case, quite a bit more then selling price.

 

[Steadfastly]

I think it is quite high
for example:
Gibson LP Standard $59 bi weekly for 36 months totals: 36/12*52/2 = 78 payments x 59 = 4602
selling price $3099

I don't know if financing includes tax or not but in any case, quite a bit more then selling price.

That is a lot more; close to 50% more.

 

[traynor_garnet]

So, it's a complete joke and a rip off.

Typical Gibson

 

[colchar]

They actually do 72 payments and the interest rate is lower than many credit card rates. That being said, you are still paying a lot more than you would buying it outright.

 

[keto]

What is the interest rate?

TG

I ran it thru T-Value, $3099, $59 bi weekly, 78 payments, = 28.1%. If it's 72 payments, it's 23.85%

 

[traynor_garnet]

Yikes! So no reason to "buy now" rather than just use a much cheaper Line of Credit at any time of the year if you happen to find the exact guitar you want.

I ran it thru T-Value, $3099, $59 bi weekly, 78 payments, = 28.1%. If it's 72 payments, it's 23.85%

 

[BSTheTech]

HARD pass.

The way I see it they're letting you pay a 50% markup on an instrument that is already 50% overpriced.

 

[colchar]

I ran it thru T-Value, $3099, $59 bi weekly, 78 payments, = 28.1%. If it's 72 payments, it's 23.85%

Remember also that that is with no down payment. If you pay a chunk of it up front you are paying less in interest as you are only financing the balance.

 

[Steadfastly]

HARD pass.

The way I see it they're letting you pay a 50% markup on an instrument that is already 50% overpriced.

You're a funny guy! Yes, they get you coming and going.

So, it's a complete joke and a rip off.

Typical Gibson

You got it.

This is the blurb from the L & M website on financing. When they don't tell you the percentage, you should automatically assume it's not cheap.

FINANCING
For our customers who would like to spread out the payments on their purchase, our financing plan is meant to be simple and customer friendly.

Because we do all of our own financing, we are not subject to the rules and regulations of a finance company. There are no age or income restrictions and no administration charges. Interest is added each month but only on the balance outstanding at that time. Our financing plans are very flexible and can be paid off early without penalty.

When you make your purchase, you will fill out a simple personal information sheet and agree to make monthly payments until your account is paid in full. Although we have many different options available, most of our purchase agreements require a down payment, the amount of which is mainly your choice, and twelve equal monthly payments to cover the balance. The whole transaction takes about fifteen minutes.

If you do not have a previous credit history, that is not a problem. Come on in and we will show you what we can do.

Simply, painful.

 

[vadsy]

You're a funny guy! Yes, they get you coming and going.

You got it.

Let's get you that BMW 7 series instead, way better deal.

 

[jdto]

So, it's a complete joke and a rip off.

Typical Gibson

Riiight. Gibson is in charge of Long & McQuade's financing policies...

 

[Robert1950]

This is how they have always done Gibson Month. Spread it out over three years instead of one year. Nothing new. Lot of people having anal spasms over it though. Guess it must be their first time.