Payment Plans For Cards?

[Seven]

I've seen this idea floated out a few times, and I was curious to hear opinions on this. I would gather the buyer would need to provide references of course. Seems like a good idea in theory as long as both parties came to some sort of an agreement. I'm not sure of who offers it outside of a few deals I've seen but I'd certainly be open to it. Makes acquiring some of the higher end vintage cards, a lot easier if I was able to do it in installments rather than all at once.

[bnorth]

Originally Posted by Seven

I've seen this idea floated out a few times, and I was curious to hear opinions on this. I would gather the buyer would need to provide references of course. Seems like a good idea in theory as long as both parties came to some sort of an agreement. I'm not sure of who offers it outside of a few deals I've seen but I'd certainly be open to it. Makes acquiring some of the higher end vintage cards, a lot easier if I was able to do it in installments rather than all at once.

I have done it both as a buyer and seller. Another thing I am doing as we speak for another member. Is holding cards for 2 weeks till he has the extra cash to pay for them.

Main thing is communication with an exact plan on how things will be done.

[Seven]

Originally Posted by bnorth

I have done it both as a buyer and seller. Another thing I am doing as we speak for another member. Is holding cards for 2 weeks till he has the extra cash to pay for them.

Main thing is communication with an exact plan on how things will be done.

Communication is key I would think. I would love to work something out for Goudey Ruth or Gehrig, or one of the Mantles that I need. Would make things a heck of a lot easier.

[x2drich2000]

Originally Posted by bnorth

I have done it both as a buyer and seller. Another thing I am doing as we speak for another member. Is holding cards for 2 weeks till he has the extra cash to pay for them.

Main thing is communication with an exact plan on how things will be done.

Well stated. Communicate communicate, communicate, have an exit plan if things don't go as planed (what happens if a payment is missed?), and if you do let someone use a payment plan, never ship a card until it is paid in full.

[jayshum]

I have done this several times in the past with dealers that I have bought a lot from. They were willing to do it because they had known me for a long time. I doubt many sellers would do something like this for a buyer they didn't know well unless there was something in writing covering the terms of payment, etc.

[Casey2296]

Originally Posted by Seven

Communication is key I would think. I would love to work something out for Goudey Ruth or Gehrig, or one of the Mantles that I need. Would make things a heck of a lot easier.

You could always put it on a credit card. That's a payment plan of sorts. Or are you strictly talking about a lay-away plan with a seller?

One way would be to set up an agreement as a 3rd party agent.
For example: I buy the Ruth card you want, keep it safe while you make monthly payments for a predetermined term and add a small vig for the use of my money.

[Seven]

Originally Posted by Casey2296

You could always put it on a credit card. That's a payment plan of sorts. Or are you strictly talking about a lay-away plan with a seller?

One way would be to set up an agreement as a 3rd party agent.
For example: I buy the Ruth card you want, keep it safe while you make monthly payments for a predetermined term and add a small vig for the use of my money.

More along the lines of a layaway plan with a seller. The only minor issue with the credit card would be the fees you incur with Paypal. I'd assume big time purchases would be through G&S, not sure if a 4K purchase, just throwing out a number here, would get flagged. Additionally If you're going through something like Ebay, then we all know that we have to give Uncle Sam his cut of anything you're buying

[sycks22]

I've taken payment plans on a bunch of cards and had no issues

[whitehse]

I worked out a lay-a-way plan for a large deal of cards with a respected member here on the boards which lasted six months. We had an agreement which included exactly when payments would be made, how long the lay-a-way would last and a financial penalty for failure to purchase the lot for any reason. I wanted to make sure that the seller was comfortable with the deal by allowing him to keep all the cards until the final payment was made. As I mentioned, this is a well respected member of the board so I had no worries about making sure I get the cards after the lay-a-way was paid off.

It worked out well for me and I hope the deal worked out well for him as well.

Been on both sides. Greg Morris and others have done it with me and I've extended the courtesy to others. IMO one of the most brotherly and truly fun parts of a hobby. When someone works with you on a dream card, that you just need a little time on, its really a great feeling

[Brian Van Horn]

Doing a payment plan once or twice is fine. If it becomes habitual, well......

[Tyruscobb]

We are talking about baseball cards; not houses or cars. If you can’t afford to pay cash, and don’t have it in-hand, you probably shouldn’t purchase the card.

Don’t forget 2008. People bought more house than they could afford, because they thought the prices would keep going up. What possibly could go wrong?

[Seven]

Originally Posted by whitehse

I worked out a lay-a-way plan for a large deal of cards with a respected member here on the boards which lasted six months. We had an agreement which included exactly when payments would be made, how long the lay-a-way would last and a financial penalty for failure to purchase the lot for any reason. I wanted to make sure that the seller was comfortable with the deal by allowing him to keep all the cards until the final payment was made. As I mentioned, this is a well respected member of the board so I had no worries about making sure I get the cards after the lay-a-way was paid off.

It worked out well for me and I hope the deal worked out well for him as well.

I'm glad you had a positive experience with it. I think if anything is lasting that long a specific payment schedule would have to be agreed to. Comfort is also key here. As long as the seller was receptive to it.

Originally Posted by Gobucsmagic74

Been on both sides. Greg Morris and others have done it with me and I've extended the courtesy to others. IMO one of the most brotherly and truly fun parts of a hobby. When someone works with you on a dream card, that you just need a little time on, its really a great feeling

I'm looking forward to hoping to be able to do that one day. With the right seller of course. I'd imagine it's a great feeling, that someone was willing to work with you through it.

Originally Posted by Brian Van Horn

Doing a payment plan once or twice is fine. If it becomes habitual, well......

I was more hinting at this being something that's done once or twice for higher end purchases. Something that exceeds a certain price point. Not something that I would want to make a habit of.

Originally Posted by Tyruscobb

We are talking about baseball cards; not houses or cars. If you can’t afford to pay cash, and don’t have it in-hand, you probably shouldn’t purchase the card.

Don’t forget 2008. People bought more house than they could afford, because they thought the prices would keep going up. What possibly could go wrong?

It's not so much as not having the cash, more along the lines of not having all the cash at once, or with the way the vintage market has been booming, not having the right amount of cash at one time. If your saving up for a card that was worth 3K in June, that's now worth 6k in October, it becomes a bit of a hassle. But I do see where your coming from, concerning that last point.

[Luke]

I do payment plans for some buyers, and it's almost always a win-win. Just need to have a clearly defined set of rules and expectations. For this to work the seller probably needs to be one that carries inventory rather than a pure flipper, as I imagine they need to turn their stuff over faster.

[Leon]

I remember around 20 yrs ago Terry Knouse Sr. extended me net 90 and gave me around 16k of cards to take home. He barely knew me but knew a lot of the same hobby friends. I paid him back in around 30 days, if I recall correctly. I think I had the money just didn't want to pull it from where it was.

Someone once said, don't buy what you can't pay for. And for the most part, excepting of houses and cars (for most folks).
I am not sure buying on account is the right thing UNLESS you think the deal is a no brainer .. I Always throw that caveat in there.

I do remember one time I pad a tiny bit of interest on my credit card (only time in around 25 yrs, I think) because I wanted that money to buy a card.

Every thread needs a card. A bit past our time frame....1946 Morley's