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  1. #1
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    Trek Financing

    Applied today. I got, You will be contacted in 7 to 10 business days. Is this a bad thing?
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    Yes, because you will likely end up purchasing a Trek.
    Beyond that, not to worry. It just takes a few days to process your application for approval.

  3. #3
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    Quote Originally Posted by SteezusChrist View Post
    Yes, because you will likely end up purchasing a Trek.
    Beyond that, not to worry. It just takes a few days to process your application for approval.
    Lol. No, I'm getting 2013 stumpy FSR comp 29. Thanks for the reply.
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    then why did you apply for trek financing, just to have it show up on your credit report?
    If you arent bleeding, you arent riding hard enough.
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    yeah I don't get it. cash only for toys. It might take years to save for that bling new bike, but you'll sure appreciate it more.

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    Quote Originally Posted by big terry View Post
    then why did you apply for trek financing, just to have it show up on your credit report?
    That's what my LBS uses. You don't have to get a Trek.
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  7. #7
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    Financing a toy? Have we learned nothing from the collapse of the world wide economy?

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    I just got a entry specialized with that credit at my LBS. It comes with a no interest for 6 or 12 months depending on what you spend. I was approved immediatly. Just get it paid off fast and don't let it get to bend-over interest payments.

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    Read the fine print. There is always fine print. Scary stuff.

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    That usually pops up when something in their instant approval process doesn't match (you move recently or something like that) or if they are denying you. If everything is a match then you get an instant approval.

    I'm not saying you were rejected. There are definitely cases when the 7-10 day thing pops up and people get approved, in those cases the bank Trek uses wants more time. However, they also say that if they are going to deny you.

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    I use mine often...0% for 12months...just make payment every month.

  12. #12
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    I did the same thing at my lbs to purchase my Felt. Its just an underwriting bank who could care less what you buy. The reason I got it was for 12months free financing. Why shell out cash when I can borrow $$ interest-free for 12 months?

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    Quote Originally Posted by CCMTB View Post
    I did the same thing at my lbs to purchase my Felt. Its just an underwriting bank who could care less what you buy. The reason I got it was for 12months free financing. Why shell out cash when I can borrow $$ interest-free for 12 months?

    Sent from my mountain bike while crashing
    Exactly. No interest for one year.
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    Quote Originally Posted by INeedGears! View Post
    That usually pops up when something in their instant approval process doesn't match (you move recently or something like that) or if they are denying you. If everything is a match then you get an instant approval.

    I'm not saying you were rejected. There are definitely cases when the 7-10 day thing pops up and people get approved, in those cases the bank Trek uses wants more time. However, they also say that if they are going to deny you.
    I hope I don't get denied.
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  15. #15
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    May ask the APR?
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    Quote Originally Posted by S_Trek View Post
    May ask the APR?
    I haven't been approved, so I don't know yet. But, I don't plan on paying any interest. I'll pay it off before one year.
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    I have a Trek card that I specifically applied for so that I could buy a Cannondale Bad Boy at the LBS that offers the 6-month interest-free promotion. Heed my advice.

    **DO NOT get this card if there is a remote possibility you cannot pay off the debt before or by the promotion deadline.**

    I applied for the Trek card for the main purpose of free interest AND I knew I could pay it off on time. I had the money to buy my bike in cash, but as CCMTB said, why shell out cash all at once when you can borrow money interest-free?

    A year ago I had expensive dental work done. My dentist offered this credit card (GE Care Card or something like that) with a 12-month interest free promotion. I had the means to pay one lump sum, but I cringe at the thought of spending that much money at once. The no-interest thing appealed to me, so after some consideration I applied, got approved on the spot and paid using the card. I just paid off my last payment this month. Saved loads on interest.

    These interest-free promotions are good ONLY if you know you can pay it off ON TIME. Ask yourself if you can afford to buy the stuff now in cash. If you can't, be smart about whether you should apply for the Trek card or other cards like it.

    IF YOU PAY ONLY THE MINIMUM MONTHLY FEE OR IF YOU DO NOT PAY BALANCE OFF BY THE PROMOTION DEADLINE, BE PREPARED TO PAY RIDICULOUS INTEREST!

  18. #18
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    Never financed a bike, but I'll sometimes use those interest free store cards just to build up credit.

    I used one to buy a TV a while back. Had cash in my pocket, but did the 12 month interest free card so I could get the credit rating boost.


    I'm with the others though. If you don't have the money right now...I wouldn't do it. It's just a bike.

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    Quote Originally Posted by Le Pirate View Post
    Never financed a bike, but I'll sometimes use those interest free store cards just to build up credit.

    I used one to buy a TV a while back. Had cash in my pocket, but did the 12 month interest free card so I could get the credit rating boost.


    I'm with the others though. If you don't have the money right now...I wouldn't do it. It's just a bike.
    That's the main reason I'm getting this loan. I need to boost my credit score. I can pay this thing off easy within one year.
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    most likely you got denied. financing company would have informed you right away if they approved your card. sorry.

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    Quote Originally Posted by desert guy View Post
    That's the main reason I'm getting this loan. I need to boost my credit score. I can pay this thing off easy within one year.
    Cool


    Just don't go over board and walk out with an $8k trail monster you can't afford!





    ...cause that's the kind of silly thing I'd end up doing

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    Quote Originally Posted by bapski View Post
    most likely you got denied. financing company would have informed you right away if they approved your card. sorry.
    +1 . in our shop, have never had an approval that was not instant. The 7-10 days comes up with a deny letter.

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    Quote Originally Posted by djork View Post
    I have a Trek card that I specifically applied for so that I could buy a Cannondale Bad Boy at the LBS that offers the 6-month interest-free promotion. Heed my advice.

    **DO NOT get this card if there is a remote possibility you cannot pay off the debt before or by the promotion deadline.**

    I applied for the Trek card for the main purpose of free interest AND I knew I could pay it off on time. I had the money to buy my bike in cash, but as CCMTB said, why shell out cash all at once when you can borrow money interest-free?

    A year ago I had expensive dental work done. My dentist offered this credit card (GE Care Card or something like that) with a 12-month interest free promotion. I had the means to pay one lump sum, but I cringe at the thought of spending that much money at once. The no-interest thing appealed to me, so after some consideration I applied, got approved on the spot and paid using the card. I just paid off my last payment this month. Saved loads on interest.

    These interest-free promotions are good ONLY if you know you can pay it off ON TIME. Ask yourself if you can afford to buy the stuff now in cash. If you can't, be smart about whether you should apply for the Trek card or other cards like it.

    IF YOU PAY ONLY THE MINIMUM MONTHLY FEE OR IF YOU DO NOT PAY BALANCE OFF BY THE PROMOTION DEADLINE, BE PREPARED TO PAY RIDICULOUS INTEREST!
    If you pay it off 1 day late, you pay the full interest amount from day 1. I don't know why anyone would be surprised by this. Every statement shows the full interest amount, interest to date that has accrued, etc. It is a ridiculous interest rate, which is why most everyone get approved.

    I read something once that said approx 80% of these "no interest" financing offers are NOT paid off without interest. That blows my mind.

    If it's 12 months no interest, I divide the purchase price by 10 and pay it off in 10 months. If something does happen, missed pmt or something, there is time to fix it.

  24. #24
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    Just be aware with some of those __ months no interest deals. If you let even one cent roll over past the promotional period it doesn't just start charging interest at that point, it actually charges you back interest on the entire amount for the previous year.
    Read the fine print.

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    Fine print. Fine print. Fine Print. I just read an article where a guy assumed that if he paid the minimum amount each month that he would actually pay off the debt by the end of the no-interests period. Ahhh, no so much, and he got slapped with about 30 percent interest.

    Obviously, he wasn't paying attention and that's the kicker on all of these offers. That said, I just bought a Trek Superfly 100 Elite using a Trek card. Could I have paid cash? Actually, yeah. But, if you're careful there's no harm in taking advantage of a zero-interest charge. Just pay attention, and read the fine print.

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    I have also heard stories of people one day late on a payment and then whammo! Whole promotional rate out the door. Read the fine print for sure.

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    "can pay this thing off easy within one year."

    I would hope you can pay it all off easily on the day it is bought.
    Last edited by j__h; 09-14-2012 at 07:39 PM.

  28. #28
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    Quote Originally Posted by AZ.MTNS View Post
    Financing a toy? Have we learned nothing from the collapse of the world wide economy?
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    I've used Trek's money for 12 months. Anytime someone offers 12 months no interest, it's a great deal, as long as they aren't jacking prices up to compensate. I haven't seen that at the trek stores, they don't change pricing based on financing or not.

    On a side note, I was notified at the store immediately that I was approved.
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    I was looking at the Trek financing option the other day at the local Trek store. I didn't pull the trigger yet because I'm not sure which bike I want.

    I think that the 0% interest cards are great as long as you pay it off within the amount of time specified by the terms and conditions.

  31. #31
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    Yes, because your borrowed money to buy a bike. These cards are the biggest rip off...do you think they really stay in business letting people borrow money for free? No, they do it b/c most people screw up, spend the money on something else, and end up forking over all that interest and then make min. payments. To all those who pay them off, good for you, you still took a big risk to buy a bicycle.
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    0% interest is a free loan. It'd be foolish not to take it as long as you divide your payments equally for the length of the promotional period. While I do have the cash for most of my purchases, I always take advantage of 0% so I just don't have to spend the money all at once.

    Credit can be your friend and enemy. Use it wisely.

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    Quote Originally Posted by TiGeo View Post
    Yes, because your borrowed money to buy a bike. These cards are the biggest rip off...do you think they really stay in business letting people borrow money for free? No, they do it b/c most people screw up, spend the money on something else, and end up forking over all that interest and then make min. payments. To all those who pay them off, good for you, you still took a big risk to buy a bicycle.
    Signing your name for anything to borrow money is always a big risk. Whether it is for a bike, furniture, car or even a house. Using a card for 0% is absolutely not a rip off, but you are right. They do stay in business because people want to pay $10 a month.

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    Quote Originally Posted by Lateralus1082 View Post
    0% interest is a free loan. It'd be foolish not to take it as long as you divide your payments equally for the length of the promotional period. While I do have the cash for most of my purchases, I always take advantage of 0% so I just don't have to spend the money all at once.

    Credit can be your friend and enemy. Use it wisely.
    Agreed, some people loose it when pruchasing things they really dont need or worst miss a payment.
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    Quote Originally Posted by S_Trek View Post
    Agreed, some people loose it when pruchasing things they really dont need or worst miss a payment.
    I got in over my head when I was in college. I was just not educated in the responsible use of credit. Sure, I paid my bill every month on time, but it didn't help that I paid the min while still charging on it. People don't know that during the promotional period, that interest builds up and if you don't pay the thing off at the end, all that interest is slammed on you PLUS you get hit with the 24.99% on what's left of your purchase. Not fun at all.

  36. #36
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    I bought two bikes on 0% interest with the Trek Card. These were paid in full and the account closed. I didn't pay a penny of interest. That isn't the whole story though.

    Recently, we started to refinance our house and guess what, the credit models do not favor these accounts. You loose points for credit inquiries and the number of accounts open/ recently closed. Our refi rate will still be good, but the total cost of having that card does extend beyond the card's interest.

    Would I use the trek card again? Sure. Would I open the account before a major purchase again? Probably not.
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    There is no such thing as same as cash deals. Cash is Cash. Anything else is financing. Even if you get 0%, they probably didn't give you the best deal available. Had you paid with actual cash, you might have gotten a few bucks off.

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    Quote Originally Posted by heyyall View Post
    I bought two bikes on 0% interest with the Trek Card. These were paid in full and the account closed. I didn't pay a penny of interest. That isn't the whole story though.

    Recently, we started to refinance our house and guess what, the credit models do not favor these accounts. You loose points for credit inquiries and the number of accounts open/ recently closed. Our refi rate will still be good, but the total cost of having that card does extend beyond the card's interest.

    Would I use the trek card again? Sure. Would I open the account before a major purchase again? Probably not.
    Exactly, we have corporate credit cards where I work that have our own names on them. The corporate card has a large limit. One of my co-workers had trouble getting a house refinanced because they looked at the big limit as a possible way for them to easily run up more debt. We had to write a letter stating that it was not a personal card and that the company paid for it.

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    Quote Originally Posted by desert guy View Post
    That's the main reason I'm getting this loan. I need to boost my credit score. I can pay this thing off easy within one year.
    i had the same issues when i was still living with my parents, i had great credit but not enough history built up because my schooling was paid for by my parents. i just bought a new fuel with the trek card and have bought larger purchases at best buy. i always had the cash to pay it off but like others have said if it's 0% id rather take advantage of that and usually end up paying it off when i hit a big comission bonus. im no expert but it works for me, to each their own.

  40. #40
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    Quote Originally Posted by Lateralus1082 View Post
    Signing your name for anything to borrow money is always a big risk. Whether it is for a bike, furniture, car or even a house. Using a card for 0% is absolutely not a rip off, but you are right. They do stay in business because people want to pay $10 a month.
    I have no issue borrowing money, its a fact of life for expensive items i.e. house, car, etc. I won't borrow money via a store card for anything like furniture, TVs, etc. Its simply not worth the hassle to save a little interest.
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    Quote Originally Posted by heyyall View Post
    I bought two bikes on 0% interest with the Trek Card. These were paid in full and the account closed. I didn't pay a penny of interest. That isn't the whole story though.

    Recently, we started to refinance our house and guess what, the credit models do not favor these accounts. You loose points for credit inquiries and the number of accounts open/ recently closed. Our refi rate will still be good, but the total cost of having that card does extend beyond the card's interest.

    Would I use the trek card again? Sure. Would I open the account before a major purchase again? Probably not.
    Thank you very much. Not worth it friends. Again, all of this hassle opening/closing etc. to buy a bike and not pay for it up front.
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  42. #42
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    Borrowing money = Risk. Cash is king.

  43. #43
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    Quote Originally Posted by HarryBeaver View Post
    Borrowing money = Risk. Cash is king.
    There are pros and cons to both sides. Spending within your limits and saving for emergencies is king. The method of transaction, however, is less important if you are sensible with money.

    An option I have always liked but rarely have implemented as successfully as I would like is to secure the credit card purchase by a money transfer to your savings account. Say you are going to buy a $2000 bike. You save for it and once you have the money, you make the purchase using a credit card. This could be an Amex to give you extra protection or a reward card to give you some freebies. Then, when you pay the credit off with your savings.

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    Thank you very much. Not worth it friends. Again, all of this hassle opening/closing etc. to buy a bike and not pay for it up front.
    The borrower is slave to the lender. You will play thier games and jump through their hoops. Save your money, invest and when you need it; "borrow" from yourself. Zero debt and I froze my credit with all three credit reporting agencies......I know, sounds crazy, but being completely free feels.........AWSOME, PEACEFUL, RELAXING...kinda like when riding my "paid for" bike. Cheers!

  45. #45
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    the whole credit score system is whacked. In order to have a good credit score, you have to have borrowed money. So the guy who has money, and doesn't need to borrow, has a low credit score. He doesn't use credit. As you know you need a credit score to rent an apartment or buy a cell phone. So the millionaire who pays cash for everything can't rent an apartment, but he can buy the apartment building. The credit score system needs to be tweaked.

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    Quote Originally Posted by LarryWallwart View Post
    There is no such thing as same as cash deals. Cash is Cash. Anything else is financing. Even if you get 0%, they probably didn't give you the best deal available. Had you paid with actual cash, you might have gotten a few bucks off.

    Possibly. People forget that these shops get kickbacks from the credit company for signing new applicants. More likely they'll give you a nice discount because they'll just get the difference back in commission. My best friend was a new car salesman and at the dealership, they were more than willing to give discounts to those who would buy the car with credit than with cash due to the kickbacks. I don't see how the LBS would be any different.

  47. #47
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    Don't read the fine print and be sure to finance more than you can really afford.





    Or maybe you shouldn't do any of that, I don't know, I'm not good with math.
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