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April 18, 2005 / TildeWill

Movin!

Today was move-out day (ish). The movers came later than I thought they
would and took longer than I thought they would. Everything went fine
but the end result was that I didn’t get on the road until after noon
which would have put me in work at 5pm EDT so I didn’t get to work
today. *sigh* But all my stuff is out except for cleaning supplies so I
can do a giant once over next weekend and be done with that apartment.

They’ll drop my stuff off tomorrow morning bright and early and
hopefully I can get nearly a full day in at work. I really want to
work. I know I have all my life to work, but the first chunk of work is
always exciting and fun because there’s always so much learning to do.

Since my workday was shot I was able to take advantage of that time and
I got my Kentucky driver’s license and opened that 5/3 account I talked
about weeks ago. So I now have money in Florence, KY which will make
things easier once I stop going to Lafayette on a weekly basis. I also
bought a washer and dryer. Nothing too fancy, but Whirlpool models from
Best Buy, decent price and a nice $50 gift card comes with it. The cool
thing is that I get two years of free financing so I don’t have to pay
jack on it right now. It boggles my mind that they’d give you stuff
without wanting your money for 2 years. I guess they’re hoping I’ll
forget to pay and then cash in on my non-payment at 19% interest.
Suckers! Financial responsibility will be your downfall and my triumph!

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One Comment

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  1. Brent / Apr 19 2005 8:01 am

    As Admiral Ackbar said: “It’s a trap!”

    Most often those free financing offers accrue substantial retroactive interest at the beginning of the repayment period. That’s how they still make a metric burger-ton of money off people.

    Looks like this is the case, looking at Best Buy’s website. They want you to pay the greater of $10 or 2.25% of the balance for two years, then in two years if you haven’t paid it all the way off, they tack on all the interest (At least prime plus 14.4) accured from the date you picked it up.

    Isn’t it wonderful to think that somewhere, some programmer was once given the task of writing a script that would take, as input, purchase price and each payment amount over two years, and then using a prime rate tracking database come up with the retroactive interest that gets dumped on you in April of 2007?

    When you get a chance, run an amortization or whatever on it to find out how much you’ll be paying off in April 2007. And then pay that burger off in the next 23 months. If you do, you’ll only be subject to a $3 minimum finance charge.

    And then, god help you if you put anthing else on that Best Buy Consumer Credit Card… you’ll have to make sure that you’re making the big payments on the W/D to ensure that the money actually is applied towards it.

    Like you said- “Financial responsibility will be your downfall and my triumph!” This is true, but now you can see how much work they’ve just given you to be fiscally responsible.

    Of course, maybe you knew all this and I’m just filling up a DB cell. In that case, WHEE!

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