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PSA--Sweetwater 48 month financing on Kemper, Strymon...

Discussion in 'Digital & Modeling Gear' started by bigfoamfinger, Aug 13, 2019.

  1. Anthony Newcomb

    Anthony Newcomb Silver Supporting Member

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    This is not correct information, sorry. I've spoken with Synchrony several times in regards to other things and out of curiosity asked them about this. They said that with this promotion type, the interest is only based on the remaining amount that wasn't paid off within the promotional period, like if a payment was missed.

    This "0% interest 48 month equal payment" promotion is not the same as the "deferred interest if payed in full by...", like you'll see with Sweetwater's automatic 6 month promotion. For one, the deferred plan has a minimum payment (dangerous because minimum amounts are never enough to pay off the promo in time), whereas the 48 month equal payments are rounded up to the nearest dollar and acts as a bit of a safety net so that the 48 payments actually "payoff" the item within the promo period. You'll see this with your last payment as it will be a tiny bit smaller than all of the payments preceding it.

    I've used the 48 month promo for expensive items and payed off several early with no issues. BUT, one thing to keep in mind, is that if you plan to payoff a promotion early and you have several promotions active, the extra money you apply to your payment will be applied to your "oldest" promotion. So, if you want to payoff a newer promotion (maybe because it's a smaller amount than the older promo), you'll have to call Synchrony bank before you make the payment so that they can override the auto allocation and apply it to whatever promo you request.

    Hope this helps to clarify things :)
     
    Last edited: Aug 14, 2019
  2. ejecta

    ejecta Supporting Member

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    This is correct. I once in the past put several things on there at different times and the equal payment can get a bit messy if you put too many things under the promotions. I had one promotion expire before it was paid off because I didn’t really realize how the equal payment thing worked. I called and they helped me sort it out with no penalties. But now I only use it for pretty expensive things and only have one promotion going at a time.
     
  3. JiveTurkey

    JiveTurkey Trumpets and Tants Supporting Member

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    Good explanations, guys. There is better stuff than I expected; yet nothing that is making me want to bust out a line of credit to acquire. The electric guitar section is especially unexciting.
     
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  4. MojoRisin

    MojoRisin Member

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    I kind of like that sapphire blue/roasted maple professional strat, but I have this awesome credit limiting device called a wife that would charge extremely high nag interest if I did it.
     
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  5. Anthony Newcomb

    Anthony Newcomb Silver Supporting Member

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    Yeah it can be a bit much to grasp at first, but thankfully Synchrony is a good bank to deal with over these matters.

    On a side note, these promo types through Synchrony may seem a bit "too good to be true" at first glance, but it's actually the best and safest financing that I've found. Run away from Deferred interest as it was crafted in hell fire! :eek: :D
     
    ejecta likes this.
  6. Anthony Newcomb

    Anthony Newcomb Silver Supporting Member

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    All EBMM guitars at Sweetwater are on a 48 month equal payment promo year round...no pressure :D...great playing guitars too! I highly recommend ;)
     
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  7. PaisleyWookie

    PaisleyWookie Member

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    Travel A LOT!
  8. madmarcus1960

    madmarcus1960 Member

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    Sweetwater helped me reestablish credit after a divorce. Large purchase, pay off early.
     
  9. 21Hemispheres12

    21Hemispheres12 Member

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    Good information thanks for clarifying that only applies to their standard 6 month payment plan, I didn’t realize the fine print at the very bottom of their financing page only applied to the 6 month plan.
     
    Anthony Newcomb likes this.
  10. Anthony Newcomb

    Anthony Newcomb Silver Supporting Member

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    Yeah there's definitely a big difference between the promotion types. The 6 month promo was an example so it might not always be limited to that, that's why it's good to call and ask questions.

    I would also recommend calling synchrony instead of Sweetwater when it comes to the financing specifics as Sweetwater reps are not always informed on the fine details in regards to how synchrony operates. I learned this the hard way about 4 years ago when I swapped out a Gibson for a cheaper EBMM. I thought the Gibson promo would be refunded and be closed, but instead they refunded the price difference to the same Gibson promotion which lowered the amount owed, but the monthly price was still based on the original full price of the Gibson. Come to find out, Sweetwater rep didn't know how synchrony worked as he should have refunded the 'full' amount on the Gibson first, instead of just refunding the difference in price. In the end, I was paying $67 (should've been $54) a month for the Music Man based on the original Gibson price...thankfully, it was paid off even quicker because of this goof up.

    From then on, I always make sure they refund an item completely when doing an exchange. I tell them to not charge the different item to my card until the returned item is payed back to synchrony in full. That way the monthly payment amounts are what they supposed to be for the specific item I end up keeping.
     
    Last edited: Aug 14, 2019
  11. 68Injunhed

    68Injunhed Member

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    Ugh....I have a Synchrony for both SW and MF.
     
  12. Saxon68

    Saxon68 Member

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    Yeah I signed up for it. I’m all for interest free.
    Kemper Stage incoming.
     
  13. bigfoamfinger

    bigfoamfinger Supporting Member

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    I'm going back to Strymons for the 3rd time. I really miss those pedals. Only dilemma now is:

    Flint/El Cap or Timeline/BigSky
     
    Last edited: Aug 17, 2019

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