Layaway

My brother Matt was visiting and I sprung on him my great idea.
Layaway is when you give store a deposit on an item, make payments on the item on a regular basis until you have paid the full price. Once you pay for the item, you get it.
My idea is for online retailers to use layaway for purchases. They already have the ability to do electronic checks that pull money from a savings account.
Imagine that you want that new $1,200 laptop. You don’t have the $1,200 and you don’t want to put it on credit due to interest payments. You got to Dell and select the layaway option. You agree to let Dell pull $100 out of your bank account on your weekly payday for 12 weeks. The $100 doesn’t put a big crimp on your budget, and in 3 months, you get the laptop.
Some people have the discipline to save money themselves into a savings account, but many don’t. Layaway would be a great way for people to buy big ticket items without falling into the credit trap.
Companies would benefit from layaway since they’d have your money before they gave you the product. The interest they could earn would be huge.
You read it here first.
I had great plans for tonight to work on things, but my energy is minimal. THere’s a big meeting at work in the morning, and I need to be rested.
Good night.

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8 thoughts on “Layaway”

  1. Damn, this would be awful for me. The only thing that keeps me from spending even more money than I already do is the fact that I have to pay it all at once (I never carry a balance.) If I had this option, there’s no telling what I would buy… though I guess it would work out well for the online retailers.

  3. Brilliant idea! I don’t understand why online retailers are not doing this allready. Heck, I don’t understand why more location retailers are not doing this. I assure them all they would get more buisness from me. I am horrible at saving money and I have hellishly bad credit so I couldn’t charge items if I wanted to. The only way for me to buy big ticket items would be via layaway.

  4. my fiance has been doing this on his online computer store for almost 2 years business is great and more that half of our business is derived from our layaway option

  5. FYI. There is a site that I personally use a lot. Its called Lay-away.com. teh website is http://www.lay-away.com. I bought a projection television and dvd player. making monthly payments definitely worked out for me.

  6. What’s the computer store that does layaway on computers? I want a laptop on layaway.

  7. Look at it this way…. Ok lets say you were able to get name brand eletronics on layaway.
    I see a great new laptop with all the current gizmos on it in November of this year I want it for Christmas like all the other kids but I do not have the cash on hand. I order this great new laptop online for $2,100.00 I put $100.00 Down and start making payments weekly. so in 20 weeks the PC is mine. Sounds good until I find out that a newer model is out that has newer gizmos before I am able to pay off this one, or I find out that the one I am getting had a few bugs in it that required a new design to fix it.
    I now decide that I really do not want this buggy out of date laptop of which I only made 10 payments. The Retailer now has a laptop that is 1 1/2 years old that they will have to try and sell to someone else when it could have been sold a year ago. Tech is moving at to fast a rate to sit on anything that long.
    A great idea if it worked. Currently the only way you can get a new laptop with little or no money down is a rent to own store. however I have found that these stores carry last years models, and you will pay more than current prices for that same laptop did a year ago. like if the laptop was $1500.00 a year ago. and current models sell for around $1400.00 then the rent to own one will be around $1900.00.

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