During the month of March Piaggio/Vespa Dealers are offering some great incentives to buy a scooter. Their "$0 down, $0 payments, 0% interest" promotion is run through a finance company, but here's the fine print:
$0 Down/ $0 payments/ 0% Interest
Offer valid at participating dealers on purchases of new & unused 2007, 2008 and 2009 Piaggio & Vespa models when you use your Sheffield Card between 3/1/09 and 4/30/09. Minimum Amount Financed $1,500; Maximum Amount Financed $40,000. See dealer for details and program dates. No payments required and 0% APR FOR 6 MONTHS. Thereafter, MONTHLY PAYMENTS of 3% of the original loan balance plus any additional charges, for approximately 47 months at the Standard Rate. As of 3/1/09, the Standard Rate is 17.99%, which may vary monthly. For accounts not current, the promotion is canceled, and regular Minimum Monthly Payments of 3% of the original loan balance plus any additional charges, and a Default Rate of 23.99% APR will apply. Minimum Monthly Finance Charge is $1.50. Certain rules apply to the allocation of payments and Finance Charges on your promotional purchase if you make more than one purchase on your Sheffield Card. Call 1-888-438-8837 or review your cardholder agreement for information. Financing is subject to credit approval; not all applicants will qualify for credit. Financing promotions void where prohibited. Offer subject to change without notice.
Might be a good way to get on a new bike, or an old-stock bike that just didn't move. For more info, visit your local Piaggio or Vespa dealer.
1 comment:
I think this is NOT a good way to get on a new bike. As a "card", it's revolving style credit. Which means you pay 18%/12 on the outstanding balance. Typical MC loans are simple interest which means it's based on the original amount spread over the terms, not each month. Unless you're going to pay it off around the 6 month grace period (or get another loan to pay off the card), it's a bad deal.
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