"Big" purchase payment options? 2 2

[brain_maniak]

Hi everyone,

I'm pretty much a n00b as far as collecting goes and this is my first post. I had a small collection when I was a young kid, which I then didn't add to for many years. I have recently picked it up again though over the past 2-3 years.

I'm just curious what the opinions/preferences are on payment options for "big" purchases? Are payment plans a consideration for anyone (either directly to a seller if allowed, or line of credit from the bank), or is the defacto to just save up over a prolonged period of time before taking the plunge?

Any input on this is appreciated.

[revat]

I don't know if anyone is doing bank credit lines, but I don't think it would be so uncommon (though certainly not anywhere near the majority) to be on a payment plan, but it would essentially be like layaway, you're not getting the item until you're paid up.  If you're buying from major auction houses there might be more options.  I think the key would just be to communicate and resolve your specific payment queries and terms ahead of time.

A lot of people (and some dealers) prefer payments that don't involve fees when dealing with high value items, like cash, checks, cashier's checks, money orders, etc.  That occasionally can result in a negotiation point.

[theCapraAegagrus]

Don't buy outside of your comfort zone. You never know what's going to happen tomorrow.

[shadroch]

Many top sellers offer extended payment plans, but you don't get the books until they are paid in full. Paypal offers credit terms, and you can always use a credit card.

My suggestion is to pay cash or pay off your CC monthly until you really know the hobby and what it is you want.

[brain_maniak]

Thanks for the replies and advice @revat, @theCapraAegagrus, @shadroch. Much appreciated!

[KCOComics]

I agree with everything posted. 

Paypal sometimes does special financing for eBay purchases.  

[telerites]

I have used Paypal credit with no interest if paid within six months.  I think the minimum purchase is $99.

 

[pemart1966]

On 11/12/2020 at 11:08 AM, shadroch said:

Many top sellers offer extended payment plans, but you don't get the books until they are paid in full. Paypal offers credit terms, and you can always use a credit card.

My suggestion is to pay cash or pay off your CC monthly until you really know the hobby and what it is you want.

...NEVER use your credit card as a vehicle for a short or long term loan.  Interest rates are at, or near, all time lows for borrowing and investing but they're NOT at all time lows wrt credit cards.  Those rates are still criminally high.

Edited November 14, 2020 by pemart1966

[brain_maniak]

Thanks for the replies @KCOComics, @telerites, @pemart1966. Much appreciated.

On a bit of a side note, it looks at though PayPal credit is available "only to eligible U.S. PayPal account owners." Sorry fellow Canadians, but it looks as though we're out of luck for that option.

[Artboy99]

how much is the book?

I admit I am guilty of what I am saying next, but you shouldn't use credit to buy any comic book.

 

[adampasz]

I've found the best way to pay for "big purchases" is to not buy a bunch of worthless dreck. Figure out which books are truly important to you, and save up for them.

[brain_maniak]

Thanks for the replies @Artboy99, @adampasz. Much appreciated.

On 11/15/2020 at 11:02 AM, Artboy99 said:

how much is the book?

There wasn't a particular book/price per se.

Hypothetically speaking though, what if it was a book in the multi-hundred dollar range? The multi-thousand dollar range? The tens of thousands dollar range? The hundreds of thousands dollar range?

Edited October 21, 2022 by brain_maniak
typo

[adampasz]

@brain_maniak it sounds like you are asking about the logistics and safety of transactions for high-priced items.

Like any financial transaction, a lot of it comes down to reputation and trust. I generally will make smaller purchases from a seller first, to gain confidence in their grading, shipping, and overall communication. After 4 years, there are many individual sellers on these boards with whom I am completely comfortable making a major transactions. Of course, you can do the same on eBay and other sales platforms -- if a seller treats you very well on a $20 transaction, it's likely they will also treat you well on a $200 transaction, and so on.

For $10,000+ transactions, I think most people use the auction houses and other major sellers that have publicly well-established reputations. I too am curious how deals are executed at this level. I assume it's like buying a house, and you need to enter escrow, and enlist a 3rd party to hold the funds.

Edited November 18, 2020 by adampasz

[Artboy99]

3 hours ago, brain_maniak said:

Thanks for the replies @Artboy99, @adampasz. Much appreciated.

There wasn't a particular book/price per say.

Hypothetically speaking though, what if it was a book in the multi-hundred dollar range? The multi-thousand dollar range? The tens of thousands dollar range? The hundreds of thousands dollar range?

I paid an auction house using my credit card for $13000 a few years ago.

Sent money orders to another auction house that restricts the amount you can pay using credit card.

Mostly I use paypal. Recently for nearly $900.

I wont buy bigger purchases from people I dont know. Here on the boards: how long have they been a member? Have I talked to them or dealt with them before?

On Ebay i try to stay under a few hundred bucks and only buy from sellers with solid feedback to minimize the risk.

 

Edited November 18, 2020 by Artboy99

[piper]

Coincidentally, I received an email from Heritage about payment plan options yesterday.

[theCapraAegagrus]

16 hours ago, Artboy99 said:

I paid an auction house using my credit card for $13000 a few years ago.

Sent money orders to another auction house that restricts the amount you can pay using credit card.

Mostly I use paypal. Recently for nearly $900.

I wont buy bigger purchases from people I dont know. Here on the boards: how long have they been a member? Have I talked to them or dealt with them before?

On Ebay i try to stay under a few hundred bucks and only buy from sellers with solid feedback to minimize the risk.

Also: Are they on the HOS/PL?

[Glassman10]

when I sold my AF15 through  Bob Storms, it involved six monthly payments. 

[Dr. Love]

If you're on someone's payment plan for a big book, you're making payments, the seller is protected by holding onto the book.  And if the seller gets hit by a car crossing the street, god forbid?  now you're into the world of the seller's estate plan.  I guess you can call up the seller's surviving spouse and...wait, do they have a spouse?

but this could never happen to anybody, well, certainly not YOU

[brain_maniak]

Thanks for the replies and advice @adampasz, @Artboy99, @piper, @theCapraAegagrus, @Glassman10, @Dr. Love. Much appreciated.

On 11/18/2020 at 1:27 PM, Artboy99 said:

sellers with solid feedback

Is "solid" strictly 100% positive feedback, near 100% positive feedback, or does it vary depending on other factors as well?

Building trust and a business relationship definitely sounds like a key component when it comes to making a "big" purchase. I see that the PL and HOS exist to indicate what members one should possibly avoid dealing with. Is there something similar to indicate what members one should deal with? I guess in the end, it just comes down to who is selling what you're interested in.

On a bit of a side note, out of curiosity, do sellers on here usually avoid selling "big" purchases to new members until that business relationship and trust has been established?

[Artboy99]

9 minutes ago, brain_maniak said:

Thanks for the replies and advice @adampasz, @Artboy99, @piper, @theCapraAegagrus, @Glassman10, @Dr. Love. Much appreciated.

Is "solid" strictly 100% positive feedback, near 100% positive feedback, or does it vary depending on other factors as well?

Building trust and a business relationship definitely sounds like a key component when it comes to making a "big" purchase. I see that the PL and HOS exist to indicate what members one should possibly avoid dealing with. Is there something similar to indicate what members one should deal with? I guess in the end, it just comes down to who is selling what you're interested in.

On a bit of a side note, out of curiosity, do sellers on here usually avoid selling "big" purchases to new members until that business relationship and trust has been established?

 

I will look at the feedback and see the comments from the buyers. I am comfortable buying from a seller with a small number of feedback if it is all positive but it also depends on the amount I am spending. For the bigger volume sellers that have say 20,000 feedback and only a few negatives I would likely still buy from them after I have reviewed the negatives.

Here on the CGC boards I will look at how long they have been a member of the site. Have I talked with the person before? Have I participated in a thread the person has been in? Do they have a "kudo" thread for me to review?