That is how I purchased my HQ16 long arm at the Quilt Festival in Houston in '08.

Of course, I was then terrified something would happen and I'd forget to pay it off, so did it waaaaaay early! ha

I've purchased items under this plan several times. I like to earn the interest for the length of the interest free period rather than pay in cash and let them earn the interest!

I have used the No Interest payment plans a number of times, but ONLY when I know I will be able to pay it off on time or earlier. I would prefer paying cash, but to me, No Interest is the next best thing.

If the customer doesn't read the fine print, or ask questions about how the plan works, whose falut is that? It isn't the finance company. It is the individuals responsibility to know what the terms of their loans are, BEFORE they sign on the dotted line.

I have bought a number of sewing machines over the years using no interest financing and have always asked specific questions about the terms and had the dealer show me in writing, if there were any terms I wasn't sure about. IF the dealer is reputable, and they want to make the sale, they aren't going to hide any of the terms from the consumer. If the consumer fails to ask about the terms, then it is the consumers fault, not the dealer or the finance company.

Diane in Colorado Springs

Free financing really is free if the debt is paid on time. The customer doesn't pay a penny in interest for whatever the specified time period of the loan is. The bad thing is if the customer doesn't KNOW that the interest accrues and will apply if the product isn't completely paid off by the end-date (and it usually is a fairly steep interest rate). Of course, even though I've used this type of financing successfully, I can't argue with those of you who say cash or nothing. I know it's the ideal, but I'm not quite there yet!

Another important aspect of using financing through these dealers is to find out exactly what the interest rate is. I bet that is in the very fine print.

Me too. Cash or nothing. My dealer told me that outside the US the finance companies just can't make any money so they only operate there. The other countries tend to be cash only customers.

Oh right, got you now.

We have different stuff over here in UK. I also don't touch financing with a barge pole unless it's business. If I can't afford it cash, I dont have it. Why over pay the middle man for doing nothing.

Thanks for the shout though.

I believe that this is an exculsive Bernina USA thing. In fact , I believe a third party does the financing for Bernina. This is the usual practise for big companies. You have a huge population which makes it attractive for the finance companies to be able to offer the seemingly good deals. We don't have this arrangement in Canada. We must make our own financial arrangements.

The big print giveth, the small print taketh away. (Don't blame Bernina, it's a widely used financing program.)

I use this type of financing a lot (the interest free) -- several times with Home Depot, once with Amazon, once with a furniture store, and of course with Bernina. What you're describing is industry standard. If the debt's not paid off by the end, interest for the entire period is tacked on. However, it seems a lot of times this isn't communicated well (that's where companies can be at fault -- too much stuff in fine print!!), and I'm sorry you got caught like that. It stinks to have a large, unexpected payment.

I had been following your thread on buying a new machine and I had bought a 440qe last year using their payment plan. I ment to pay it off before the end of the term but I missed the deadline.... They added the previous finance charge that came to $600 extra.

A lot of women buy the machines thinking they will get it paid off before the deadline... and not realizing they can get charge the interest from the year if it is not paid off....

I just urge caution if you or anyone signs up for any type of financing deal through the Bernina dealerships.... I notice they increased their financing program to a two year plan instead.

Eh??!!?? :

Beware of the wonderful BENINA - NO interest first / two year deals... if you do not pay it off in the time period they tack the INTEREST owed to the loan when the deal expires.

It is my fault I got caught as I am usually more asstue than this when it comes to money... It was $600 ... a big hit... so beware of any GREAT... TOO GOOD TO PASS UP OFFERS.