Just noticed Heritage's 'six month's to pay' program for the Signature sale.

[truthteller]

Is anyone going to take advantage of this? If you do, will it squash your spending on coins for six months? Is it a good idea? For some reason, coins on credit is kinda scarey.

 

TRUTH

[BushMan]

I would never be concerned about buying coins on credit. If you are a disciplined individual, then it doesn't take much to pay off an obligation in 6 months.

 

It DOES say a great deal about Heritage's concern for this auction. Way too much supply coming to auction at about the same time. Plenty of sellers in a panic and taking measures to make it easier for the buyers!! No one should use "six months to pay" as an excuse to over pay for these coins. Look for plenty of very reasonable to cheap winning bids.

[gmarguli]

I didn't notice it until you mentioned it. I like the idea. The interest rate could be better. I've got several credit cards with interest below 12% annually.

[goose3]

Maybe I read it incorrectly but isn't this only if you spend at least 2500.00??

 

 

[gmarguli]

Yes, only if you spend $2500.

 

I just looked at the form to request credit. Bank reference AND 3 other coin firms where you have credit. Gee, I guess dealing with Heritage over the past 2 decades isn't enough.

[goose3]

well I guess I'm not worthy enough for them. I really can't swing that much right now and am certainly not going to jump through a bunch of hoops to do so if I was.

[Elcontador]

Laura's right on target. The registry set crowd has plenty of blank checks re the nice material at these auctions. Throw away the sheets for the really nice stuff. I've seen this building. So and so "has to have" that MS 67 (fill in the blank) and will sell his mother to get it.

 

Personally, I've gotten tired of constantly getting outbid for coins with nice eye appeal & I have strong internet bids on two Large Cents, one of which, I haven't seen as nice as this particular coin in several years. If I get either one of them, they won't be a bargain, but they're nice coins & they'd be mine. You're wasting your time if you think you'll pick up something nice @ Greysheet prices in Baltimore.

[keithdagen]

The $2500 credit plan is very similar to the layaway plan they offer for their regular inventory. Would be interesting to consider if I saw a coin I really liked, and knew that I had funds coming soon, like a big submission with a week left before it was graded and salable withing a month.

[keithdagen]

I would call to Heritage though and talk to someone about the program rather than filling in all that application though. I've done a coin on layaway in the past when I knew that I was getting a bonus check the next month -- I'd see if they could approve me for the program without going through the credit hassle again.

[gmarguli]

OK, I just applied for the credit. I want to see how easy the process is. I left off the bank info and the other coin dealer info to see if they would complain. All I put was basic personal info, job, etc. I asked for a "small" credit line just to see how it's going to work.

[michael]

if you cant afford the cost of a coin up front with discretionary income

 

YOU SHOULD NOT BE BUYING IT!

 

sincerely michael

[Oldtrader3]

I always buy most major coins from Dealers via a 9.9% M/C anyhow. It gives me leverage in case there is a dispute or problem with the coin or the Dealer. Plus, the line of credit on the card will cover my needs without applying for more credit and I pay it off almost every month.

[gmarguli]

if you cant afford the cost of a coin up front with discretionary income

 

YOU SHOULD NOT BE BUYING IT!

 

I wanted to see how easy their credit process is. At 12% I can beat that by 3% with the standard rate on one of my credit cards and I have others that are lower than that.

 

I agree that you should not be buying coins if you don't have the discretionary income available, but many times there are extenuating circumstances. For many people they might not have the money this month, but next month they will. Should they not buy anything this month even if they know they will have the money next month?

 

[gmarguli]

OK, I just applied for the credit. I want to see how easy the process is. I left off the bank info and the other coin dealer info to see if they would complain. All I put was basic personal info, job, etc. I asked for a "small" credit line just to see how it's going to work.

 

I just received an email from Heritage:

 

Subject: RE: Heritage Personal Credit Application

 

Established customers can request the extended payment plan as convenient for any Signature, Bullet or Lightening sale totaling $2500., or more. This is a layaway so your purchase will be shipped when the invoice is paid in full. When you receive the invoice for your successful bids, return it with a note, your signature and a deposit for 20% or more of the total invoice. We will return the specific agreement and the coupons for payments in the mail.

 

Thank you for your interest and good luck with your bids.

 

Marti Korver, Credit Manager

 

 

A little over two months after I applied I received this email. Odd since it was for the previous auction (Baltimore?) and I didn't win anything in this Long Beach auction.

 

Oh well, it's nice to know that if I need it I can get it with Heritage.

[dragon]

I also got the same email and applied just after gmarguli did. I don't understand what this letter even means, are they asking me to apply, or telling me I was approved.

 

Also, this isn't applying for credit, it's a layaway and they don't ship til it's paid in full it says.

 

 

[jom]

Exactly. When I first heard this I thought it was some sort of free credit for 6 months or whatever. NOW we hear it's a "layaway". What good is that?

 

jom

[Elbesaar]

I have used this "lay-a-way" once when I got a bit carried away with bidding ... thought I was really low-balling on my maximum bids, but I won a few coins for alot less than I thought they were worth. I now bid more conseratively.