Anyone off credit services?

[phynny]

So most large chains offer some form of credit and I'm sure it would increase sales so it's time to see whats out there. Anyone do this, if so, who do you use and what are your thoughts?

[Jeff]

Not at this time. BUT I have been looking into it. Last week I was out to supper with my girl at the diner where she works. One of her co-workers had just dropped 2G on his car. Asked why he didn't bring in for me. Because I don't offer credit and he didn't have the cash. GE Capitol is the primary provider for all the Box stores, excluding Goodyear and Firestone. There are others out there that will take 6 checks, draft accounts and the such. Fees are steep for all of them. I am seriously considering GE as they seem to be the most legit.

[Joe Marconi]

_{I assume you are not referring to in-house credit. That you should never do. Only exception is for fleet accounts and other municpal accounts. We do offer GE 90 day same as credit and the Goodyear Card - up to one year if a customer spends over a certain amount.}

 

_{As far as increasing sales, I am not sure if it will do that. People are extended as is these days. And another form of credit may not be the best choice.}

 

_{If you use the credit option when someone does not have the money, it's out of desperation and many will get declined.}

 

_{And again, never become the bank!}

[sjdieselrepair]

We offer credit through our Napa truck center membership. I believe it is called Napa care, through GE capital. We specialize in the ford power stroke diesels, our main customer is the 6.0 diesel trucks. Some of the repairs can get very pricey (over $3000). It has worked wonders and also brought in some business. BUT the customer must be approved through ge to get the credit.

[GeeZ]

GE credit is exiting consumer lending as reported by WSJ on 8/30/13. Also, most consumers that need this type of lending

are usually not credit worthy so they get turned down.

[xrac]

_{I assume you are not referring to in-house credit. That you should never do. Only exception is for fleet accounts and other municpal accounts. We do offer GE 90 day same as credit and the Goodyear Card - up to one year if a customer spends over a certain amount.}

 

_{As far as increasing sales, I am not sure if it will do that. People are extended as is these days. And another form of credit may not be the best choice.}

 

_{If you use the credit option when someone does not have the money, it's out of desperation and many will get declined.}

 

_{And again, never become the bank!}

 

We are with Joe and also offer GE. It can be useful. We probably have about a 60% approval rate on new applications. However, I will correct Joe on one thing which is with the reforms the government instituted on credit after the housing finance crisis 90 days same as cash can no longer be offered. What GE now how is 6 months no interest on purchase over $299. At least that is our terms.

[phynny]

GE credit is exiting consumer lending as reported by WSJ on 8/30/13. Also, most consumers that need this type of lending

are usually not credit worthy so they get turned down.

I do not think this is accurate as we just received all of our advertising and system from GE 2 days ago.

[xrac]

I do not think this is accurate as we just received all of our advertising and system from GE 2 days ago.

 

They may just be selling those operations off to someone else. They simple change the name and keep operating as usual. Our local GE chemical plant was sold a few years ago to an Arabian company (Sabic).

[phynny]

They may just be selling those operations off to someone else. They simple change the name and keep operating as usual. Our local GE chemical plant was sold a few years ago to an Arabian company (Sabic).

Possible but highly unlikely. They're selling point was the fact that they've been doing it for years.