We’ve heard from many users that the 25% down payment requirement on payment plans is prohibitive.
In an effort to improve our payment plan program and responsibly meet our business obligations, without placing undue burden on customers, we’re making two changes to the existing program today.
1 - Custom down payments will now be a calculated per order, taking into consideration, the dollar amount and the length of the payment plan being established.
- For normal plans over 4 months in length, the minimum downpayment required will be less than 25%.
- For payment plans of 10 months or less, all payments, including the first, will be equal (within pennies).
- For payment plans between 11 and 20 months, the calculated downpayment will be lower when customers elect to establish shorter payment plans, while still allowing those who select longer plans to get started with less than 25% down.
2 – The $500 cap on down payments is being removed.
- Payment plans on purchases over $2330 may require a down payment over $500 when placed on a 19 month schedule.
- That same $2330 purchase would only require a down payment of approx. $345 when placed on a 12 month schedule.
- That same $2330 purchase put on a 10 month plan would require 10 equal payments of approximately $238.
