Above is a screenshot of an item in my "Cart". $327.84 for full payment. However, if one wants to make payments over 12 months. The total becomes $433.03! Satan must really have his claws into Logos. That is over 30% Interest in one year!
However, if one wants to make payments over 12 months. The total becomes $433.03!
Where are you seeing the $433?
The information you show - 12 months at $33.31 per month comes out at $399.72 (which seems consistent with what I remember as a $5 per month handling fee).
Or are you saying the 12 months is additional to the down payment?
There are 13 payments, 1 down and 12 months.
This has been discussed over the years (with Satan as a new participant, along with anatomical detail).
Originally, the argument was $3 (or Graham's $5) was for handling (cc fee and processing). Bob said it was breakeven (no profit).
And from the forum, that using a cc made more sense, on smaller purchases (cheaper), vs large purchases, the Logos plan is cheaper.
I wonder if the $8 fee is breakeven, gain on small balances; lose money on large balances.
As a ratio it's an eye-opener.
In the cart, one can click "See all payment schedules" to pull up detailed payment information. In this case, it seems to me that you are assuming an additional payment that is not present in the payment plan.
The current fee is $6/month ($5.99 to be exact). This fee has change over time, I assume to keep up with costs.
@DMB is correct in pointing out that payment plans are more cost effective for large purchases than for small purchases, as the fee remains the same. Apparently, the cost of processing payments does not differ significantly between large and small amounts.
Maybe my math is off. Closer to $9, assuming no charge for down payment … so the extra $3?
33.31 x 12 = 399.72 (One down payment + 11 monthly payments)
399.72 - 327.84 = 71.88 (total fees)
71.88 / 12 = 5.99 (fees per month)
The down payment is included in the payment plan and, as such, has the fee attached to it.
You're likely right (no cart checking for me), but it reads 13 payments.
33.31x 13 (12 payments and 1 down payment) = 433.03
Original: 327.84 With Plan: 433.03 Extra Cost: 105.19, or $8.09/month for 13 months.
If you have PayPal, PayPal Credit will let you do 6 months no interest on a purchase over $99.00.
Yes, I'd like to see Logos be a little more competitive with the payment plan. I purchased quite a few large collections from the other platform when I was using it. Their fee was a one time fee and very low. I would purchase more large collections/sets from Logos if the fee didn't make it cost prohibitive.
I agree. I made a $2500 purchase and didn't realize the interest was so high. Never again. I too would purchase larger sets if the fees were reasonable.
I've made a couple of large purchases on payment plans. I liked the fixed monthly fee.
I note from the detail on the one payment plan on which I have eleven months left that the balance shown is 11*$5.99 less than eleven times the remaining monthly payment. So given the fixed monthly payment is a relatively small interest rate on the early installments, and runs up to a huge interest rate on the last few payments, at some point I will call Logos and have them charge the remaining balance on my credit card. That's an easy way to finance a large purchase with Logos with the fixed monthly fee when it's small relative to the purchase, and flip to some other way of carrying it, or just eat it, when the balance gets small enough that the monthly fee is too expensive.
The fee is $5.99 per month regardless of the size of your purchase. For a $5,000 purchase, this fee would only amount to 0.12% for the first month. The fee percentage climbs as the total amount left on the payment plan shrinks. With only $500 left on the payment plan, the fee amounts to a relatively large 1.2% for that month. At $100, the fee percentage is a whopping 6% (which averages to 72%/year!) This is why it's always a good idea to pay off payment plans early, as @Thomas Glen Leo suggests. However, it's not accurate to say that Logos payment plans are unreasonable. With large purchases, the payment plans offer a very cost-effective solution, at least until a sizable portion of the purchase has been paid off.
It is also worth mentioning that multiple payment plans can always be condensed into one. With this strategy, one can make additional orders via payment plans without paying any additional fee (or interest).
It is obvious that some of you are not following a sound financial plan. This is what you need to buy next …
And some of us are more concerned with the stewardship of time than the stewardship of money. 😃 Is there a Logos resource on this?
https://www.logos.com/product/151674/whats-best-next-how-the-gospel-transforms-the-way-you-get-things-done?queryId=c05a2a68d50208565e3631b3097d073c is a good example of this sort of resource.
