Military Financing

[irizavrima]

I live in Escondido, CA and I was visiting Oceanside a few weeks ago. I noticed signs saying "military financing" on all appliance stores and dealerships...I understand the concept of credit but what does being in the military have to do with it? Can somebody explain what military financing is to me?

[davblay]

Back in the day in Jacksonville NC, the local stores, jewelry, clothing, uniform etc, would sell you anything on credit with your ID card and unit address. All over priced BTW. If you defaulted they contact your CO and then you are in a world of ****! :mad:

[DevilDogHEMech]

Most of those places are trying to rip you off. They know that you being in the military means that you have a guaranteed steady income, though low. You won't find a good deal there or at any of the bazillion payday loan places that are outside every base. And davblay is right, if you don't pay your bills then your CO is notified, and you are ****ed.

:!:

[Phantom Blooper]

Both of these Marines are correct. However over the past few years things have started to change. Yes there are still scammers that are going to try to rip you off with ridiculous finance rates and payday check cashing with more owed than you receive.You have to be cautious in your dealings for boom boxes,jewelery,and all the other finer comforts of life.

If the base is aware that the business is ripping off military members then they will put the business on "Off Limits" and have investigations to determine the exact problem.

Some military financing signs around bases are telling you that a young family Marine or a young single Marine can get the credit for an item without credit checks, et.,but,the interest rate is extremely high.Shop around because in most cases you can purchase the same item much cheaper if you wait and save some monies from each paycheck.:evilgrin:

[killerinstinct]

its a rip off basically they know they will get their money if you sign something because they will harrass yoru command and you get njp'd if you dont pay them...

just wiat and get loands from navy fed thats what i did and i always get loans only through banks i deal with plus they have your back more anyways

[Marine84]

That's something I never had to do was finance - except for my car that I got right out of bootcamp - it was only $169/month and I got it from a dealer back home (small town, everybody knows you, no problem). I had no other bills - no medical, no dental, no rent, no groceries except for munchies you would put in your room every now and then. I drank a lot (WHEW!), shopped a lot, saw a lot and went a lot of places with what little money we were paid.

These guys are right - don't concern yourself with financing places - sometimes you can find a good deal just by working your natural charm (and a little help with somebody else's bad luck/stupidity/whatever you want to call it). When I was in Japan I went without a car for about a month - this guy was rotating back to the States, was in some hot water over $100 worth of bad checks so I snagged a jalopy for $100 and the insurance on it for a year. It lasted about that long but it got me where I wanted to go for a year! We even knocked over a few signs and guardrails in it. It finally died one night (about 2 weeks before I was supposed to leave) by the seawall outside the back gate. When I checked out with the MPs, he said he noticed on my record that I had a car and asked what I was going to do with it - I handed him the keys, told him where it was and told him HE could have it for all I cared I was headed to the States!

[Zulu 36]

its a rip off basically they know they will get their money if you sign something because they will harrass yoru command and you get njp'd if you dont pay them...

just wiat and get loands from navy fed thats what i did and i always get loans only through banks i deal with plus they have your back more anyways
Well, they don't exactly "harrass" your command, the JAG will stuff it in their butt if that happens, but they do send what is called a "Letter of Indebtedness" to your CO. He WILL make you take a deduction off your pay for X bucks per month to the dirt bag retailer in the ville until whatever debt is paid off.

That letter stays in your SRB and can affect promotions and transfers, even years down the road after the debt is paid off.

The following rule always worked perfectly for me while in the Corps and to this day: If you can't pay cash for it, you don't need it.

However, if you do want a car, just like killerinstinct said, go to the legit places like the Navy Fed Credit Union. Don't get a car until you make some rank because you won't have much money for anything else.

I know there are people on this site who remember when enlisted Marines couldn't own a car and bring it on base until they were sergeants. Sometimes I think that rule should come back along with not being able to get married until sergeant.

[strawberryp0cky]

If you see "military financing" on a building, DO NOT WALK IN THERE. They smell the boot on you and try to take you for everything you've got. Yes, we do have "off limits" establishments, but you won't look there, no one does, and that doesn't stop them from trying to get your money with sheisty business practices.

You know about credit and financing, but want to know what "military" has to do with it. "Military" isn't so much about you as it is about information for them. "Military" means you have a steady paycheck. You're going to get paid roughly the same amount every 2 weeks, and you're going to continue to get paid because you can't just up and quit. You walk in with your high and tight and Marine ID, and all they see is a wad of bills coming in. That is 100% what you represent.

My ultimate advice to you is to NEVER BUY ANYTHING NEAR A BASE. I'm not talking about food, clothes, video games, etc., but anything that involves financing of any sort. A car, a computer, a loan. NEVER do those around a base. EVER, EVER, EVER.