topic Re: Synchrony Rolex financing in Credit Cards

Synchrony Rolex financing

Creditplz — Tue, 04 Apr 2017 02:22:07 GMT

Walked into my local jewelry boutique in SoCal, needed to get my DW datejust serviced. The GM knows me and was trying to sell me everything in the store which I kept saying no to.

Then he told me "have you heard about our new financing through Synchrony Bank?" I said NO, let me see the application (it's paper). 0% deferred interest for 24 months, 29.99% after that... I laughed and said no thank you.

Going home I researched it and a lot of boutiques actually offer financing through Synchrony. I never knew Synchrony financed a lot of watches.... very interesting. Oh and he said when the applicants don't get the limit they want, they call Synchrony and ask for a CLI to 25k 😂

Re: Synchrony Rolex financing

Anonymous — Tue, 04 Apr 2017 02:52:04 GMT

Wouldn't this be coded as a consumer finance account which would adversely impact FICO scores not only now, but for the full 10 years that such an account would remain on your credit report following the closure of it?

Re: Synchrony Rolex financing

AverageJoesCredit — Tue, 04 Apr 2017 02:55:53 GMT

Most likely this is under Synchrony Financial. If you go to their website they finance alot of things but getting cli from them is hard as a nail

Re: Synchrony Rolex financing

Creditplz — Tue, 04 Apr 2017 03:12:29 GMT

I think it is through Synchrony Financial, and I assume it'd be coded as a consumer finance account😳

Re: Synchrony Rolex financing

wasCB14 — Tue, 04 Apr 2017 03:31:49 GMT

Unless someone spends a lot of time away from a phone charger, it seems like watches are just for engineering enthusiasts and people who want to flaunt money (or the appearance of it).

Watch financing seems like it would be totally unnecessary for some people and really dangerous for the rest.

Re: Synchrony Rolex financing

Creditplz — Tue, 04 Apr 2017 03:49:41 GMT

I have a GMT-MASTER II , and I'm looking into buying a Daytona once June-July hits..

I like watches so I purchase whenever I feel I've satisfied my savings.

Re: Synchrony Rolex financing

HeavenOhio — Tue, 04 Apr 2017 04:22:23 GMT

It sounds like a deferred interest credit card to me. If it were a loan, there wouldn't be a limit to increase.

Re: Synchrony Rolex financing

sarge12 — Tue, 04 Apr 2017 04:49:44 GMT

As a general rule, for most people I would say, if you can't drive it or live in it, don't finance it.

Re: Synchrony Rolex financing

Creditplz — Tue, 04 Apr 2017 05:03:27 GMT

Completely agree sarge, I'm sure it's just a way for them to get people who probably shouldn't be buying a watch (at least not one at their prices) to get one

Re: Synchrony Rolex financing

Discover2016 — Tue, 04 Apr 2017 05:06:01 GMT

@Creditplz wrote:
I have a GMT-MASTER II , and I'm looking into buying a Daytona once June-July hits..

I like watches so I purchase whenever I feel I've satisfied my savings.

Very nice, I love the GMT master II with the black and blue bezel, what a gem of a watch.

Re: Synchrony Rolex financing

Anonymous — Tue, 04 Apr 2017 05:21:25 GMT

thought about maybe financing for a Sub. But in the end decided it wasn't really worth it to be honest. Better off to just save up then PIF in a few months, cant let me young greedy heart get to me!

Re: Synchrony Rolex financing

Anonymous — Tue, 04 Apr 2017 12:06:32 GMT

I wonder how much watch sales have dropped in the last 20 years since everyone always has a cell phone on them with the time these days. Clearly the reason for owning a watch has changed in the last 20 years, as back then and earlier people had them for the time where now that's obviously no longer the reason where it's likely more of a fashion statement/accessory today.

Re: Synchrony Rolex financing

sarge12 — Tue, 04 Apr 2017 12:23:22 GMT

@Anonymous wrote:
I wonder how much watch sales have dropped in the last 20 years since everyone always has a cell phone on them with the time these days. Clearly the reason for owning a watch has changed in the last 20 years, as back then and earlier people had them for the time where now that's obviously no longer the reason where it's likely more of a fashion statement/accessory today.

Being highly allergic to most metals except gold and silver, watches always left huge itchy whelts on me, so I could never wear them even before cell phones. Of course Rolex being gold I could have, but could not afford it then,,,now I could, but do not think it is worth it to me just to impress people...and thieves!

Re: Synchrony Rolex financing

Anonymous — Tue, 04 Apr 2017 15:16:54 GMT

Whats the movie where they talk about below-the-belt selfies and how to dress it up with a watch? Escapes me lol.

24 months is a decent amount of time with zero percent financing paying cash out right vs. 23 months of investment potential for the people who have zero debt, nothing to shake a stick at

Re: Synchrony Rolex financing

Anonymous — Tue, 04 Apr 2017 15:30:59 GMT

I am in the watch business and I can say with certainty that luxury watch sales haven't dropped one bit in the last 20 years. They've actually gone up. The high high end of watches (even higher than Rolex) are targeted for the 5%-10% of wealthy people. These people will always be buying watches. Yes watches are for telling time but there are so many other technicalities that watch collectors look for. You can't dive 50 meters with your iPhone and get precision results. Key word is collectors, these mega rich collectors aren't going anywhere any time soon and that's what's been keeping the business/sales alive. There are watches out there that cost more than homes. A lot more than homes. That being said I'm not in favor of financing these watches but a lot of people look at them as an investment. Rolex, Patek Phillipe, Audemars Piguet, Hublot, IWC, Zenith, etc will retain their value and even increase in value over the years.

Re: Synchrony Rolex financing

wasCB14 — Tue, 04 Apr 2017 15:39:43 GMT

@Anonymous wrote:
I am in the watch business and I can say with certainty that luxury watch sales haven't dropped one bit in the last 20 years. They've actually gone up. The high high end of watches (even higher than Rolex) are targeted for the 5%-10% of wealthy people. These people will always be buying watches. Yes watches are for telling time but there are so many other technicalities that watch collectors look for. You can't dive 50 meters with your iPhone and get precision results. Key word is collectors, these mega rich collectors aren't going anywhere any time soon and that's what's been keeping the business/sales alive. There are watches out there that cost more than homes. A lot more than homes. That being said I'm not in favor of financing these watches but a lot of people look at them as an investment. Rolex, Patek Phillipe, Audemars Piguet, Hublot, IWC, Zenith, etc will retain their value and even increase in value over the years.

I totally get the value for people who actually do those kinds of things...but what percentage of your customers are exotic athletes vs. bling lovers?

Re: Synchrony Rolex financing

Creditplz — Tue, 04 Apr 2017 15:39:19 GMT

Not to mention Richard mille

Re: Synchrony Rolex financing

Anonymous — Tue, 04 Apr 2017 15:50:01 GMT

@wasCB14 wrote:
@Anonymous wrote:
I am in the watch business and I can say with certainty that luxury watch sales haven't dropped one bit in the last 20 years. They've actually gone up. The high high end of watches (even higher than Rolex) are targeted for the 5%-10% of wealthy people. These people will always be buying watches. Yes watches are for telling time but there are so many other technicalities that watch collectors look for. You can't dive 50 meters with your iPhone and get precision results. Key word is collectors, these mega rich collectors aren't going anywhere any time soon and that's what's been keeping the business/sales alive. There are watches out there that cost more than homes. A lot more than homes. That being said I'm not in favor of financing these watches but a lot of people look at them as an investment. Rolex, Patek Phillipe, Audemars Piguet, Hublot, IWC, Zenith, etc will retain their value and even increase in value over the years.
I totally get the value for people who actually do those kinds of things...but what percentage of your customers are exotic athletes vs. bling lovers?

I was just using diving as an example. Chronograph, Tachymeters, Tourbillons, Perpetual Calenders, Moonphase, these are all different technicalities in watches that people seek and actually do serve a functional purpose. Divers, pilots, racecar drivers, sailers, etc all use these things. But yes, bling lovers/watch collectors definitely outweigh the exotic athletes in terms of sales. Although some of the serious collectors look for these different features as well. I was just trying make an example that cell phones and technology will never make watches go away. Heck, some of these luxury watches are starting to integrate technology into gold/platinum/steel watches but with electronic and technological dials and faces. What a time to be alive.

Re: Synchrony Rolex financing

Anonymous — Tue, 04 Apr 2017 20:50:42 GMT

When I was talking about watch sales today compared to 20+ years ago, I wasn't talking about high end watches. Just watches in general. While high end / luxury watches may still be at the same level or higher in terms of sales (because people don't buy them for the time) I would venture to guess that cheap watches like the type any 30-40 something on this forum wore as a kid have dramatically dropped off. I don't see nearly as many teens these days wearing watches since they all have cell phones. The amount of people that would wear cheaper watches obviously greatly exceeds the top 5%-10% that would wear the high end stuff, so as a whole I don't think you'd be able to say that overall sales of watches today is greater than it was in the 80's-90's.

Re: Synchrony Rolex financing

sarge12 — Tue, 04 Apr 2017 22:26:49 GMT

@Anonymous wrote:
When I was talking about watch sales today compared to 20+ years ago, I wasn't talking about high end watches. Just watches in general. While high end / luxury watches may still be at the same level or higher in terms of sales (because people don't buy them for the time) I would venture to guess that cheap watches like the type any 30-40 something on this forum wore as a kid have dramatically dropped off. I don't see nearly as many teens these days wearing watches since they all have cell phones. The amount of people that would wear cheaper watches obviously greatly exceeds the top 5%-10% that would wear the high end stuff, so as a whole I don't think you'd be able to say that overall sales of watches today is greater than it was in the 80's-90's.

Tis too tough to try to track the trends to todays timing trinkets. I just wanted to make a sentence that every word started with a T....mission accomplished.