Synchrony Rolex financing

[Creditplz]

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 😂

[Anonymous]

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?

[AverageJoesCredit]

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

[Creditplz]

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

[wasCB14]

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.

[Creditplz]

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.

[HeavenOhio]

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

[sarge12]

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

[Creditplz]

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

[Discover2016]

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@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.

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