Many customers may need help paying for their appliances and have questions about how financing works at Mrs. G TV & Appliances. I recently sat down with our Financing Specialist, Barbara, and she answered some common questions.
Q: What company does the financing?
A: Our financing is done through Wells Fargo Financial Services.
Q: How many months of financing do you offer?
A: At Mrs. G’s we offer both 6-month and 12-month financing with minimum monthly payments for qualified buyers with a purchase of at least $399.
6-month financing is available every day at our store, while 12-month financing is available to our customers for a limited number of days each month. The minimum monthly payment is 3% of the total amount financed.
Plus, some manufacturers sponsor their own interest-free financing programs. Either specific models, most valuable products (MVP), or the entire brand may be eligible for 12 months of interest-free financing at anytime for qualified buyers. Visit the store, email us, or call to see what brands are sponsoring 12-month interest-free financing.
Q: Are the 6-month and 12-month financing options interest free?
A: Yes, if the customer pays the entire balance by the promotional due date of the 6-month or 12-month financing period, then they pay no interest.
Q: How soon must a customer take delivery on his or her purchase?
A: When you opt for the 12-month financing, you must take delivery on your purchase within 30 days. If you opt for 6-month financing, there is no time limit for delivery. So if you are purchasing appliances for a project to be completed three months out, the six-month interest-free financing is your only option.
Q: What happens if a customer does not make the monthly payments on time?
A: If the customer does not make a payment on time, he or she is charged 28% interest back to the date of the original purchase.
Q: Could you please explain the process of financing for the customer?
A: The customer can come into the store for financing options any day. The-12 month financing is only for select days each month and the 6-month financing is always available. Customers may also open an account on their own in about 10 minutes by visiting our financing page and clicking on the secure link directly to Wells Fargo. Your 6-month and 12-month financing options don’t start until you make your first purchase.
Wells Fargo will set a credit line that can be used for the current purchase as well as future purchases from the store. It is a revolving line of credit that is used for purchases at Mrs. G TV & Appliances. The customer will also receive a private label credit card which can be used for purchases at Mrs. G’s, up to the customer’s available credit line that was set by Wells Fargo. This means that regular credit card limits are not used, leaving them available for other purchases.
We hope this makes the financing process at Mrs. G TV & Appliances more clear and answers any questions you may have had. If you still have additional questions or concerns about financing, please call and ask for Barbara, or visit the store. And don’t forget to check out our financing page for more information.