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Smart Money Moves
Sharon Male | Parade | Sunday, April 5, 2009
Put It on Layaway
A popular option before the explosion of cheap credit, layaway is making a comeback. For a down payment and a flat fee, usually $5 or $10, you can put merchandise on hold and make payments over time, with no interest. When the items are paid off, you take them home. If you change your mind or no longer can afford payments, the money you’ve paid up to that point is refunded, minus fees.
It may not make sense to buy electronics this way—they could be outdated before you bring them home—but layaway generally is worth the wait. An increasing number of stores are offering the service, and many chains are considering it. And if you can’t find the item you want in person, try one of the growing number of layaway websites, including:
eLayaway.com
You can buy everything from a toaster oven to a Hawaiian vacation at this site, one of the most popular for making layaway purchases online. Membership is free; you pay a $2 transaction fee (or 1.9% of the total purchase price, whichever is greater) for each item you buy. You can decide how many monthly payments you want to make -- from three to 13. A calculator at the site will show how much you'll have to pay, depending on the time span you choose. Payments are deducted directly from your online checking account: The good news is that you don't have to worry about remembering to send in a payment; the bad news is that, if you don't have enough money in your account on your payment date, you may be hit with an insufficient funds fee. If you decide to cancel your order for any reason, your money will be refunded minus a restocking fee of $25 of 10% of the purchase price; whichever is less.
Lay-away.com
This site also is popular with layaway afficianados. You'll need to pay off your entire purchase within 6 months, but you have the flexibility to submit payments yourself with an online check or a regular check through snail mail. All fees (and usually shipping; except for bulk items) are included in the purchase price listed at the site. If you can't find the item you want, send the product number, a brief description and the web site where you found the product to support@lay-away.com. The site claims it will try to set you up with a lay-away deal. (No promises, but hey! It's worth a try if you can't find the item anywhere else.) If you decide to cancel your order for any reason, the cancellation/restocking fee is $35.
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