Cornwell Tools Payment Plan Question

[JohnnyDisB]

Last friday I purchased a 1/2 Milwaukee Mid Range Impact Gun, and 2 Batteries for 600$ but something happened and I will no longer be able to afford the weekly payments.. would I be able to stop the weekly payments and return the impact and 2 batteries?

 

[Hiball]

I suspect you will have to work that out with your dealer, Nobody here will believe that you even have a cornwell dealer.

 

[Jweebothee]

If still packaged and unused you would probably give it back to your dealer and maybe get your initial payment back, or if you used it you would probably not get that initial payment back.

 

[shanny19]

I suspect you will have to work that out with your dealer, Nobody here will believe that you even have a cornwell dealer.

Well played. From a guy who filled out the “please contact me “ form more times than he’ll admit before he gave up.

 

[toolenthusiast]

Last friday I purchased a 1/2 Milwaukee Mid Range Impact Gun, and 2 Batteries for 600$ but something happened and I will no longer be able to afford the weekly payments.. would I be able to stop the weekly payments and return the impact and 2 batteries?

Don’t ask us. Clean it up as best you can, put it back in the packaging, and see if he’ll give you $500 credit for it.

 

[Ton ton]

Don’t ask us. Clean it up as best you can, put it back in the packaging, and see if he’ll give you $500 credit for it.

Great idea.

 

[FMB4]

Also check to see if this is going to hurt your credit rating. Good luck, and we hope things get better for you.

 

[mike93lx]

Hopefully this opens your eyes to buying stuff like this.

If you can't afford it one week later, you couldn't afford it when you "bought" it

 

[WordMan]

If you bought it on truck credit, you'll have to work it out with your dealer. If you bought it on Cornwell's credit plane (where you fill out an application), that's something different.

Assuming you have used it at all, the dealer is not going to give you full credit. Depending on your relationship with the particular dealer, he may work with you in several different ways. He might allow you to make reduced payments for a bit. He might see what he can sell it for, then give you a credit based on that amount. He may allow you to return it for partial credit, thus allowing you to make small payments on whatever remains. As others have said, it will all be between you and the dealer.

 

[Kscardsfan]

A tool channel I watch said it best, if you’re making payments on it you don’t on it, it/they own you. Good luck man.

 

[Shelbylex]

OK, let's give OP a break. As we all know, sometimes **** happens. Even though for a lot of people $600 is not a large some of money when actively working, we do not know the circumstances. Sometimes people get sick, sometimes they have to relocate, etc.
JohnnyDisB
1. If the situation is really desperate and out of your control (example: parent/significant other got sick/got into accident/etc and you need to relocate, provide 24-7 care, etc and can not longer work: come to your dealer and explain things the way they are: a lot of people will understand and try to help you work it out
2. The situation is not as desperate and you still can make some money: try to see if you can pay it off over a longer time
3. Can you borrow from friends or relatives and pay it off over time?
4. Try to see if you qualify for a 0% credit card (or extend your credit - they sometimes offer you limited loan for 0% or low % (but you pay some origination fee - thus you loose more)
5. Try to see if you can find a temporary job (this summer in Western MA I saw an ad on McD store for $30/h (guess they were desperate...) At this rate take four 8 hour shifts (to cover taxes ) and quit after. Sometimes people quit early (my shortest job lasted 1 day: signed up for cleaning buses in college. Well, they wanted us to work in closed garage with some buses running engines (hmm, where was OSHA there. College kids inhaling exhaust gases???). I figured out my health was not worth the money....
6. Depending on your skill level, see if you can come up with extra money helping people you know
7. See if you can sell something that you have and do not use (or may be cancel your cable, switch to cheap phone rate, save a little on food (some people buy food at work on a regular basis, pay $5 for coffee, etc. - food bill often can be lowered without significant impact on quality of food - cook yourself for some time, pack sandwiches, visit couple of stores, compare prices, buy with coupons and on sale, farmer markets - all depends on where you live and what is available)
Other random thoughts - quit smoking (you can laugh guys, but I used to know a relatively poor couple with multiple medical conditions who used to smoke. They were complaining how life is tough when you age... Well, we calculated that between two of them they smoked throught more than $11,000 a year. That was a big eye opener for them...)

If you want us to try to give you a better advise - give us some details of your life situation earning, expenses, etc - we would be able to help you with better advise if we have specifics. Also include length of loan and minimum payment...

 

[Kscardsfan]

OK, let's give OP a break. As we all know, sometimes **** happens. Even though for a lot of people $600 is not a large some of money when actively working, we do not know the circumstances. Sometimes people get sick, sometimes they have to relocate, etc.
JohnnyDisB
1. If the situation is really desperate and out of your control (example: parent/significant other got sick/got into accident/etc and you need to relocate, provide 24-7 care, etc and can not longer work: come to your dealer and explain things the way they are: a lot of people will understand and try to help you work it out
2. The situation is not as desperate and you still can make some money: try to see if you can pay it off over a longer time
3. Can you borrow from friends or relatives and pay it off over time?
4. Try to see if you qualify for a 0% credit card (or extend your credit - they sometimes offer you limited loan for 0% or low % (but you pay some origination fee - thus you loose more)
5. Try to see if you can find a temporary job (this summer in Western MA I saw an ad on McD store for $30/h (guess they were desperate...) At this rate take four 8 hour shifts (to cover taxes ) and quit after. Sometimes people quit early (my shortest job lasted 1 day: signed up for cleaning buses in college. Well, they wanted us to work in closed garage with some buses running engines (hmm, where was OSHA there. College kids inhaling exhaust gases???). I figured out my health was not worth the money....
6. Depending on your skill level, see if you can come up with extra money helping people you know
7. See if you can sell something that you have and do not use (or may be cancel your cable, switch to cheap phone rate, save a little on food (some people buy food at work on a regular basis, pay $5 for coffee, etc. - food bill often can be lowered without significant impact on quality of food - cook yourself for some time, pack sandwiches, visit couple of stores, compare prices, buy with coupons and on sale, farmer markets - all depends on where you live and what is available)
Other random thoughts - quit smoking (you can laugh guys, but I used to know a relatively poor couple with multiple medical conditions who used to smoke. They were complaining how life is tough when you age... Well, we calculated that between two of them they smoked throught more than $11,000 a year. That was a big eye opener for them...)

If you want us to try to give you a better advise - give us some details of your life situation earning, expenses, etc - we would be able to help you with better advise if we have specifics. Also include length of loan and minimum payment...

The cost is what drove my admittedly cheap *** father to quit smoking.

 

[seber]

I suspect you will have to work that out with your dealer, Nobody here will believe that you even have a cornwell dealer.

I saw a Cornwell truck once. Then again, it might have been a mirage.

 

[Ton ton]

I saw a Cornwell truck once. Then again, it might have been a mirage.

I love comments like this.

 

[Ton ton]

Ok , I have a story to tell about Cornwell. I contacted them on the website about visiting the home farm. I think they actually had a rep available @ the time. But my dad did not want a Cornwell truck to show up so he called or contacted Cornwell and told them not to show up. Nobody showed up. So my dad must done a good job. I hope you enjoyed my little story.

 

[rcbk00]

The Milwaukee mid torque with one battery is $220 on homedepot.com. I don't understand why someone would spend $380 more to buy it off a truck. That extra battery certainly doesn't justify the extra cost. I'm guessing it's the weekly payment plan the truck offered. This is exactly how people get in trouble financially.

Whatever the case, don't buy things off the truck that you can get elsewhere for MUCH cheaper. The only things anyone should ever buy off a truck are tools you can't get anywhere else (which is rare), or tools you know you're going to break. Even then, it's hard to justify the truck mark-up.

 

[mike93lx]

The Milwaukee mid torque with one battery is $220 on homedepot.com. I don't understand why someone would spend $380 more to buy it off a truck. That extra battery certainly doesn't justify the extra cost. I'm guessing it's the weekly payment plan the truck offered. This is exactly how people get in trouble financially.

That's a good point. $620 gets you a high torque, 2 batteries, a charger AND a mid torque at home depot right now.

 

[NUTTSGT]

The Milwaukee mid torque with one battery is $220 on homedepot.com. I don't understand why someone would spend $380 more to buy it off a truck. That extra battery certainly doesn't justify the extra cost. I'm guessing it's the weekly payment plan the truck offered. This is exactly how people get in trouble financially.

Whatever the case, don't buy things off the truck that you can get elsewhere for MUCH cheaper. The only things anyone should ever buy off a truck are tools you can't get anywhere else (which is rare), or tools you know you're going to break. Even then, it's hard to justify the truck mark-up.

Get a big box store CC and make weekly payments on that if you need to. Probably better on your credit rating and most big box store cards give you 6 months interest free on purchases over $300.

 

[Ton ton]

I have never bought power tools off of the tool truck. But maybe the OP doesn't like Home despot. Just my 2 cents.

 

[mike93lx]

Get a big box store CC and make weekly payments on that if you need to. Probably better on your credit rating and most big box store cards give you 6 months interest free on purchases over $300.

I make heavy use of rewards and discounts on store cards, but someone that needs to pay weekly for anything is probably going to end up getting burned on deferred interest

 

[Hiball]

In my time here at GJ, I’ve seen many 1 hit wonders start posts on topics that are known to start fireworks and then just sit back and watch the show with no further input.

Tread lightly…

 

[NUTTSGT]

I make heavy use of rewards and discounts on store cards, but someone that needs to pay weekly for anything is probably going to end up getting burned on deferred interest

I get that, fully understand but sooner or later some of these people have to grow up with responsibility or they will never have anything but debt.

 

[RPH]

I have a photo of a Cornell truck west bound on us 30 in Ohio!
They exist, sparsely though.

 

[NUTTSGT]

I have a photo of a Cornell truck west bound on us 30 in Ohio!
They exist, sparsely though.

I believe that is just west of Bucyrus.

Seen the truck more than a few times myself.

 

[RPH]

I believe that is just west of Bucyrus.

Seen the truck more than a few times myself.

Most likely

 

[NUTTSGT]

Most likely

Yeah, zooming in, it's exactly where I thought it was.

You were west bound just past Knecht's auto-recycling coming to the US30/CR330 interchange.

 

[RPH]

Too many miles down that road.

 

[NUTTSGT]

Too many miles down that road.

Take 98 east next time and stop by the garage to get a break from the road.

 

[RPH]

Retired now, we had a lot of tools go out that way. Spent a lot of time at the GM plant that was in Mansfield. Last job was the Dodge Challenger hood that just came out.

 

[WordMan]

I was a Cornwell distributor for many years, as was my father and my uncle. Cornwell didn't want us as we were of the old, non-franchised dealers. They wanted control, and so they tried to force us to become franchisees. That was 20 years ago, and as far as I know, to this day there are no Cornwell dealers in the areas we serviced.

 

[Kscardsfan]

I was a Cornwell distributor for many years, as was my father and my uncle. Cornwell didn't want us as we were of the old, non-franchised dealers. They wanted control, and so they tried to force us to become franchisees. That was 20 years ago, and as far as I know, to this day there are no Cornwell dealers in the areas we serviced.

There’s damned few of them around anywhere from what I can tell

 

[mikew13]

Cornwell is just Corny.

Better off buying Milwaukee from a big box store on a credit promotion.

 

[Mallen]

I've seen a Cornwell truck around here a time or two. I agree about buying things like Milwaukee off the truck. It makes no sense when you can order it for far less from an I yet ey retailer or buy it from Home Depot. And most retailers will take stuff back in the return window without much hassle.

 

[infinite97]

3. Can you borrow from friends or relatives and pay it off over time?
4. Try to see if you qualify for a 0% credit card (or extend your credit - they sometimes offer you limited loan for 0% or low % (but you pay some origination fee - thus you loose more)

yeah, how about let’s NOT do this? Going into debt for tools is what got the guy in trouble in the first place. Going into more, or different, debt is not going to solve the problem. STOP BUYING TOOLS ON PAYMENTS!

work it out with your Cornwell dealer or sell the tools and pay off your debt - those are really the only options.

 

[infinite97]

The Milwaukee mid torque with one battery is $220 on homedepot.com. I don't understand why someone would spend $380 more to buy it off a truck. That extra battery certainly doesn't justify the extra cost. I'm guessing it's the weekly payment plan the truck offered. This is exactly how people get in trouble financially.

Whatever the case, don't buy things off the truck that you can get elsewhere for MUCH cheaper. The only things anyone should ever buy off a truck are tools you can't get anywhere else (which is rare), or tools you know you're going to break. Even then, it's hard to justify the truck mark-up.

That's a good point. $620 gets you a high torque, 2 batteries, a charger AND a mid torque at home depot right now.

I just looked back at my emails, I paid $419 for my 2960-22 kit back in June, so it looks like it’s basically the same price today. I wouldn’t want the cheap kit they’re selling with the 2x 2.0CP batteries, though - mine came with the 2x 5.0s.

 

[Mallen]

yeah, how about let’s NOT do this? Going into debt for tools is what got the guy in trouble in the first place. Going into more, or different, debt is not going to solve the problem. STOP BUYING TOOLS ON PAYMENTS!

work it out with your Cornwell dealer or sell the tools and pay off your debt - those are really the only options.

I tend to agree. I also totally disagree with the idea of putting it in a credit card. If he's in financial trouble so bad he can't make payments on a 600 dollar debt then that credit card is going to be maxed pretty quick, then he won't be able to pay that either. It's just the nature of such things.

If he can get the dealer to take back the tool, and just lose the first payment, that would be awesome and he should jump at that. But that's unlikely. But maybe. It all depends. I don't know what his cost is. But if the tool goes for 400 in retail stores and on the internet,and he sold it for 600, then he may well have paid 200 for it. Just guesses with no supporting info. But if that's the case, then he could easily take the tool back, sell it to someone else for 400, tell them they are getting a great deal because he marked it down from six hundred and still make 200 plus the initial payment. So it all depends on the money the tool truck guy has in it, what he can sell it for and what he's already paid.

Now someone's going to say that sounds like a rip off, but not really. He brings you the tool. And he provides financing for the tool.

The more I think about whether the tool truck guy might cut him some slack, the more I think he just might. If I were him, I'd totally do that if I could make any sort of profit on it or even break even. But I do t know a lot of details about how these things work. Someone correct me if I'm wrong, there's two ways this works right? Like buying a car, you can get a loan or line of credit, that's going to be held by some financial company, or they can carry the debt, like the "buy here pay here type of car dealers. If the tool truck guy is the owner of your debt and he is responsible for collection on it and repossession of the tool if you don't pay, the he may be eager to cut a deal because if the buyer loses his job and disappears he's out the money. But if he takes it back, and can even just get what he paid for it, he's still got the first payment, plus whatever profit he get from the used tool sale.

 

[Shelbylex]

I am not suggesting buying tools on a credit card if you can not pay it off. I suggest getting out of the current situation where a person has a debt and and is buying time to pay it off. It would be crazy to buy more tools if you can not pay for one in this situation...

Credit cards: You can play the game as long as you are well organized, can save money and can be consistent with paying them off....

Examples:
1. I convinced one of my friends to go for a 0% credit card some time ago. He was trying to pay off college debt. We went through his financial situation and by doing this switch he saved close to $600/months for a year and payed off his debt
2. My former roommate bought a studio in Moscow (big money, 18% mortgages at the time in Russia) and payed it off at 0% (with minimal fees to transfer the debt) by shifting balances between 9+ credit cards - opening new ones, etc. At the time he was living in USA (greencard due to being extremely smart person with multiple publications and working on PhD doing research for small salary). Well, he went for a 1 bedroom split after (sold his studio and got more debt). Did it for some time till credit cards picked up his scheme: started cutting his credit down as soon as he makes a payment, etc. All based on his income/debt ratio (for a guy who did not miss a single payment for many years). He was honest enough to pay off the last $30-60,000 left between 0 and 10% APR (could have done a bankruptcy as it was CC debt instead of mortgage... Saved tons of money

My general policy is do not buy anything on credit card unless you can pay it off by the end of the month or it's 0% and you pay it off till they start charging you robbery fees...

 

[mike93lx]

This guy has yet to even log back on. Probably saw the email notification and noped out

 

[WordMan]

But if the tool goes for 400 in retail stores and on the internet, and he sold it for 600, then he may well have paid 200 for it. Just guesses with no supporting info.

On tools like that, most dealers make around 20%. In other words, the dealer probably paid about the same cost you can find it on the internet for.

 

[Briancapecoral]

In my time here at GJ, I’ve seen many 1 hit wonders start posts on topics that are known to start fireworks and then just sit back and watch the show with no further input.

Tread lightly…

Goon point, a GJ burner account. I think moderators can track IP addresses, it would be interesting to attach the posts to another account if posts from the same IP.