CoThG's Toolbox question thread

[CoThG]

What would be a realistic price on a SnapOn cart that has an MSRP of $2700?

 

[LWB]

What would be a realistic price on a SnapOn cart that has an MSRP of $2700?

You might be able to find a local dealer on facebook and message them. I don't know how else they advertise.

 

[2ndGearRubber]

So, why doesn't the owner provide basic tools for the rookie coming onboard? It's a minuscule investment and shows commitment on their part.

Because they're buying a Benz, and paying for their kids college, and going to a resort in a Caribbean with the office staff.. I've had vice grips as a door handle to the front lobby for several months. GP% is plenty high, shop $$$ revenue is plenty high. But somebodies bonus goes down when expenses go up, thus, poverty mentality. Nickle and dime, broken equipment, foundation leaks, doesn't matter. But shop supplies are $30 on your brake job, but I paid for all the consumables. LOL

The other reason is it's another thing to oversee. And the last thing management wants to do is waste any more time 'tard wrangling with the idiots dumping oil. When ******* loses half the sockets, how are you buying new ones? No you cannot deduct their pay, that's not legal. How often are you inventorying this? How are you getting replacements, due to loss, theft, or warranty failure? Are you paying them on the clock to drive to HF? Just reordering with a shop-supplies PO from advance auto? When they lost the T30 bit, and it's an OMG WAITER oil change, what is your process to remove the undertray?

Thanks. I'm already picturing a HF tool cart loaded with HF tools at the head of a bay waiting for some new talent to come along. Give them a key and make them responsible for it. Even if you lost some it would be worth the investment IMO. Give a realistic time frame on when you expect them to have their own basic tools and then this goes to the next new guy/gal.

I put together a tool-kit, including a HF cart, as a proposal for my employer. The ONLY reason the lube bay exists is to say "YES!!!!!" to anything and everything to get it in the door. Between lost time due to comebacks, damage claims, and just the toxic attitudes and stupidity, it's a loser as a business model. I don't know why we bother. By the time the job is done correctly, in the aftermarket shops I've worked in anyways, you're losing money because you needed someone with a brain to stop doing what they're doing to bring in revenue and fix goobers nonsense.

Your plan also assumes infinite growth to turn over the tools. Do you fire them when they don't have their own tools in X days? My plan included becoming "vested" over the course of a year, in which case they own the tools after 1 year. Leave the shop/industry? The tools are yours to take if you lasted the required period. At the time I believe it was about $750 including the cart, less tax. Deemed FAR too expensive. I don't loan tools, so I don't really care. Ever watch someone try to remove a cartidge oil filter housing with their hands? Oh well.

 

[71firebird400]

Likely 10-30% off depending on the time of year. The best deals will always be on inventory they already have.

 

[2ndGearRubber]

A few do but it's not common. I've worked in two that had a no tools in no tools out and that was nice. It did kind of **** every once in a while when they didn't have the tool and you had to make do. Most shops provide something but I've seen some that provide nothing at all. Often what they do provide has to be shared and it's not in the best shape.

When I started at the tire shop, you got a worn out IR231 which didn't take off 10% of the lug nuts, and a set of chrome sockets. No air gauge, you had to beg and borrow for every car. In 2012 or so I was making $8/hour. Plenty of money to go get a digital tire gauge after taxes. Luckily I lived at home, and was able to double down on tooling. Management tries to make the new "tech" out as the villain, and most guys take the bait. It's the "techs" fault that he doesn't have tools when he was working at best buy selling phones a week ago. Not the employer who hired him with no plan but to leech off others to supply another employee required tools.

Between being trained improperly on purpose to get me fired, as a joke, and punting my craftsman socket kit across the shop for fun, it was just peachy. I must have picked that 150piece kit off the ground a dozen times.


FWIW my current employer gives you a torque stick, and a 1/2 clicker torque wrench for wheels. For everyone to share, 4 people. That's the supplied tools. But they'll let you payroll deduct your own torque stick. LMAO

 

[LWB]

Scott, are they ALL goobers walking through the door? No ray of sunshine? lol

I like you work to own plan unless they get picky about the tools they may own...

 

[CHI_Tool&Die]

So, why doesn't the owner provide basic tools for the rookie coming onboard? It's a minuscule investment and shows commitment on their part.

In manufacturing and industrial we do have shops conforming with ISO and 5S that provide all the tools because they are constantly calibrated and checked. Likewise the mechanics will get a small go bag. But it’s usually just the bare bones and just enough to squeak by. The most intelligent thing I could think of was for the company to provide a one time tool allowance under a certain amount but turnover is so high that it would be a total waste.

 

[2ndGearRubber]

Scott, are they ALL goobers walking through the door? No ray of sunshine? lol

I like you work to own plan unless they get picky about the tools they may own...

I've seen two. I was one of them. The person running the shop where I work is the other. It's absolutely astounding. Higher up was in our shop today. "Is he actually retarded? You think there's something wrong with him?" was what he said about our goober. I can't comprehend how he can run his life with the brain power at his disposal. "LF tire leak" is written on the RO. He changes the oil, doesn't reset the oil light, and parks it with the tire still half flat. Drugs and low IQ are a lethal combo.



My theory was they can buy whatever they like, but odds are they don't have what they need. If they wanted to forgo the kit, feel free. I used to make checklists and brand lists for people when they started. Here are the 2 types of hammers you should own, and some priicing options of good brands that are cheap. Like go get a 4lb deadblow at HF, and a 32oz ballpein. All that effort ended up on the floor or thrown away. Now I don't bother. Go bother someone else for a hammer, you've worked here for a year.

 

[2ndGearRubber]

In manufacturing and industrial we do have shops conforming with ISO and 5S that provide all the tools because they are constantly calibrated and checked. Likewise the mechanics will get a small go bag. But it’s usually just the bare bones and just enough to squeak by. The most intelligent thing I could think of was for the company to provide a one time tool allowance under a certain amount but turnover is so high that it would be a total waste.

You'd think they'd catch on to that, wouldn't you? LOL

 

[LWB]

I guess that's what puzzles me. In the manufacturing world tools are generally provided but in the mechanics world you're on your own. I wonder how this started? Trades people usually have their own tools, I believe.

Every single job I've ever been at, both manufacturing and road construction. tools were provided. We needed them because the equipment was junk. lol

 

[zendriver]

My guess is mosts businesses know that paying the high dollar for a newbie and giving him/her great tools, they will be lost, stolen, torn up with the worker moving to "greener pastures", sooner than later regardless.

 

[BDT/NWMN]

If a toolbox or tool purchase cannot be paid off within _______? months; might consider not spending that much at the current time. Want and Need, along with Lack and Cash get added to the Four-letter Word List as Fast as the Dang Interest on the Tool Loan. There are plenty on lower cost options to acquire the basic tools needed for an entry level job in the mechanical field. Harbor Freight and Wal-Mart both have what is needed...

 

[ScaryFatKidGT]

I always thought they were 0% interest but I'm seeing more and more posts like this... I just don't get it, fricken walk to Harbor Freight and buy ICON stuff, like I just don't get paying these prices and not being able to afford it so financing it at any non ultra low interest rate.

 

[ScaryFatKidGT]

Because they're buying a Benz, and paying for their kids college, and going to a resort in a Caribbean with the office staff.. I've had vice grips as a door handle to the front lobby for several months. GP% is plenty high, shop $$$ revenue is plenty high. But somebodies bonus goes down when expenses go up, thus, poverty mentality. Nickle and dime, broken equipment, foundation leaks, doesn't matter. But shop supplies are $30 on your brake job, but I paid for all the consumables. LOL

The other reason is it's another thing to oversee. And the last thing management wants to do is waste any more time 'tard wrangling with the idiots dumping oil. When ******* loses half the sockets, how are you buying new ones? No you cannot deduct their pay, that's not legal. How often are you inventorying this? How are you getting replacements, due to loss, theft, or warranty failure? Are you paying them on the clock to drive to HF? Just reordering with a shop-supplies PO from advance auto? When they lost the T30 bit, and it's an OMG WAITER oil change, what is your process to remove the undertray?



I put together a tool-kit, including a HF cart, as a proposal for my employer. The ONLY reason the lube bay exists is to say "YES!!!!!" to anything and everything to get it in the door. Between lost time due to comebacks, damage claims, and just the toxic attitudes and stupidity, it's a loser as a business model. I don't know why we bother. By the time the job is done correctly, in the aftermarket shops I've worked in anyways, you're losing money because you needed someone with a brain to stop doing what they're doing to bring in revenue and fix goobers nonsense.

Your plan also assumes infinite growth to turn over the tools. Do you fire them when they don't have their own tools in X days? My plan included becoming "vested" over the course of a year, in which case they own the tools after 1 year. Leave the shop/industry? The tools are yours to take if you lasted the required period. At the time I believe it was about $750 including the cart, less tax. Deemed FAR too expensive. I don't loan tools, so I don't really care. Ever watch someone try to remove a cartidge oil filter housing with their hands? Oh well.

Give them a set to start, don't inventory it, after 90 days it's theirs and if they loose something it's on them to replace.

 

[2ndGearRubber]

I always thought they were 0% interest but I'm seeing more and more posts like this... I just don't get it, fricken walk to Harbor Freight and buy ICON stuff, like I just don't get paying these prices and not being able to afford it so financing it at any non ultra low interest rate.

Truck account is 0% and a handshake. A credit account, with paperwork, is subject to interest.

I will finance when it makes sense. Save $1000 for financing it, instant rebate, and 60days same as cash. Divide the total by 8 weeks, there's your payment - take their $1000 and pay no interest. Just like buying a washing machine. Or just lump sum it the week after the paperwork files. If they will give me no penalty money for signing their financing docs and paying the $80 state fee I will take it.


I'd recommend new people walking into HF has well, or one of the numerous quality online brands.

In the OP that's a bill for $5400. If you can't pay that in 6 months you should not be buying it. Really if you don't have that as a lump sum of cash, regardless of payment structure, you shouldn't be buying it. 156 weekly payments of $50, 39 months at $200, 3.25 years. Seems like a bad call to me. I once paid about $600 in interest on a box. Paid it off in a few months. I justified it and lived to tell the tale. I doubt the person in the OP will be so lucky.

 

[RedneckWelder]

The SO truck doesn't prey, people are just dumb. The interest rate reflects the risk of unsecured loans on high priced items.

I don’t hate the trucks I just buy very little from them because most everything can be obtained elsewhere for a far better price. We live in a good time for affordable tools that aren’t junk.

 

[zendriver]

Icon tools are not cheap.

It's likely a new tech does not have thousands of dollars (verses ten of thousands) in hand just to get started.

Maybe cash for the PP tools - maybe.

 

[Steve_P]

Truck account is 0% and a handshake. A credit account, with paperwork, is subject to interest.

I will finance when it makes sense. Save $1000 for financing it, instant rebate, and 60days same as cash. Divide the total by 8 weeks, there's your payment - take their $1000 and pay no interest. Just like buying a washing machine. Or just lump sum it the week after the paperwork files. If they will give me no penalty money for signing their financing docs and paying the $80 state fee I will take it.


I'd recommend new people walking into HF has well, or one of the numerous quality online brands.

In the OP that's a bill for $5400. If you can't pay that in 6 months you should not be buying it. Really if you don't have that as a lump sum of cash, regardless of payment structure, you shouldn't be buying it. 156 weekly payments of $50, 39 months at $200, 3.25 years. Seems like a bad call to me. I once paid about $600 in interest on a box. Paid it off in a few months. I justified it and lived to tell the tale. I doubt the person in the OP will be so lucky.

This is a good summary. IMO if you can't afford to put at least $1k down on a $5k box, at crazy interest rates, you shouldn't be buying it. I'm actually surprised that Snap On does the zero down on $6k boxes- I bet their default rate is high in cases like this.

 

[BarrelRoll]

People make poor decisions, plain and simple. Just like people buy cars at the same interest rates with bad/ no credit. My brother went in to finance his first car, they offered him 25% interest, with me cosigning It came down to 4% interest.

I can't remember what I was quoted for interest through snapon, I believe it was in the 4-5% range, I'm usually in the high 7's or low 8's for credit. I'm finally signing on my box next week. With the rebate for financing if I pay it off in a year I'll come out ahead vs. paying cash.

Our new kid in the shop is thinking about a snapon box, he's 19 pushing $100k a year with very little debt. He knows he's in a good spot to buy a box now and pay it off quickly, a wife/ kid in a couple years it's a lot harder to pay off or if he leaves here he might take a pay cut. He's thinking a 60" epiq because he can add on when he runs out of room and it's a truly forever box. While not the smartest decision it's also not the worst, most 19 year olds aren't in his place financially/ income wise.

1 thing snapon does that is frustrating is they sell guys boxes they know they are going to fill up and have to trade in. A new guy buys a 55" classic, he runs out of room quickly, the guy trades it in on a 54 or 73" masters. Snapon has now limited the upgrades you can get for a masters, no top boxes, just hutches and side lockers. He fills up his masters and now trades it in on an eqip and can finally keep adding on. A 36" eqip side cabinet has just about the same storage capacity as a 55" classic, a higher load rating, is cheaper, and can be added on to instead of trading in. The amount of interest and money pissed away getting to an epiq is mind boggling. 60" epiqs can also be had for close to 54" masters pricing when you find them in stock/ on special vs. ordering one. Buying new it really doesn't make point to buy a masters any more. Why not just sell the guy a 36" epiq in the first place?

 

[dchawk81]

So a guy showing up for maybe an hour once a week; outside the shop in a truck; that they willingly go out to and get on is predatory?

You cant **** the willing. Its no different than big engine sports cars or big bro dozer diesel trucks. 150 years ago it was the same with large fancy thoroughbred horses. Young men(and women with different items) have always bought things that they in many cases could ill afford to impress their friends and strangers as well. Not much different than a peacock strutting around

It's like a windowless van with candy inside.

 

[ScaryFatKidGT]

Icon tools are not cheap.

It's likely a new tech does not have thousands of dollars (verses ten of thousands) in hand just to get started.

Maybe cash for the PP tools - maybe.

Less than half the price of Snap-On

IMO I wish they were their own thing and didn’t try to copy Snap-On so much, but I have their pliers, several specialty wrenches and impact swivels

 

[jbfsr]

Well, we live in capitalism where the profit determines a lot. The companies are doing it because they can - also because there is always some person who "has to have the best and show it to others today and not tomorrow..."

In general people in USA (and probably many other countries) do not get any USEFUL financial education for everyday life in schools and colleges. It is much easier to control the uneducated population. Common sence is not that common in financial world either.
You want to control the public - pay them in colored pieces of paper and determine how much those pieces are worth. Let them save for their retirement in another pieces of paper/value tokens which have no direct correlation to real physical entities, control the value of those tockens and you control how much and how long people work. Just do not forget to brainwash the public periodically about "economy hard times, problems which are out of our control, etc...." Majority of public is in a way enslaved economically... Also do not forget to increase the ratio of managers who have power over people who actually produce/create/do something, pay them more and make them in charge of people who work...

There is no good way to fix the situation we are in where banks and corporations control and manipulate people. It's not only tool box companies, it's multiple others.

The only way to go around it would be the following
1. Start teaching people about finances properly in schools and colleges (I bet this would never happen - do not give freedom to people you want to control...)
Teach kids that financial success is actually a long term game of freedom and not showing off to your neighbor that you are driving a fancy $70,000 truck to a grocery store and paying tons of money for it, but rather ability to spend more time with the family, retire early, etc...
2. Older guys who teach younger ones should actually teach them properly (and not make them repeat the same mistake of making others rich by borrowing for the basics. "Having Snap On shows that you are serious about what you do and will help you find a better job type of BS (I bet a lot of those guys were either in debt themselves or are getting a % of sales...)
May be if some of those poor guys getting in debt for fancy tool boxes were told to "Get used and cheap, make money and then buy if you need", they would be better off
3. The MOST IMPORTANT WAY - Patents and grandparents trying to teach their kids (the world makes sure everybody works very hard, is too tired to get home to have too much meaningful interactions with kids. Remember - our goal is to raise them properly, not to help pay for their colleges...)
...I can keep going but you got the point

You are right on the money. Good write-up.

 

[Joemctag]

I don't work for a bank, and I'm surely no loan officer, but I get pretty sick of the term "predatory lending."

If you're an adult, and you've got a high school diploma or GED, you should be smart enough to understand how payments and interest works. It's a pretty basic math principle, that was likely taught to you for at least four years during your education. My 13yr old nephew gets it

If you're willing to sign on the dotted line over a several thousand dollar loan, you're capable of understanding the consequences. Whether it's 0.9% or 29.99% I don't care, you made the decision to sign because you wanted it THAT BADLY.

And that's the real problem.
People don't understand delayed gratification, saving for a goal, priorities, etc. Heck, even eBay has a "four easy payments" option...

How does it go? “Neither a borrower or a lender be?”

 

[andyvh1959]

Is it common these days for life skills financial education in schools? Like, starting in middle school to teach kids that interest costs them, most often FAR more than interest gets them. My 1st loan, was for my 1st new motorcycle at age 16, in 1974, $1300. Dad co-signed for it, told me, "you have to make a payment at the credit union every Friday till it's paid. Miss one payment and the bike is mine." Incentive worked, and I saw the reality of interest and paying on time. It kept me on task to maintain a paying job. It was a good start, yet.

Been down the road of CC debt in my past. 20 years ago I finally reset myself to the path of cash or no buy, or pay it off in a month. A tech needs lots of tools to do the job, but does a tech really need to spend $4,000 to $7,000 on a box/cart, do to the job any better? There are SO many used box/cart options. Sure the brand new brand name box/cart is highly desirable. But the tools IN the box/cart do the work.

Is it predatory for the tool truck guy to sell big expensive boxes on credit? Yes but he is also in his own business to sell the products, sell the name. Though, I wonder what the profit margin is for the tool truck guy to sell the tools or sell the box/cart. As far as creating a long term customer base, if I was the tool truck owner I'd coach the buyers on wise buying, not emotional buying. If the customer fails on credit he won't be buying any tools much less a big ol' cart. Does the corporation coach the tool truck guy that way? Doubt it. To me owning the huge fancy tool cart comes with earning it after job experience.

 

[zendriver]

I don't work for a bank, and I'm surely no loan officer, but I get pretty sick of the term "predatory lending."

If you're an adult, and you've got a high school diploma or GED, you should be smart enough to understand how payments and interest works. It's a pretty basic math principle, that was likely taught to you for at least four years during your education. My 13yr old nephew gets it

If you're willing to sign on the dotted line over a several thousand dollar loan, you're capable of understanding the consequences. Whether it's 0.9% or 29.99% I don't care, you made the decision to sign because you wanted it THAT BADLY.

And that's the real problem.
People don't understand delayed gratification, saving for a goal, priorities, etc. Heck, even eBay has a "four easy payments" option...

Comparing the financial situations of struggling people today, with that of a 13 old boy? It's exactly the same.

Seems like the problem isn't so much as a 30% interest rate, as it is a tool box costs $6000

 

[Farmall450]

I don't work for a bank, and I'm surely no loan officer, but I get pretty sick of the term "predatory lending."

If you're an adult, and you've got a high school diploma or GED, you should be smart enough to understand how payments and interest works. It's a pretty basic math principle, that was likely taught to you for at least four years during your education. My 13yr old nephew gets it

If you're willing to sign on the dotted line over a several thousand dollar loan, you're capable of understanding the consequences. Whether it's 0.9% or 29.99% I don't care, you made the decision to sign because you wanted it THAT BADLY.

And that's the real problem.
People don't understand delayed gratification, saving for a goal, priorities, etc. Heck, even eBay has a "four easy payments" option...

It breaks down the payments, interest rate, and total paid in interest right on there.

 

[2ndGearRubber]

Comparing the financial situations of struggling people today, with that of a 13 old boy? It's exactly the same.

Seems like the problem isn't so much as a 30% interest rate, as it is a tool box costs $6000

Price a lista tool box.


EDIT: Or go to HF and buy a box. It's not like they're the company store and the only game in town.

 

[yellowbox]

Tekton, harbor freight, amazon.... I mention all deals, HJE day I'll pay for your shipping added to my order. Just tell me the tools you want and I'll order them.

Nope, never any takers. Then people want to borrow a 17mm socket.

Lol... yup
H.J.E...??

 

[yellowbox]

Pay Mcwages, but expect them to bring $1000+ in tools to start on the first day. **** has TPMS now, digital is required. You need triple square for VW undertrays, you really need an impact driver for all of it. Just to have the absolute bare minimum and suffer working off a pile on the floor, you need $500.

Typical "skilled trade shortage" stuff.

"Pay mcwages" lmao so true and yet someone commented on another thread that they thought dealerships might be hurting
Yeah right they making a killing
Sales staff on commission and there 10-12 hrs a day
And flat rate is only making money per job
The only tools they supply is a 45 year old brake lathe and a 20 yr old alignment rack 25 yr old tire machine

 

[yellowbox]

Because they're buying a Benz, and paying for their kids college, and going to a resort in a Caribbean with the office staff.. I've had vice grips as a door handle to the front lobby for several months. GP% is plenty high, shop $$$ revenue is plenty high. But somebodies bonus goes down when expenses go up, thus, poverty mentality. Nickle and dime, broken equipment, foundation leaks, doesn't matter. But shop supplies are $30 on your brake job, but I paid for all the consumables. LOL

The other reason is it's another thing to oversee. And the last thing management wants to do is waste any more time 'tard wrangling with the idiots dumping oil. When ******* loses half the sockets, how are you buying new ones? No you cannot deduct their pay, that's not legal. How often are you inventorying this? How are you getting replacements, due to loss, theft, or warranty failure? Are you paying them on the clock to drive to HF? Just reordering with a shop-supplies PO from advance auto? When they lost the T30 bit, and it's an OMG WAITER oil change, what is your process to remove the undertray?



I put together a tool-kit, including a HF cart, as a proposal for my employer. The ONLY reason the lube bay exists is to say "YES!!!!!" to anything and everything to get it in the door. Between lost time due to comebacks, damage claims, and just the toxic attitudes and stupidity, it's a loser as a business model. I don't know why we bother. By the time the job is done correctly, in the aftermarket shops I've worked in anyways, you're losing money because you needed someone with a brain to stop doing what they're doing to bring in revenue and fix goobers nonsense.

Your plan also assumes infinite growth to turn over the tools. Do you fire them when they don't have their own tools in X days? My plan included becoming "vested" over the course of a year, in which case they own the tools after 1 year. Leave the shop/industry? The tools are yours to take if you lasted the required period. At the time I believe it was about $750 including the cart, less tax. Deemed FAR too expensive. I don't loan tools, so I don't really care. Ever watch someone try to remove a cartidge oil filter housing with their hands? Oh well.

Vise grips as a door handle ...you should see our bathroom , looks like crackhead lives in there , smells too
But sales dept , you could eat off the floor in there , comfy with a.c and looks and smells good

 

[2ndGearRubber]

Lol... yup
H.J.E...??

Harry J Epstien, the 4th of july sale on here. Good quality tools. Not everything an auto tech needs but you can great some great deals on files, prybars, etc. through them.

Vise grips as a door handle ...you should see our bathroom , looks like crackhead lives in there , smells too
But sales dept , you could eat off the floor in there , comfy with a.c and looks and smells good

Animals shedding *** hair and spray **** all over the seat. I'm using the customer one anymore.

Lube techs crying about taking out the garbage "because 2ndGearRubber makes the most". No **** I'm paying your mcwages to do 4 LOF cars a day with my productivity. So take out the damn rotor boxes. The ones box is so nasty with old food and trash we put mouse poison and snap traps around it. Manager won't let it be in sight of the customers.

 

[5ubtle]

The invoice that you show in post #1 doesn't add up.

$5440 financed for 13 years at 24.9% is 156 payments of $118 each ($18,350 total).

156 payments of $49.57 is 5.75% interest on $5440 financed.

Edit: My mistake, I understand now that this is weekly payments not monthly.

 

[bigfunwmu]

The invoice that you show in post #1 doesn't add up.

$5440 financed for 13 years at 24.9% is 156 payments of $118 each ($18,350 total).

156 payments of $49.57 is 5.75% interest on $5440 financed.

Yeah, it's 156 weekly payments not monthly payments. That's a 24.9% APR 3 year loan

 

[dscheidt]

The invoice that you show in post #1 doesn't add up.

$5440 financed for 13 years at 24.9% is 156 payments of $118 each ($18,350 total).

156 payments of $49.57 is 5.75% interest on $5440 financed.

weekly payments.

 

[bscman]

Comparing the financial situations of struggling people today, with that of a 13 old boy? It's exactly the same.

Seems like the problem isn't so much as a 30% interest rate, as it is a tool box costs $6000

Not comparing struggles of today's adult
to the struggles of a 13yr old boy.
You missed the point.

My point was that a 13yr old, public school attending, B-/C+ student is able to figure out how a loan works, what interest costs, and what the total cost will be. At age 13 he can spot a bad deal.

If a 13yr old can do it, an adult has no reason to cry "predatory lending" when they sign up for a loan and end up in trouble.
It's not difficult math.

And you can buy a perfectly adequate tool box for under $1000 if you're starting out. A US General 56 is what, $750 on sale?

 

[ScaryFatKidGT]

The SO truck doesn't prey, people are just dumb. The interest rate reflects the risk of unsecured loans on high priced items.

I don’t hate the trucks I just buy very little from them because most everything can be obtained elsewhere for a far better price. We live in a good time for affordable tools that aren’t junk.

While I agree that it was his choice and final decision I think any financing over 20% is predatory, needs to be outlawed... especially with $40 late fees... if there credit is that bad you shouldn't be financing them at all.

Not comparing struggles of today's adult
to the struggles of a 13yr old boy.
You missed the point.

My point was that a 13yr old, public school attending, B-/C+ student is able to figure out how a loan works, what interest costs, and what the total cost will be. At age 13 he can spot a bad deal.

If a 13yr old can do it, an adult has no reason to cry "predatory lending" when they sign up for a loan and end up in trouble.
It's not difficult math.

And you can buy a perfectly adequate tool box for under $1000 if you're starting out. A US General 56 is what, $750 on sale?

1. You would be surprised, a 13yo fresh out of stats class yes, but adults no

2. It's $899 regular, I don't get it but for some reason people don't respect them and think they need a Snap-On box for their Snap-On tools.

 

[luvtheheat]

When I was 8 or 9 YO my dad showed me the amortization statement for his house mortgage. "Notice how the principle amount paid gets bigger and the interest amount paid gets smaller with each successive monthly payment against the loan".

That made such an impact on me and taught me a lesson that stuck with me for life.

My only "credit" buys were my house and my first (only) brand new car after college.

Everything else is paid cash or same month if on CC.

Now, 60 YO and retired

 

[noid]

The whole truck model is predatory. They 'sponsor' techs by providing them 50% off during school (conveniently when they don't have money), then show up at their place of work daily/weekly (100% when they do have money).

The model is predicated on wanting to be like the other kids; they have snap-on/mac/matco and so should you.

Interest here is secondary to the upfront cost of the toolbox; its grossly overpriced.

More specifically, this is a north American problem; the vast majority of the world gets by just fine without spending 5K+ on what amounts to some shelves.

 

[mepstein]

"More specifically, this is a north American problem; the vast majority of the world gets by just fine without spending 5K+ on what amounts to some shelves". LOL! so true.

I'm not a tech but I own and work at a shop so I see what goes on. Our current shop is a private place so we are not pushing high production. I have a couple HF boxes at my house and I know the techs can easily use them as a working box. My 56" was $620 last year after discounts. I see the value of investing in tools but some people think that investments have to take years. If the techs would buy the minimum to get started making money then they wouldn't have these big bills that take forever to pay off.

We have one guy working out of a $175 HF 5 drawer cart and a couple hundred dollars worth of tools. Guess what, He makes the same per hour as the guys with thousand dollar snap on boxes and more if you consider he's not paying interest on tools.

 

[corn chip]

theres some interest free credit cards up to 21mon and also paypal has a few 0 interest options. ive bought many thousands of dollars worth of stuff with those methods