Just a quick "word of warning" concerning one of the financing options Panny is offering. I was ready to buy an HPX 300 and 2-32 gig E-series cards from B&H using the 25% down and 0% for 24 months plan. Total cost for the gear was $9062.85. I did the math and figured I would be forking over roughly $2200, which is a little more than 25% of the purchase price. After applying for and being approved for the lease purchase plan, I get an invoice for an inital payment of $3356 (Way more than 25%). The only additional fee I hadn't counted on was $150 documentation charge. I have no idea what the additional $1000 is for and I wasn't offered and explanation when I emailed the contact person to cancel the deal.
Panasonic Financing Solutions
- Thread starter Derbigny6
- Start date
Daniel Epstein
Active member
Maybe they tried to use the list price as the basis. Definitely should require/provide an explanation.
videomagician
Well-known member
Is it the liability insurance Panasonic requires on leases?
The way it works is, you find the gear you want at the dealer you want and then report the gear on the form with the price. There are very few details about the plan provided.
They do require physical damage and liability insurance ($1,000,000 worth), but you're required to submit an insurance letter verifying coverage. So, no, insurance cost is not included in the amount they wanted me to pay.
Jan_Crittenden
Veteran
Hi,
Saw this thread and thought, it was odd so I asked the leasing folks. I got a fairly good reply considering we don't know the wherabouts or who the origina posster is. So if the original poster would like to PM me I am sure we can get answers to your questions.
Please read the following:
"It’s hard to say and I wish I could know who the Customer is….unfortunately; we have been the recipient of some of these blog-blasts in the past and don’t have a way to respond. From what he is saying, the 25% down would have been exactly $2265.71, + a doc fee of $150 which is a total of $2415.71. The difference is probably tax and not knowing where his business is located or who he is it’s impossible for me to view his invoice. We are required to administer the tax based on the tax laws of each state. Most states require us to tax the monthly payment, but some states require us to tax the total payments up front. If he is from an upfront tax state, it could easily add up to another $600+ dollars. This is most likely the case because he mentions he bought from B&H and many customers do so from out of state to avoid sales tax but we are required to collect it and remit it back to the state. The customer is also required to show proof of insurance on the equipment. If they don’t, they are notified that we will outsource the insurance and add it to the monthly payment until they can demonstrate that they have insured the equipment. We make no money on the insurance and simply require that the equipment be insured, regardless if it’s their insurance company or if we have to outsource it.
In any case, there is a toll free number on the invoice that they can call and speak to a customer service rep and get more information about the invoice so I don’t know who he would be emailing since we have no service email number. He may be emailing B&H who will probably ignore the request since it doesn’t concern them and they have not forwarded it to us.
We would be happy to contact him directly if we had a way to know who he is. "
Anyhow, if you would like to have me put you in touch directly I will. There certainly is an explanation for your invoice amount. I would hate to see you miss out on the purchase of a great little camera due to some misunderstanding.
Best,
Jan
Saw this thread and thought, it was odd so I asked the leasing folks. I got a fairly good reply considering we don't know the wherabouts or who the origina posster is. So if the original poster would like to PM me I am sure we can get answers to your questions.
Please read the following:
"It’s hard to say and I wish I could know who the Customer is….unfortunately; we have been the recipient of some of these blog-blasts in the past and don’t have a way to respond. From what he is saying, the 25% down would have been exactly $2265.71, + a doc fee of $150 which is a total of $2415.71. The difference is probably tax and not knowing where his business is located or who he is it’s impossible for me to view his invoice. We are required to administer the tax based on the tax laws of each state. Most states require us to tax the monthly payment, but some states require us to tax the total payments up front. If he is from an upfront tax state, it could easily add up to another $600+ dollars. This is most likely the case because he mentions he bought from B&H and many customers do so from out of state to avoid sales tax but we are required to collect it and remit it back to the state. The customer is also required to show proof of insurance on the equipment. If they don’t, they are notified that we will outsource the insurance and add it to the monthly payment until they can demonstrate that they have insured the equipment. We make no money on the insurance and simply require that the equipment be insured, regardless if it’s their insurance company or if we have to outsource it.
In any case, there is a toll free number on the invoice that they can call and speak to a customer service rep and get more information about the invoice so I don’t know who he would be emailing since we have no service email number. He may be emailing B&H who will probably ignore the request since it doesn’t concern them and they have not forwarded it to us.
We would be happy to contact him directly if we had a way to know who he is. "
Anyhow, if you would like to have me put you in touch directly I will. There certainly is an explanation for your invoice amount. I would hate to see you miss out on the purchase of a great little camera due to some misunderstanding.
Best,
Jan
Hi Jan,
Apparently the mandatory tax collection is the problem. I buy from B&H very often and I have never been forced to pay sales tax. Thankfully, I don't live in the state of New York since B&H lives there. I think the sales tax issue should have been brought up during the initial contact with the Panasonic financing rep I spoke with.
Re: the Blog-Blast: I thought potential buyers who were thinking about using the financing plans would want to know what to expect, and you've clarifed it much better than the rep did. He offered no explanation when I emailed him to cancel the deal. We were communicating via phone and email.
Bottom line:
-I believe I should have been told upfront that tax would be charged. If I had known that fact I would not have proceeded with the application and everyone involved would have saved some time and effort.
-I still plan on buying an HPX 300 using a workaround that does not require sales tax to be paid. Panasonic will still collect bucks from me but, until the gov. figures out how to collect interstate internet sales tax I won't be paying it. I'm sure most of the members of this forum agree with that. $600+ is a sizable chunk of change for the bulk of us freelancers.
Thanks,
Steve
Apparently the mandatory tax collection is the problem. I buy from B&H very often and I have never been forced to pay sales tax. Thankfully, I don't live in the state of New York since B&H lives there. I think the sales tax issue should have been brought up during the initial contact with the Panasonic financing rep I spoke with.
Re: the Blog-Blast: I thought potential buyers who were thinking about using the financing plans would want to know what to expect, and you've clarifed it much better than the rep did. He offered no explanation when I emailed him to cancel the deal. We were communicating via phone and email.
Bottom line:
-I believe I should have been told upfront that tax would be charged. If I had known that fact I would not have proceeded with the application and everyone involved would have saved some time and effort.
-I still plan on buying an HPX 300 using a workaround that does not require sales tax to be paid. Panasonic will still collect bucks from me but, until the gov. figures out how to collect interstate internet sales tax I won't be paying it. I'm sure most of the members of this forum agree with that. $600+ is a sizable chunk of change for the bulk of us freelancers.
Thanks,
Steve
I originally thought that the Panasonic financing was a no-brainer. At, 0%...how could you go wrong? Well, check this...
I had a package put together that cost $13,668.00.
With Panasonic (2/yr payment plan):
25% down: $3,417.00
Monthly Payment w/ applicable state sales tax: $465.84 (also includes interest at 2.99% for non-Panasonic gear in the package)
Fees: 337.25
TOTAL COST OF OWNERSHIP: $14,934.41
With my bank loan (2/yr payment plan):
25% down: 3,417.00
Monthly Payment: $454.33 (at 6% interest)
SUBTOTAL: $14,320.92
Less Rebate: -$800.00
TOTAL COST OF OWNERSHIP: $13,520.92
That's a $1,400 difference, just in financing/rebates. Just wanted to give all of you a heads up!
I had a package put together that cost $13,668.00.
With Panasonic (2/yr payment plan):
25% down: $3,417.00
Monthly Payment w/ applicable state sales tax: $465.84 (also includes interest at 2.99% for non-Panasonic gear in the package)
Fees: 337.25
TOTAL COST OF OWNERSHIP: $14,934.41
With my bank loan (2/yr payment plan):
25% down: 3,417.00
Monthly Payment: $454.33 (at 6% interest)
SUBTOTAL: $14,320.92
Less Rebate: -$800.00
TOTAL COST OF OWNERSHIP: $13,520.92
That's a $1,400 difference, just in financing/rebates. Just wanted to give all of you a heads up!