Howard Jenings

What do shops mean when they advertise 'lay-by' and 'no rain checks'? Just got the sale catalogue from Target and those words are all over it.

bcworld

Lay-by - essentially you agree to pay for an item in installments over a period of time. The store sets it aside for you and you get it once you finish paying the installments.

No Rainchecks - means that you can't have the item for the sale price at a later date e.g. if it is sold out when you go to buy it. If raincheck is allowed, you can agree with the store to buy it at the advertised price at a later date.

helsbells79

Lay-by is something many shops in Oz offer....I'm not 100% sure how it works, but I think it means if you want something, but can't afford it at that time, you can ask the shop to put it on 'lay-by'. You can then by the item at a later date, or over a period of time (ie you effectively reserve an item...for example until pay day when you can afford it!).

And rain checks are used where an item is on offer, but the shop have run out of stock. You can then ask for a rain check, and they will give you a voucher so that when the item is back in stock, you can get it for the reduced price (even if the price has gone back up). I have noticed Target often have good deals on but don't offer rain checks...so if you see something in the catalogue you want, go and get it ASAP...don't wait til the weekend!!

Hope this helps!

msn81

Lay-by is a bit strange - I don't really understand the concept, basically you 'buy' the item but pay in installments (over weeks / months etc) to the shop. The shop will keep the item safe for you until you have made the final payment and only then you can collect the item. I think the theory behind it is that you can secure an item that may run out of stock or possibly because you can get the item whilst it's on special offer and pay for it later. Otherwise it just shows that Australians don't have the self control to save the money up themselves!!!

Rain-Checks means when an item is on special but they run out of stock the store would offer a certificate confirming the customer can purchase the item at that offer price once it comes back into stock. When "No Rain-Checks" is advertised you can't get this certificate - it's like saying "once its gone, its gone" / i.e. "You Snooze - You Loose!"

Red_V_Roger

Thanks all for explaining it - I was always too afraid to ask!

asprilla

Now I'm just making this up as I go along, but I suspect that layby was used much more frequently in the olden days, when consumer goods were more expensive and the range/stock was more limited.

Just waiting for a 60 or 70-something Aussie to come across this thread and confirm my suspicions...

kar-kier

I think layby is an excellent idea, especially with regard to xmas!

You pick out your stuff in July, put it on layby and then pay it off before xmas! The best part is, you are debt free, as you don't get your stuff till you have paid for it all!

Love it!

kids carer

Laybys are something we have had in NZ for years, I remember my mum putting stuff on layby for us when we were kids and yep she is in the 60 age group.

I like layby too as the best part of it for me is I can pay off all of my Xmas shopping at bargain prices and not have to try and hide it at my place as the shop stores it.

Siren & Brian

Like most people just wack it onto the credit card and pay it off over months plus interest.

Geelong Gent

ME want now mentality

msn81

Well... there is that option! but if you want the item right now, why not offer schemes like "Buy now (get now) and pay in 2010" / and/or get it (now)on interest free for 6 or 12 months etc.

I understand the Xmas thing, but if you want an item + can't afford straight away or not prepared to put it on credit then why not just put money by in a piggy bank until you can afford it?!! Better in my savings account over the weeks/months rather than the shops pockets!

Peepster

Why? Lay-by you don't pay interest, thats the whole point. It's more economical (and I would argue ethical) than signing up to some HP or credit agreement. Also, the items that you can lay-by aren't big ticket items like furniture - it's more for clothes, toys and so on. No shop is going to let you walk out with say, a $250 pair of shoes but not pay for them until the following year.

sassie

I understand the Xmas thing, but if you want an item + can't afford straight away or not prepared to put it on credit then why not just put money by in a piggy bank until you can afford it?!! Better in my savings account over the weeks/months rather than the shops pockets![/QUOTE]


simply because the item may no longer be available or may have gone up in price by the time you have saved enough to buy it. Lay-by guarantees the item you want to buy at a price you are prepared to pay.

msn81

Fair point - I appreciate that the buy + get now / pay later scheme won't work on small ticket items and take too much time with agreements etc.

But the point I'm making is that why opt into a pay weekly scheme with the shop, why not just pay weekly into your own piggy bank and then buy the item outright? - Unless you're securing a price or the item doesn't go out of stock it doesn't make sense.

msn81

simply because the item may no longer be available or may have gone up in price by the time you have saved enough to buy it. Lay-by guarantees the item you want to buy at a price you are prepared to pay.[/QUOTE]

Oops - review the latest post before submitting!!!

Yeah - I get what you're saying for such items, but surely not for run-of-the-mill items?!!