Do you buy Snap-On tools?

[Snap On Is BAD]

Do you have an account with your Snap-On Dealer? Do you own a terrific toolbox? BEAUTIFUL! If you bought a toolbox from Snappy, you probably have TWO accounts with him; you have an RA (Revolving Account) this is where the dealer does the majority of his business, and an EC (Extended Credit), this is a "financed account" with SNAP-ON CREDIT. This is a VERY HIGH interest loan to you (as high as 20%)!

Watch out though. Snappy may be ripping you off.

Does he give you a receipt every time you make a payment? Make sure he does. Because of the way the system works, your dealer FRONT LOADS your account into his computer. That means he starts off your balance with the loan amount AND THE INTEREST. If you borrowed $8,000 for that Mustang, the interest over 3 years would be another $4,000. Snappy will put $12,000 into the computer. Every time you make a payment, he will deduct your payment from the balance "with interest".

But suppose you DOUBLE UP your weekly payments to pay the box off early? Does the dealer "account" for the interest you should be saving? See for yourself. Ask your dealer what the payoff on your account is, then call the Snap-On Credit office for the same information. Are the amounts the same? If not, ask your dealer to explain and watch out for double-talk!

[l_eclipse_l]

How do you know this stuff is actually happening? If it happened to you, it could have been a fluke in their system and you just got to be the lucky person who had a bad dealer. Snap-On tools are top-notch, that's a fact.

[ireysroad.com]

sorry but i love snap on tools, but you can buy 99cents tools, maybe work for you.

[Snap On Is BAD]

Originally Posted by l_eclipse_l

How do you know this stuff is actually happening? If it happened to you, it could have been a fluke in their system and you just got to be the lucky person who had a bad dealer. Snap-On tools are top-notch, that's a fact.

I worked for Snap-On for many years. I know 300 dealers and had an inside track on their problems. I'm glad Snappy is good for you. I want to help the mechanic or shop that may not know what is happening or could happen.

With the economy so bad, the Snap-On man cannot pay his tool bill. (Well, 40% of them in the Northeast.) If Snappy can't pay his bill, he is put on HOLD and cannot buy tools until he is off hold.

By the way, Snap-On Tools DOES NOT sell tools to mechanics. Snap-On sells tools to DEALERS who sell them to mechanics.

15 to 20% of the dealers will CHECK IN within a year. Usually for 2 months before they sell their franchise back to the branch, they will collect as much as they can on their RA. They know, you see, when it comes time to check in, they sell the RA (your personal account with the dealer) to the branch at a 25% discount.

So even though you THINK your money is going to the credit department, it may not be! CHECK YOUR RECEIPT.

AFTER SNAPPY LEAVES, YOU'RE SCREWED! I'VE SEEN IT HAPPEN "WAY" TOO OFTEN!