Radio Sales Café

This one has gotten no press. BUT... deferred interest payment plans like "same as cash" or "no interest no payments" are banned after July 1, 2010. deferred interest plans are typically marketed as “interest free” products but many consumers fail to receive that benefit and are instead charged interest retroactively. Accordingly, as with the prohibitions on other repricing practices discussed above, prohibiting the assessment of deferred interest will improve transparency and enable consumers to make more informed decisions regarding the cost of using credit. Accordingly, the Agencies conclude that an exception to the general prohibition on rate increases is not warranted for the assessment of deferred interest. The new rules still allow the lenders to charge interest first and credit back the interest if the consumer pays off the principal balance within the promotion period. This effectively preserves the benefit of "same as cash" to the consumers without the deception of deferred interest. What this means: Furniture Dealers, Appliance Dealers, ATV dealers, anyone who uses this ploy will want to market heavily in advance of this deadline if they wish to run same as cash sales. Go get em!

Thanks for the heads up!