Thoughts on Flexirenting a new 5000

G'day all,

This is my first post and I am new to prospecting. I got taken out with a friend a few weeks back for the first time and seem to be getting hooked! Love the outdoors, and the relaxation of the sport!

I am considering flexirenting a gpx5000 as the outright cost is a big ask at the moment! So just want to know your thoughts. Has anyone done it, do most shops sell on flexirent, would you do it if you didnt have the up front cashola?

Cheers.

G'day MTB

It's not something I would do, but it seems you can flexirent just about anything you want these days.

Nuggets from down under at Mudgee are offering it. They seem to call it FlexiWay.
Here is there web site. http://www.nuggetsfromdownunder.com.au/

cheers dave

MTB. all I can say is don't do it, Unless you don't mind not owning the 5000 at the end of the term! Having paid the 8 odd grand over term for there 5000, they will give you the option to buy it at second hand value? In 3 years time, can you see the GPX5000 being less than $4000.00? I doubt it! So you've just paid 12+grand???
Don't do it!
Cheer Chris

Chris have you rang and found out the fine details of the deal that NFDU is offering?

I ask this because there are no details on the website. I have dealt with NFDU on a couple of occasions and the service is there with the best dealers in the country.
I am not saying that the repayments are not high and I am not sayin they are as I do not know, one thing I do know is that any type of credit card or repayment plan is high interest which is why I do not have any of those either. The original investor needs to make a return, thats business.

MTB, I would suggest to make the phone call to NFDU and get in writing what the deal is then go from there, another option may be to get a personal loan or sell assets to assist in the payment. The other option if you are truely keen is to start saving, the more you want the harder you will strive to achieve.

good luck

Hi Goldstalker, Once on any Flexy rent plan, Flexy rent own what you have purchased, the dealer is only a pawn in the system with NO control over flexy's decision!
Cheers.

it's very hard to comment on NFDU's flexirent plan. everyone here is just guessing and giving their opinions from other like plans.

not saying anyone is wrong or right.

give them a call. i purchased my 5000 off them and they are extremely helpful.

as another opinion. their plan could be that they sell you the detector, but like a GE loan, GE pay them, you pay GE. usually there are setup fees and interest rates involved, account keeping fees and monthly fees.

albeit, it could be time to wait till early next year before buying a detector as the wet season will soon be upon us and the new model may be released by that time.

I'm only responding to Flexirent. They are a business all to there own. Any business with morels should stay clear? It's a cash boon for the likes of Harvey Norman.
If that doesn't ring any alarm bells, nothing will!

Hmmm, thanks guys for this discussion. It helps a lot. And as I read more, I see the long term expense makes the deal unattractive.

Down to 2 options... 1. Personal Loan, 2. Save!

Even a personal loan for a second hand 45 would make sense. As they hold value quite well you could sell it and almost get your money back and pay off the loan if worse comes to worse (plus a few little fees )

the big $$ question is when is the 5500 coming out.the 5000 is around 12 months old.if the 5500 comes out you could expect to pick up a 5000 for $4500 and a 4500 for under 4g .going on what happened when the 5000 was released, which was denied by the powers that be that it was indeed being released.

MTB wrote:G'day all,

This is my first post and I am new to prospecting. I got taken out with a friend a few weeks back for the first time and seem to be getting hooked! Love the outdoors, and the relaxation of the sport!

I am considering flexirenting a gpx5000 as the outright cost is a big ask at the moment! So just want to know your thoughts. Has anyone done it, do most shops sell on flexirent, would you do it if you didnt have the up front cashola?

Cheers.

We are also authorised to offer Flexirent as a payment option. I Flexirent all the shop computers with the software included as it is a business deduction for me, and at the end of the contract there is usually a residual amount that I can pay to keep the goods, or I can roll it over into a new contract at a reduced amount.
For a customer, I asked Flexirent what the residual amount would be a GPX 5000 if it was rented for a 2 year term (24 months). The monthly payment was just under $320 (and an insured option also available at an increased payment), with an extra months payment to own the goods ie. 25 payments and it belongs to you. You need to do the maths but it is a viable option for those that don't have the spare cash to buy one but have a decent credit rating. Cheers.

Flexirent info

...same as 'Leasing' and you should be aware there is no Tax deduction allowed unless the item being 'Leased' is used to derive your income....how many folk out there use their 5000 to derive their income?....just be aware it is a reverse deposit if you will that comes at the end and not the beginning of the deal if thats what you lack....normally with Leasing ,Tax wise, there can not be an implied agreement that you will own the goods at the end of the deal.......I only mention all this because Qld Sandy mentioned the deduction aspect....Hoo Roo

Yes Larry,
I left that to the readers. You cannot claim a tax deduction if it is for private use. Cheers.

Well if my maths is correct then I see it as $8 grand....Now whether you see this as a good or bad deal is entirely up the the purchaser. In my opinion, you would be better off borrowing the 6k from the banks and putting the $320 a month on that, you would pay it off a hell ofr alot quicker (and pay lless)

Better still, why dont these retailers offer a kind of 2 year intrest free deal on buying these detectors. At the end of the day the retailer is making as nice little profit on the mark up that they buy them in at..

My store offers flexirent for PC sales laptops ect ect , I havent had a problem with it yet. They cover theft, repairs for the term of the renting agreement. A customer flexirented a server for a large business from memory it was 15 grand and they took it over 3 or 4 years at the end of it flexirent had me service the equipment and any replacement parts for no cost to the renter. at the end of it the customer paid 1 dollar for the unit and owned it. I dont comment one way or another on if its good or not but their company was real happy lots of home users i mean LOTS use flexirent instead of inrent as a means of payijg something over a term then an offer to own it at the end of the contract.

PS anyone in the cable industry or posthole industry i claimed my GPX5000 as a underground cable detector for when i lay Cat5 and phone lines to rural houses. sometimes i might find gold with it

I'd tred carefully on this one! In regards to the 5000 in Qld sandy's post, and I'm hypothesizing here, Flexy rent would be seeing it as just another piece of electronics, today's fad tomorrows trash! Hmm.

MTB wrote:Hmmm, thanks guys for this discussion. It helps a lot. And as I read more, I see the long term expense makes the deal unattractive.

Down to 2 options... 1. Personal Loan, 2. Save!

Even a personal loan for a second hand 45 would make sense. As they hold value quite well you could sell it and almost get your money back and pay off the loan if worse comes to worse (plus a few little fees )

I'd suggest getting a cheap coin and relic machine and dumping your finds in an account you will be surprised how much money you can save! You also have fun along the way!

Think I might be calling you soon Sandy. You'll deliver to Gympie I take it? I just spoke to old mate at Flexirent and being a surveyor I can claim it on tax as I use them for pin finders. It also pays my HECS bill. Lovin' it. Cheers for the info on that as well.