Financing through Canon?

[Kevin Lewis]

Has anyone here used the Financing offered by Canon for their C100? If so, was it a smooth process?

[Al Bergstein]

Yep. Worked fine for me. Very happy with the lease arrangement. Kept money in my pocket as I paid for the camera through work. 0% financing was just that. No cost to me.

[Mike Hammond]

Easy and seamless.

[Slavik Boyechko]

Yeah it's very easy through Texas Media Systems.

The only hiccup for me was my own home insurance company has been slow about proving to Canon that I insured the C100, so Canon charged me a mandatory $17/month for 6 months, for insurance that I didn't need. But, not a big deal.

[Kevin Lewis]

Did everyone have strong business credit or was it based upon personal credit?

[Pete Bauer]

Canon’s "$1 Purchase Option" lease is a viable alternative to paying a large lump of cash, or other common forms of financing like a credit card or billmelater. Just be sure you completely read and fully understand the terms in the actual agreement; some of them have taken people by surprise and cost people more money than they expected.

I’ve read the lease agreement all the way through. Here are some of those potential “gotcha” terms that I noticed…and nothing WRONG with them…they’re perfectly legal and standard, but too often people sign without reading…:

- Once you’ve had the gear 10 days and have not given CFS a "non-acceptance" of the gear for some legit reason, you are committed for the duration of the lease. There are no cancellations, except that you can buy out of it.

- If you decide you want to buy the equipment before the lease is over, it will cost you a good bit more than just letting the lease run its course:
PRIOR TO MATURITY PURCHASE. Customer may, at any time, upon 60 days irrevocable written notice purchase all the Equipment at a price equal to the sum of all remaining Payments plus the Fair Market Value plus Costs. Fair Market Value shall be CFS's retail price when Customer purchases the Equipment.

- You have to pay a $65 “documentation fee” plus sales tax on top of the lease amount. Fair enough, but be sure to know the amount and figure it into you total cost.

- You are not allowed to lend or rent the gear. Nor are you allowed to use it for “personal, family, or household purposes.”

- You have to insure the hardware to the satisfaction of Canon Financial Services and name them as the loss payee.

- If you’re late on a payment (and no grace period mentioned, so assume 1 day), you’ll pay a late penalty of 10% or $10, whichever is greater (the 10% will be greater in almost all cases). If you’re deemed to have missed a payment, they can accelerate the entire lease balance, repossess the gear, or if necessary sue you, among other remedies, plus bill you for recovery costs.

- During the lease, you don't own the hardware so may not modify it and are responsible for all maintenance. Getting anything covered under warranty is between you and Canon USA, not the lease company which leases the gear “as is.”

[Scott Hayes]

ill gladly add that this has been the worst lease deal on equipment. yes, I should have done my homework, but Texas Media Systems screwed me over on rate to the tune of $2300. I paid $6500, and my total lease payments once it's all done will be over $8800!!!!!! I want to dump this camera to get out of this mess. Avoid Texas Media Systems at all costs.

[Jim Martin]

Scott, sorry you've had a bad experience with TM....it might have been a communication issue. Canon Financial sets the rates nd the dealer is usually just the go-between. I processed over 50 leases when I was at Filmtools and other than the process itself, the only complaint I had was about the insurance required. If you don't provide proof of insurance, CFS will add it to the lease. Typically, CFS will either approve the lease, approve the lease with conditions (personal guarantee, tax return info, etc), or decline the lease....also, Canon Financial is huge (been doing copiers forever) and their regular rates are better than most outside lease companies' "greatest rate ever".....Now that I'm here at EVS, they have also been doing numerous leases with very little problems.

Jim Martin
evsonline.com

[Kevin Lewis]

I also purchased my C100 from Texas Media (within the last week). My experience with them was great. I completed the credit application and was approved in a matter of hours. The camera arrived within a few days. It was a one page application that clearly stated the terms and conditions. The transaction was smooth and I would certainly purchase from them again.

[Troy Moss]

Canon now has a $500 Instant Rebate on the C100! If you recently purchased, I would do whatever is necessary to get that $500. Just my thoughts!

[Jim Martin]

Troy-
If it was on a lease, you'd basically have to start over and re-write the lease.....new app, docs. etc.

Jim Martin
EVSonline.com

[Troy Moss]

Jim, wasn't thinking of those that leased. My message was to anyone that recently purchased (without lease). Most retailers (like BH Photo) will refund the difference (on the instant rebate) if you recently purchased (before the rebate). I was just looking out for someone that may be in that position!

[Jim Martin]

No problem Troy....I was just going for the idea of a lease....also, if someone bought a camera within a week of new rebates going into effect, we, as a dealer, would go to the manufacturer and ask for relief for our client. Most are accommodating in this scenario....

Jim Martin
EVSonline.com

[Jeremiah Rickert]

Hm, local dealer told me 1.9% financing. Or is the 0% expired?