# Gibson Month!! Killer Deals!!



## pat6969 (Feb 4, 2013)

Not!! Lol. You do the math. What’s interest rate? 25%? A cool 5K for a Classic.


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## Thunderboy1975 (Sep 12, 2013)

No interest for 12 months i think. Been awhile since ive partaken.


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## pat6969 (Feb 4, 2013)

Thunderboy1975 said:


> No interest for 12 months i think. Been awhile since ive partaken.


That ad shows $63 biweekly for 3 years. Just shy of $5000 for a Classic.


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## keto (May 23, 2006)

Yeah, I did the math in the L&M thread. 28.33%


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## keto (May 23, 2006)

Thunderboy1975 said:


> No interest for 12 months i think. Been awhile since ive partaken.


Nope. Full rate, they just extend the max available term.


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## Thunderboy1975 (Sep 12, 2013)

pat6969 said:


> That ad shows $63 biweekly for 3 years. Just shy of $5000 for a Classic.


Definitely a type-o, i couldnt find info on a Classic Plus Blueberry.


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## keto (May 23, 2006)

Thunderboy1975 said:


> Definitely a type-o, i couldnt find info on a Classic Plus Blueberry.


Not sure what yer saying. L&M get special editions every year for Gibson month. There are 4 or 5 including the Epi korina V & Explorer, flip thru the flier and look for “Limited Edition”.


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## Thunderboy1975 (Sep 12, 2013)

keto said:


> Nope. Full rate, they just extend the max available term.


Holy shit really? 
Welp guess my brand new Gibson financing days are over. Been since 2018 anyway. 
The world really is going to shit. 🤨
I do like the price of that Gibson J-15.


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## Thunderboy1975 (Sep 12, 2013)

keto said:


> Not sure what yer saying. L&M get special editions every year for Gibson month. There are 4 or 5 including the Epi korina V & Explorer, flip thru the flier and look for “Limited Edition”.


Im not entirely sure what your saying either.


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## keto (May 23, 2006)

Thunderboy1975 said:


> Im not entirely sure what your saying either.


You said typo?


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## aC2rs (Jul 9, 2007)

The only thing on the flyer that catches my eye is the Epiphone Korina Explorer.


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## Davidian (Sep 8, 2008)

I’ve come across some good deals in L&M Burlington over the years, nice staff too.


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## crann (May 10, 2014)

pat6969 said:


> Not!! Lol. You do the math. What’s interest rate? 25%? A cool 5K for a Classic.


Call me crazy, but the idea of financing a "fun" item seems wasteful. There's also a real reason why the financing terms are in different time units, payments are bi-weekly and total term is 36 months. This is because most people aren't great at math, and so working out the full cost escapes a lot of people.

36 months= 3 years = 52 weeks/year x 3 years = 156 weeks; 156/2= 78 bi-weekly payments; 78 x $63 = $4914

If you saved $63 bi-weekly, you could buy a classic $2880.37 ($2549 + tax) in 45.7 bi-weekly payments. Add 2 or 3 payments to account for inflation.

An adult illustration of the Stanford Marshmallow Experiment.


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## bw66 (Dec 17, 2009)

Yup, the power of seemingly affordable but frequent payments is not lost on most sellers of "status" items.

I don't imagine we'll be seeing any deep discounts on gear until the pandemic subsides and there is a glut of used stuff on the market.


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## 2manyGuitars (Jul 6, 2009)

crann said:


> Call me crazy, but the idea of financing a "fun" item seems wasteful. There's also a real reason why the financing terms are in different time units, payments are bi-weekly and total term is 36 months. This is because most people aren't great at math, and so working out the full cost escapes a lot of people.
> 
> 36 months= 3 years = 52 weeks/year x 3 years = 156 weeks; 156/2= 78 bi-weekly payments; 78 x $63 = $4914
> 
> ...


Except the way things are going lately, by the time you saved for 46 weeks, Gibson probably would be charging $4914 for a Classic Plus anyway.

This is just a handy way to get ahead of the price increases.


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## Rick31797 (Apr 20, 2007)

crann said:


> Call me crazy, but the idea of financing a "fun" item seems wasteful. There's also a real reason why the financing terms are in different time units, payments are bi-weekly and total term is 36 months. This is because most people aren't great at math, and so working out the full cost escapes a lot of people.
> 
> 36 months= 3 years = 52 weeks/year x 3 years = 156 weeks; 156/2= 78 bi-weekly payments; 78 x $63 = $4914
> 
> ...


would the sales tax not be paid up front on it, I aways think the government wants there money now not over 36 months ..
only they can spread out payments over time , like the Trillium benefits.


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## colchar (May 22, 2010)

pat6969 said:


> Not!! Lol. You do the math. What’s interest rate? 25%? A cool 5K for a Classic.
> 
> View attachment 358018




$3299 to buy that Classic outright?

I paid a damned site less than that for one just a couple of weeks ago.


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## colchar (May 22, 2010)

Thunderboy1975 said:


> No interest for 12 months i think. Been awhile since ive partaken.



Not for Gibson Month.


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## crann (May 10, 2014)

2manyGuitars said:


> Except the way things are going lately, by the time you saved for 46 weeks, Gibson probably would be charging $4914 for a Classic Plus anyway.
> 
> This is just a handy way to get ahead of the price increases.


I'm not sure if you're being sarcastic, but we're due to see significant rises in inflation over the next few years for a variety of reasons. Probably >2% for a while before it settles. Gibson will add some on top of that for supply chain issues, worker wage increases etc. Even if we assume 5% increase over the next year which would be insanely high, you'd be at $3024 after tax.

You could counteract these effects by putting that $63 bi-weekly in a TFSA in a s&p500 based ETF. You'd probably come out way ahead than if you financed through L&M. On a side note, Sweetwater is financing these guitars for: "As low as $56/month for 36 months".



Rick31797 said:


> would the sales tax not be paid up front on it


I don't think so. When you finance a car for instance, you don't pay the tax right away. It's amortized with the cost of the car, but the dealership would probably pay the tax at point of sale. Just a guess though.


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## Thunderboy1975 (Sep 12, 2013)

Things have changed at L&M. Sabe my money and buy used.


colchar said:


> Not for Gibson Month.


Your right!
I believe it was 12% interest over a year and the first 6 months was 0%?
Interest was based on how many months you wanted to finance a few years back. 24% over 2 years and so on.
Thats how ive gotten all my LPs was during Gibson Month. It was a great promotion back then.


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## tdotrob (Feb 24, 2019)

These are great deals from L and M. Not only can you pay $2000 more for a guitar, but they’ll give it to you in a condition that allows you to practice your skills setting it up, rehydrating the fretboard and levelling/reseating shoddy fretwork.

They are doing you a favour!


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## colchar (May 22, 2010)

Thunderboy1975 said:


> Things have changed at L&M. Sabe my money and buy used.
> 
> Your right!
> I believe it was 12% interest over a year and the first 6 months was 0%?
> ...



Nope, it has always just been 36 months.


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## Budda (May 29, 2007)

So does this make $1200 for a 2008 studio a great deal now, or...?


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## Diablo (Dec 20, 2007)

keto said:


> Yeah, I did the math in the L&M thread. 28.33%


I guess the L in L&M stands for Loan sharking.
"Long" always sounded suspect.


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## 2manyGuitars (Jul 6, 2009)

crann said:


> I'm not sure if you're being sarcastic...


The fact that you’re not sure says everything.


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## guitarman2 (Aug 25, 2006)

crann said:


> On a side note, Sweetwater is financing these guitars for: "As low as $56/month for 36 months".



$56 US comes to about $70 CAD today.


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## Thunderboy1975 (Sep 12, 2013)

colchar said:


> Nope, it has always just been 36 months.


Yes!! Your right!! 
Its Yorkville month you can finance a Gibson for 0% for 12 months!! 😀 🙌🏽


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## guitarman2 (Aug 25, 2006)

Diablo said:


> I guess the L in L&M stands for Loan sharking.
> "Long" always sounded suspect.


Usually people who can't get credit any where else are the ones that take advantage of in house financing. And that comes with a cost. I remember when I was a young musician touring on the road and had no credit. I was happy to buy my gear through L&M. With all my alternative low interest credit I have no need for L&M financing. If there is something I want to buy it takes me about 2 to 3 months to top up my gear fund by about 5k. So anything I need I can get with Zero interest. 
So I don't know why all the complaining of their high interest. You'd only take advantage of it, if it was the only way and its something you had to have.


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## keto (May 23, 2006)

Rick31797 said:


> would the sales tax not be paid up front on it, I aways think the government wants there money now not over 36 months ..
> only they can spread out payments over time , like the Trillium benefits.





crann said:


> (EDITED out a bunch)
> I don't think so. When you finance a car for instance, you don't pay the tax right away. It's amortized with the cost of the car, but the dealership would probably pay the tax at point of sale. Just a guess though.



L&M count it as a complete sale, with an account receivable on their books (your payment stream). So, the entire tax is due to which ever government is collecting it, that month or whenever the regular tax remittance period is. Same with a car. 

A trade-in complicates the scenario a little bit. And a lease is a whole different animal, but that's not what we're talking about, it's definitely a sales conract you sign for financing at L&M.


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## crann (May 10, 2014)

guitarman2 said:


> $56 US comes to about $70 CAD today.


Yes, but the LP classics are going to $1999 USD.


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## guitarman2 (Aug 25, 2006)

crann said:


> Yes, but the LP classics are going to $1999 USD.


I missed that was $56 a month as opposed to $63 bi weekly. So I guess the Sweetwater deal is "Sweet".


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## keto (May 23, 2006)

crann said:


> Yes, but the LP classics are going to $1999 USD.



Just careful, the mainstream Classics are not the 'AAA top' at L&M for $3299, what's a regular classic now, (OK, I'll go look) $2549. It never struck me until now, a $750 premium? Yikes, not that I was interested.


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## Diablo (Dec 20, 2007)

guitarman2 said:


> Usually people who can't get credit any where else are the ones that take advantage of in house financing. And that comes with a cost. I remember when I was a young musician touring on the road and had no credit. I was happy to buy my gear through L&M. With all my alternative low interest credit I have no need for L&M financing. If there is something I want to buy it takes me about 2 to 3 months to top up my gear fund by about 5k. So anything I need I can get with Zero interest.
> So I don't know why all the complaining of their high interest. You'd only take advantage of it, if it was the only way and its something you had to have.


thats literally the definition of loan sharking....charging exorbitant rates to desperate people.


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## 2manyGuitars (Jul 6, 2009)

Thunderboy1975 said:


> Yes!! Your right!!
> Its Yorkville month you can finance a Gibson for 0% for 12 months!! 😀 🙌🏽


Yeah, I was thinking back to my LP Classic and I was 100% sure it was near the end of the year, so not Gibson month. Yorkville month makes sense.

I wanted one of those Pelham Blue P90 Les Paul Classics as soon as I saw them. I had enough cash to buy it outright but since they had 12 month 0%, I figured why not keep some money in my account instead of theirs.
I put about half down, leaving a balance of exactly $1200. Paid $100 a month for the next year, leaving the money there, just in case.


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## guitarman2 (Aug 25, 2006)

Diablo said:


> thats literally the definition of loan sharking....charging exorbitant rates to desperate people.


Loan sharking is illegal. What L&M does is no different than what Pay day loans businesses do. No one is twisting any ones arm to use these services. I spent many years on this merry go round of buying gear I couldn't afford over time with high interest. Till I put the brakes on, paid all my debt off. Its great to blame the businesses while those "desperate" people take no accountability and whine about the loan sharks. L&M give lots of opportunity for zero interest time payments and if the desperate people can't even wait for those opportunities then thats on them.


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## Alex (Feb 11, 2006)

Diablo said:


> thats literally the definition of loan sharking....charging exorbitant rates to desperate people.


The major difference being that "desperate" would apply to basic needs such as shelter and food as opposed to luxury items. The desperation in this case is self inflicted with no just cause.


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## Thunderboy1975 (Sep 12, 2013)

2manyGuitars said:


> Yeah, I was thinking back to my LP Classic and I was 100% sure it was near the end of the year, so not Gibson month. Yorkville month makes sense.
> 
> I wanted one of those Pelham Blue P90 Les Paul Classics as soon as I saw them. I had enough cash to buy it outright but since they had 12 month 0%, I figured why not keep some money in my account instead of theirs.
> I put about half down, leaving a balance of exactly $1200. Paid $100 a month for the next year, leaving the money there, just in case.


I got a Charvel San Dimas (ughh) one year during Yorkville mth. Traded it in to get the '19 Traditional i covet now. Paid like $27 a Biwkly for a yr.
Same with the 2525c, traded a BJ laquered tweed in for it. My dog kept peeing on that blues jr.


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## crann (May 10, 2014)

keto said:


> Just careful, the mainstream Classics are not the 'AAA top' at L&M for $3299, what's a regular classic now, (OK, I'll go look) $2549. It never struck me until now, a $750 premium? Yikes, not that I was interested.


I'm not buying a classic or using the financing. Just using that guitar to illustrate the cost of financing, and the much better financing option by Sweetwater.


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## amesburymc (May 14, 2006)

Called L&M yesterday to get more info on the promo. I didn’t do the math but they said the interest is 1.49%/month. I was also told if I buy LP R7 Goldtop with $0 down for 36 months, I will be paying about $1700 more than MSRP. Absolutely no thanks lol. However they said there’s going to be 6 months (not 12) 0% financing promo in June.


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## 2manyGuitars (Jul 6, 2009)

I commented on the L&M Facebook page and they replied back that the bi-weekly payment in the flyer is including taxes and may be cheaper depending on what province you’re in. So it’s really not that bad.


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## keto (May 23, 2006)

amesburymc said:


> Called L&M yesterday to get more info on the promo. I didn’t do the math but they said the interest is 1.49%/month. I was also told if I buy LP R7 Goldtop with $0 down for 36 months, I will be paying about $1700 more than MSRP. Absolutely no thanks lol. However they said there’s going to be 6 months (not 12) 0% financing promo in June.


So, 18% APR not the 28% I calculated, this is more in line with my experience with them in the past.




2manyGuitars said:


> I commented on the L&M Facebook page and they replied back that the bi-weekly payment in the flyer is including taxes and may be cheaper depending on what province you’re in. So it’s really not that bad.


Yeah, they didn't include language about this in the flier, which is leading to some confusion for sure. I'll be asking the same question next time I'm in.


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## 2manyGuitars (Jul 6, 2009)

keto said:


> Yeah, they didn't include language about this in the flier, which is leading to some confusion for sure. I'll be asking the same question next time I'm in.


In Ontario, it still came to $4730 with tax, or $4186 for a guitar that lists at $3299.


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## achar073 (Jan 1, 2021)

This is less good than the Rocktober promotion they did last October - 0% financing for 12 months on Yorkville distributed products, which includes Gibson. 

Essentially a free loan for 12 months and you pay the guitar off in installments at no premium (like in the case of this promotion). I put $1000 down on a Les Paul 60s standard and took it home. Not sure I would partake here - why not just wait until next October if you want to finance?


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## scotheath (Mar 23, 2020)

tdotrob said:


> These are great deals from L and M. Not only can you pay $2000 more for a guitar, but they’ll give it to you in a condition that allows you to practice your skills setting it up, rehydrating the fretboard and levelling/reseating shoddy fretwork.
> 
> They are doing you a favour!


That’s funny. And true


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## Budda (May 29, 2007)

crann said:


> I'm not buying a classic or using the financing. Just using that guitar to illustrate the cost of financing, and the much better financing option by Sweetwater.


Can you get sweetwater financing in canada? Because square wont work in the US without a US bank account, and SW financing would annoy the hell out of me.


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## tdotrob (Feb 24, 2019)

People don’t actually finance guitars at these rates for three years right?

This can’t be a real thing....


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## keto (May 23, 2006)

tdotrob said:


> People don’t actually finance guitars at these rates for three years right?
> 
> This can’t be a real thing....


You're 19 years old, with big rock star dreams and a part time job. Or a guy in his 30's still chasing the dream, who doesn't have a pot to piss in or a window to throw it out of. You can afford the payments. You don't have any, or at least any negative, credit, or a credit card with a big enough limit yet. Yup.

I started out my 38 year so far career in banking & finance working for AVCO Finance, writing loans were the LOWEST I ever wrote in a year and a half was 28%, ranging up to 36%. Yes, it was different times, prime was probably 15%+, but still. Lots of very solid citizens got $$ through us, it wasn't all or even mostly lower income folks. You give way to much credit towards peoples' financial sophistication. Look at the myriad Visa and MasterCard products available, some of them (not just the quasi independents either, we're talking big 5 Canadian banks) are charging 30%, and people sign up every day. Every department store/household good chain etc that has their own card, base rate is way up there too - not that hhg are the same as musical instruments, but you get the point.


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## tdotrob (Feb 24, 2019)

keto said:


> You're 19 years old, with big rock star dreams and a part time job. You can afford the payments. You don't have any, or at least any negative, credit, or a credit card with a big enough limit yet. Yup.
> 
> I started out my 38 year so far career in banking & finance working for AVCO Finance, writing loans were the LOWEST I ever wrote in a year and a half was 28%, ranging up to 36%. Yes, it was different times, prime was probably 15%+, but still. Lots of very solid citizens got $$ through us, it wasn't all or even mostly lower income folks. You give way to much credit towards peoples' financial sophistication. Look at the myriad Visa and MasterCard products available, some of them are charging 30%, and people sign up every day.


Ouch. That’s too bad.


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## keto (May 23, 2006)

tdotrob said:


> Ouch. That’s too bad.


apologies, I edited in 3 or 4 additional small comments, I don't think anything egregious, just noting your quote won't be complete.


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## tdotrob (Feb 24, 2019)

keto said:


> apologies, I edited in 3 or 4 additional small comments, I don't think anything egregious, just noting your quote won't be complete.


All good. I appreciate the follow up. It just boggles my mind.


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## Tim Plains (Apr 14, 2009)

L&M sales and promotions are always a joke.


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## laristotle (Aug 29, 2019)

Wait till those guitars pop up on 'jiji.
'Save on tax (but I'm adding the interest)'.


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## Dorian2 (Jun 9, 2015)

Sure glad I got my LP in High School in the 80's...


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## colchar (May 22, 2010)

I was in the store earlier tonight and asked about the interest rate because of the threads here. Apparently with pre-authorized payment (I assume that means linking a credit card to the account, but didn't ask for a specific definition) the interest rate is 17%.


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## 2manyGuitars (Jul 6, 2009)

tdotrob said:


> People don’t actually finance guitars at these rates for three years right?
> 
> This can’t be a real thing....


It’s getting to the point where when I buy a used guitar, I’m going to have to do a lien search first.

Like the license bureau, I’ll walk into any L&M and buy a UGIP (Used Guitar Information Package).


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## crann (May 10, 2014)

Budda said:


> Can you get sweetwater financing in canada?


Not sure about this, just looked at other financing options and Sweetwater popped up. Wouldn't hurt to ask, they have a huge sales department. Maybe you'll get lucky and get to talk to the dead eyed girl in the stock photo they have as a "sales engineer". That's going to haunt my dreams....


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## BlueRocker (Jan 5, 2020)

2manyGuitars said:


> It’s getting to the point where when I buy a used guitar, I’m going to have to do a lien search first.
> 
> Like the license bureau, I’ll walk into any L&M and buy a UGIP (Used Guitar Information Package).


I've checked with L&M to do this.


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## colchar (May 22, 2010)

crann said:


> I'm not buying a classic or using the financing. Just using that guitar to illustrate the cost of financing, and the much better financing option by Sweetwater.



Sweetwater doesn't ship to Canada so not even worth mentioning them.


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## BlueRocker (Jan 5, 2020)

colchar said:


> Sweetwater doesn't ship to Canada so not even worth mentioning them.


I bought from them last June so they do in fact ship to Canada. Their customer service was great too. I doubt they do international financing though.


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## @melrose (Feb 22, 2021)

Ive learned the hard way that buying a new Standard Les Paul from L&M is the litterally the worst value ever...


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## guitarman2 (Aug 25, 2006)

colchar said:


> Sweetwater doesn't ship to Canada so not even worth mentioning them.


Daves Guitars in the US on their website says this as well. I contacted them to ask about this as they had a guitar I was interested in. They said no problem shipping to Canada. And thats how I got my CS52 tele a month after the pandemic started.


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## colchar (May 22, 2010)

BlueRocker said:


> I bought from them last June so they do in fact ship to Canada. Their customer service was great too. I doubt they do international financing though.



For a lot of stuff (Gibson, Fender, etc.) they are not supposed to ship to Canada.


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## Diablo (Dec 20, 2007)

guitarman2 said:


> Loan sharking is illegal. What L&M does is no different than what Pay day loans businesses do. No one is twisting any ones arm to use these services. I spent many years on this merry go round of buying gear I couldn't afford over time with high interest. Till I put the brakes on, paid all my debt off. Its great to blame the businesses while those "desperate" people take no accountability and whine about the loan sharks. L&M give lots of opportunity for zero interest time payments and if the desperate people can't even wait for those opportunities then thats on them.


Right, and the payday loan business has always been scrutinized for its ethics.
‘We are loan sharks’: Why one woman’s leaving the payday loan business | Globalnews.ca
The New Loan Sharks: Payday Lenders Have More Tricks Up Their Sleeves - AARP ...



Alex said:


> The major difference being that "desperate" would apply to basic needs such as shelter and food as opposed to luxury items. The desperation in this case is self inflicted with no just cause.


Alex, loan sharks dont give a flying fadoo what someone does with their money. It could be to pay bills, start a business, gamble or buy drugs. Its irrelevant.

We can all believe what we want. Im not personally affected by this as Ive never used in house financing and havent carried a credit card balance in over a decade.
But Im unconvinced that interest rates of 25% for just about anything isnt predatory, so we'll have to agree to disagree.


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## Alex (Feb 11, 2006)

Diablo said:


> Right, and the payday loan business has always been scrutinized for its ethics.
> ‘We are loan sharks’: Why one woman’s leaving the payday loan business | Globalnews.ca
> The New Loan Sharks: Payday Lenders Have More Tricks Up Their Sleeves - AARP ...
> 
> ...


@Diablo , correct, however, L&M is not in the business to loan shark but to sell and lease musical instruments. The financing risk associated with luxury items especially musical instruments is correlated with the high cost of the debt or leasing terms provided. My only point is comparing L&M to a loan shark is a bit over the top. ymmv.


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## bzrkrage (Mar 20, 2011)

I found a deal.
Bought it too.
No finance.







*Gibson 2019 Les Paul Classic - Heritage Cherry Burst w/ohsc.*


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## Thunderboy1975 (Sep 12, 2013)

Congratulations! 
2019's are pretty sweet.


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## wayne086 (Jan 22, 2010)

This is how I do it,I always have at least 1000.00 to put down on a gibson product either it be a Les Paul or SG,If you look thru their site or looking for something specific,get them to check their system:Always something used at a great price.Put my GAS in check for at least 6 to 8 months and pay it off within the year.I take advantage of it and not fall victim to the interest.2 years ago I wanted the Gibson Boogie Van Custom,but didn't come up with half of the funds,so sorry,maybe next year I told myself.{thank god I didn't get it,ugly as hell}If you can't do it within the year,then don't do it.The KISS factor.


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## King Loudness (May 3, 2010)

I have two rules I stick to and have done so since I was a teenager.

1.) Pay cash. If I don't have the cash, I don't buy.

2.) Finance if: the terms are 0% and if I already have the cash ready to go. If I don't have the cash, I don't buy.

Just my $.02... has worked for me since I was 14.

W.


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