Flight Club Now Offers Financing For New Sneakers

For those asking if the shoes can be repossessed; I don't think so. Most likely this loan will take on the same sort of guidelines as a credit card.
[h2]  [/h2]
[h2]What Can Be Repossessed?[/h2]
Below is list of what creditors can  repossess if you default on a loan. If a creditor is allowed to repossess an item, the creditor does not have to go to court and get a judgment before it repossesses the property.

Your home.  Your home loan is secured by the property you purchased with it. If you do not make your mortgage payments, the lender can repossess the home. This is what happens in a foreclosure. After the lender evicts you, it sells the property to recover as much of the outstanding loan balance as possible. (For more information on foreclosure, including tips on negotiating with your lender, see How to Stop Foreclosure.)

Your car.  Most auto loans, whether obtained through the dealer, a bank, a credit union or any other lender, give the creditor the right to repossess the vehicle if you default on the car loan. The lender is not required to give prior notice. After repossessing your car, the lender will sell it to recover the money you owe. If there is a shortfall between your outstanding loan balance and the sale price, you may be held responsible for paying it, plus the creditor's repossession expenses.

Rent-to-own items.  This includes furniture, electronics, appliances, and anything else you rent with the option of purchasing.

Any property used as collateral.  A debt is secured if a specific item of property (called collateral) is used to guarantee repayment of the debt. If you don't repay the debt (or are in default on the loan for some other reason), most states let the creditor take the property without first suing you and getting a court judgment.

For example, say you have a car that you do not owe any money on, and you offer it as collateral on a loan for a new business. If you fail to fulfill the terms of that loan agreement, your car can be taken. ( Repossess  is a bit of a misnomer in this sense, because the lender may never have owned an interest in the item that is being taken.)

If you are unsure whether a debt is secured, check your credit agreement. Your credit agreement will also detail the things that would put you in default on the loan (for example, being behind on your payments or not maintaining proper insurance).
[h2]What Can't  Be Repossessed?[/h2]
Here's a list of what creditors cannot  repossess if you default on a loan. Keep in mind, however, that the creditor can always sue you in court to recover the money you owe. If the creditor wins the lawsuit, it may be able to garnish your wages or put a lien on your property. (To learn more about the ways creditors can collect judgments, see Nolo's area on Representing Yourself in Court.)

Property not specifically named as collateral.  If something is not specifically named as collateral for a debt, it cannot be repossessed. So, for example, say you have an unsecured personal loan and a car loan, both with A&B Bank, and you default on the personal loan. As long as you continue to make payments on the car loan, the bank cannot repossess your car because it was not specifically named as collateral for the personal loan.

Credit card purchases.  Credit card debt is unsecured, which means the credit agreement does not name anything as collateral for the loan. Therefore, items purchased with a credit card cannot be repossessed.

Property named as collateral in an unenforceable contract.  A contract that does not comply with your state's legal requirements may be void and unenforceable. A lawyer can review your contract for validity and advise you on your consumer rights.
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SuperAntigen said:
They're aiming to create housing level bubbles in the sneaker market, and all it'll take for the bubble to pop is Nike retroing some highly coveted kick...:lol:

Also, the people who'll buy into this are the very same people who'll likely have not-so-great credit and bad money management skills.

Oh well...in before the first ever lawsuit for predatory lending in the sneaker game.


Edit:

In their defense, if you've purchased a pair of sneakers (from Footlocker, Footaction, Nike, etc) with your credit card (guilty), then you too have "financed" and/or put sneaker on "layaway." That said, let's keep the holier than thou attitude to a minimum...:lol:






...
Click to expand...
At that like I'm still paying retail though. K
 
:smh:
So glad I'm out the shoe game. This has taken it to a new level, won't be surprised if this it replicated in the market.
 
This is hilarious. People going bankrupt over jordans.

Maybe this will shock people into getting their ish together.
 
What if carlos is at school and all his friends got the latest jays and yeezys and balance y agas and his fambly cant afford nothin but some converse from the bodega.
 
superblyTRIFE said:
I'm surprised it took this long.
Click to expand...
There's a chain of stores in SoCal that started a financing service back a decade ago. Of course the stores were around poorer areas. I read the fine print and the rate was something like 30 percent.
 
it just shows you the extremes people are willing to go just for something thats gonna collect dust in there closet
 
You're literally better off using a credit card. With the APR, you're going to pay double or more what FC actually has the shoe listed at.
 
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I saw rhis being talked about in some fb groups yesterday, and wow people are stupid. This will definitely put a lot of young/ignorant kids into bad debt. At least they aren't taking out loans from Western sky financial to buy kicks though, I guess. :lol:

View media item 1684311
 
i'd like to hear the conversation of the kid trying to get his mom to cosign the loan
 
What's gonna be hilarious is when some dummy's midsole crumbles or sole separates and he is still making payments...

To be fair, Affirm is a lending company and they are doing financing for a lot of sites and merchants that shouldn't need financing. This isn't just something exclusive to Flight Club.

http://shoppingkim.com/online-stores-that-accept-affirm-to-buy-now-pay-later/

With that said, it's still really dumb to finance sneakers from a reseller. This is nothing like buying sneakers on a credit card.
 
Last edited:
Don Adidada said:
Also how do you repo a pair of shoes?
Click to expand...

You don't

This basically like a payday loan. You pick your repay option, you give them your debit card number or bank account info, you pick a date for auto withdrawal, and they take the money out monthly until debt is repaid.

Affirm will get their money regardless of what happens. If someone's bank account goes into the negative, the bank still has to pay Affirm and the bank will go after the person.
 
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