THE TRUTH ABOUT SNAP-ON CREDIT AND HARBOR FREIGHT.

[@Kaffeetanne]

Long story short - People these days don't take responsibility for their own actions, instead they look for someone else to blame.

[@CPthetooladdict]

Exactly

[@yarbrouc1]

Exactly. Everyone values things differently. It’s not up to others to determine what’s worth it to you.

[@markusa5521]

I agree with you 100 % that is a true statement.. I don't tell or complain about people buying $8 coffee from Starbucks

[@Gingy737]

I got my box on snap on credit. Have I made mistakes in the past that are hurting me now, yes. But I’ve learned from my mistakes. My minimum weekly is $60. I pay $100. It’ll be paid off in 3 years instead of 6 and I’ll pay 50% less interest. But it also gives me a buffer if I need something when my dealer comes that I can’t pay off in a week or 2. Credit isn’t for everyone but understanding that only making the minimum payment will screw you in the long run. Just be smart.

[@lastbesttool]

Interesting. Milwaukee gloves are some of my favorite shop and work gloves.

[@larryharry7221]

People don't think about the total cost. They just look at the low payment they're going to be making for a long time.

[@jeramy2398]

They have a $2 minimum interest charge so if have $5 balance that'll cost $7. What I learned is instead of making payments to credit card for a purchase take and make that payment to savings account than when have amount buy what want save interest and fees plus if on truck you have bargaining tool.

[@rogerpedrosa1854]

I got similar story. I bought a defective Matco toolbox from my dealer (large dent in back) Matco 4 series. He was selling it for 2200. I had a use snapon toolbox he was giving me 800 bucks trade in. And I had 400 cash as deposit. But in my head I was financing for 1000 bucks. I was making a 159.00 payment for 2 years didn't think anything of it. (I had bad credit) . Long story short I end up paying 5000 for that box. And he flip my old snapon toolbox and sold it to a mechanic at my local tire shop we deal with. The guy bought it for 1600 bucks. Man that's some serious corruption going on here🤣🤣🤣🤣

[@thomasperina2990]

CP, IMHO this is your best video to date + the subject matter. Many people DON'T READ THE FINE PRINT !!! The small details aren't small at all and will kill you if you don't pay attention. I've been looking for a new vehicle for over 1.5 years but I will not pull the trigger due to the fact that the dealers are screwing every buyer + the banks with these stupid interest rates & fees. I refuse to to pay MSRP, DEALER NO VALUE ADDONS, + A LIMITED AVAILABILITY SURCHARGE ON a depreciating asset. If your just starting out you've got to go slow or you are going to suffer in the long run. 😢😢😢 Chad my brother you nailed this suckered DEAD NUTS, My best to you & Henry, TMP from N.J. 😊

[@RobtheAviator]

I’ve got a Mr. big with the top box, hutch and two side lockers. Is it bigger than I need? Maybe, but I buy a lot of tools. I can afford it and love it, so haters can eff off lol

[@craigjorgensen4637]

Yeah, read the fine print! Make one payment late and the zero interest go’s away etc. The guys on the truck give credit to very poor credit risks all of the time. They don’t check credit on truck accounts and often get burned. Techs turnover can be high and they can be impossible to find. It’s a real risk that isn’t shared by the tool companies!

[@nitroustommy3668]

My toolbox is 2/3 the size of that huge black box. If I posted it up the interwebs would lose their shit... 😂 I always wonder if the people bitching about the price of Snap-on are the same people that tell Lexus drivers they could have got a Toyota for cheaper. 😂

[@davidwalle5025]

Great accurate information. You are exactly on the money. May be you should wear a bear suit for the next video

[@johnharbaugh9471]

35 years spinning wrenches, I only buy when on promo or when I have $$$ saved to buy using CC for cash back rewards. Another tech in our shop bought EPIQ locker last month $4850 @ 8% interest when that unit is paid total cost will be $6300.........save $$$ every week rather then making weekly payments, it will take 10-11 months to save for the purchase, however you will save almost $1500 in interest. What else can you buy with 1500 interest saved? Just asking and just how I purchase.

[@DavidWeinberg-cm9xd]

Good job, CP. I was stupid when I got my 01' Lightning pickup? My credit was bad, and I worked my ass off up to 70/hrs. per week. Got the truck with a 17.99% APR. My payments were much more than my mortgage is now, at $800/ month? Got disabled and lost the truck, got repossessed? Sucks, but you live and learn?

[@chrischambers5482]

8:01 CP you mean to tell me. That I have to be responsible for my self? Not do stupid stuff. Be what they call an adult? No way! Plan for retirement. Don't use credit cards to buy pop out of the vending machine. Make my mortgage payment on time. Who would have thought?

[@CPthetooladdict]

Lmao, I know right adultiing it's a rough idea.

[@rockstarfan886]

As someone who has been in the industry 20+ years and bought from tool trucks anyone that asks me if buying from a tool truck is good or bad i tell them dont fall for the tricks of the tool truck and this isnt any one company. Snap on does it matco does it mac does it when you go on that truck and they have a giant pink sign get this box for $25 a week you bwtter run unless you want to pay for 5 years on that box like a damn car a 5k box at 25 a week for 5 years plus interest now you've paid 7k to 10k. I tell everyone if all you can afford is 25 a week you have no business being on a tool truck thats the unpopular opinion but look ive been at dealerships and shops and have seen tons of guys pay years on a box and tools only to have it repossessed because they got in over their head but hey like you always say its your money but dont come crying when the tool man comes for your tools

[@CPthetooladdict]

That still isn't a excuse at the end of the day the purchasing person is accountable not a dealer so if I bought two big macs instead of one then I can blame McDonald's for eating them both? Ya, I understand what you're saying, but accountability is still on the purchasing individual period.

[@TalkinTools]

Ordered my brand new 6s the first week in January, Had a great trade in value on my old one, but the only reason I pulled the trigger was the fact that my dealer and I setup a payment plan to him (not matco credit) to have it paid off in 6 months and he wouldn't tack on any interest. Is it $1300 a month? Fuck yes it is. Will it be paid off next month? Fuck yes it will be. Did I save a huge amount of interest? Absolutely!

[@Toolaholic7]

My youngest brother learned about Snap On Credit once,the payments.Decided to pay it off getting a loan from the bank

[@timwindsor03]

Awesome video brother. Thanks for the info. Keèp the content coming. Hope you have an incredible day. Much love and RESPECT

[@nickhowser7262]

Just about everything made over seas or in China and Asia is made by people who are “prisoners” or even slaves to the system and get paid cents on the hour. Snap-On cordless tools are made over seas as well. Just about anything battery powered is made over seas.

[@PhillipDrumz]

That black snap on box is awesome! Whoa that dude is lucky

[@nickhildabridle1612]

CP, GREAT VIDEO. You know how I ❤ the numbers. Especially if there tax numbers!!!

[@CapeSIX]

As an ex-snap-I’m dealer I found it so easy to get people to open credit accounts for $300-$600 . It truly does build your credit and everyone’s approved. But I needed to hit my quota of having an open to buy of $400,000+ on the street of available credit for the free swag

[@fishingmontana1564]

I would be interested in hearing more i made some poor decisions when i was younger and now am payimg for it with bad credit how do you know the snap on tru k truly helps build your credit cause i just paid off my truck account and if it will truly help me i will start a credit account and only get one tool at a time to help build my score cause dont need much tools now to do my job its now jist tools i want and side job tools so please explain i am interested

[@ducatiparts966]

@@fishingmontana1564 a truck account is not something that would help. You need a credit account with snap on that you can use to buy tools. One where they do a credit check. If you pay it on time and pay it off it certainly will help but the interest rates are terrible if you have bad credit. It’s a catch 22. Can’t win!!!! Takes a long time to build back

[@gran_turismo_fan]

I rather buy my tools in full if I know I'm ok financially. I'm just not a fan of getting things now then paying later (monthly, weekly) unless if it has a astronomical price that warrants me to doing that for a toolbox or whatever in appropriate circumstances. There are some occasions I would go to HF if I need something in a pinch or the local tool dealer is running a little behind by 1 missed week in rare instances.

[@maplemanz]

You canlive rent free in your tool box

[@gilmansgarage6341]

That's the facts...🔥 💯💰 Thanks Buddy..👍

[@ducatiparts966]

Interest rates are crazy. Credit card companies should be limited to 10-15%. I have 818 fico and just bought a new snap on tire machine thru snap on credit because they offered $500 addition rebate (paid 50% of retail price for the machine) if you used snap on credit and it’s 0% if paid off in 6 months. It will be paid in full in 3 months so I won’t be paying interest but the point is that they want you to use their credit program so you hopefully don’t pay it off during the 0% window and they can collect interest from you. Even with a 818 fico their best rate was 9.9%, I don’t care because it will be paid off in the 0% window, but people looking gif a better rate should check credit unions or local banks. I also just bought a new car. The dealer said the best rate they could get me was 8.5% thru Bank of America. Well I use Bank of America and went online and got financed to buy the car at 5.5%, so you have to look around and find the best deal. People are lazy or uneducated about credit and they know you will do what is the easiest so those options generally have higher rates. The other thing I would like to point out is really this is a DEBT SCORE, it’s all about how much debt and what kind of debt. You know what I had to do to increase my credit score from 750 to over 800….yep take on more debt and open more credit cards. I was told my credit file was too limited, not enough available credit and not enough diversity. They want you to not be able to pay off your bills so you keep giving them 29% interest. It’s a trap killing the middle and lower class. It’s honestly disgusting and people should be warned and educated about it. My credit score went down when I paid off my mortgage, my credit score went up when I opened a snap on credit account. THAT IS JUST WRONG!!

[@CPthetooladdict]

Great comment glad to see you make a comment appreciate it long time man!!

[@joshmiller8663]

For tools I'll wait till I have cash and buy outright no payment. May take a while but a couple side hustles help.

[@CPthetooladdict]

Smart man glad you get it most dont!

[@johnathanreigard512]

Financing in my eyes is more for an emergency like if you need a piece of equipment ASAP for you business but don’t have the cash or maybe a house if you don’t wanna save up and need it now I guess. Cause if you pay cash you always get a better deal and you don’t have to commit to no timetable on when you’ll own it or pay any extra

[@CPthetooladdict]

Agree

[@cidkid2]

Its 29.99 percent interest if single purchases that are not meeting the 12 24 36 month 0 interest prices.

[@austinmoore1689]

The tool trucks are why I had a credit card if it wasn’t for them I wouldn’t have it

[@darrenporsch]

Maybe you know it but you said it wrong The $279,000 is the amount of interest you pay on a $250,000 30-year fixed rate mortgage at that interest rate you showed. which is more than the principle you borrowed. It's listed in the fine print you put on the screen. So if you borrowed $250,000 at the highest interest rate listed there, after the 30-year long-term you'd have paid back $530,000 approximately. More than double the initial amount borrowed. As you said Harbor Freight isn't any better or worse than snap on, the other tool trucks, Home Depot, Lowes or any of the other credit card companies etc around. if you borrow too much you'll be paying it off forever

[@nuxboxen]

The only crime is to leave a sucker with his money.

[@1pieman]

To much common sense in one week CP my first snap on dealer was the best I bought a tool box on sale with special financing after that I never had to finance again I would run it through the truck any major shop tools boxes he wood do a separate ticket and I could pay weekly biweekly or monthly with no interest when he sold the new guy did the same I miss the simple life no BS 👍😎👍

[@djosbun]

I can see someone needing a 15 bedroom house……the ballers that have 9 kids with 8 different women……I’m sure we’ve seen their pictures on that ESPN special about broke athletes. 😁

[@phillipmoody710]

Always read the fine print, on everything.

[@darrenporsch]

Link for the Milwaukee article please If they used Chinese prisoners for cheap labor that's basically forced labor and despicable

[@tonyrhoton6613]

Save and pay cash better off in the end

[@woodendoors1075]

Ezekiel 18:13 Lends at interest, and takes profit; shall he then live? He shall not live. He has done all these abominations; he shall surely die; his blood shall be upon himself. Say no to usury

[@CPthetooladdict]

Great verse

[@mortenchops]

Who's box is that? That's massive

[@CPthetooladdict]

Custom

[@larryborkstrom3580]

Look at deal before you sign the contract

[@tonycroteau9264]

Great video CP

[@pl5624]

They put themselves in debt......wooooooo!!

[@KeepingitAnalog]

Facts

[@CPthetooladdict]

Mitch, I know you know better than I do!!

[@harrydickson4575]

👍👍👍

[@jtejeda4105]

I like the icon tool boxes the setup I want is 8000$

[@CPthetooladdict]

For 8k I can get a snap-on epic with a locker and a hutch

[@jtejeda4105]

@CP The Tool Addict you right I just don't like my snap on dealer he's a jerk

[@CPthetooladdict]

No I meant used trust I feel you on bad snap-on dealers they are like herpes.

[@jtejeda4105]

@CP The Tool Addict oh well used yea you're definitely right

[@Alfonso1592]

1st ❤

[@CPthetooladdict]

🏆

[@nitroustommy3668]

🍪

[@Alfonso1592]

@@nitroustommy3668 😂😅

[@nabenmike]

harbor freight credit card has options of zero interest over a certain time period, as long as you paid your purchase off in the time allotted you pay no interest. you get screwed when you dont pay it off as they add in all the interest from the promotional period. a lot of people get in trouble with these promotional periods on zero interest. Homedepot, paypal, summitracing, verison, amazon.... they all have them. if your good and diligent with your money you can barrow money for free from them all.

[@CPthetooladdict]

That's exactly what I showed in the entire video...

[@colbymonroe6131]

@@CPthetooladdict lmao