“Many retailers are reviving layaway plans to offer payment options to customers,” said John North, Dayton Better Business Bureau president and CEO. “They’re a great option for people who want to buy merchandise without using credit or paying the full price immediately. If you plan to take advantage of this opportunity, your Better Business Bureau advises you get everything in writing and keep all payment records. Also, check retailers and third-party layaway companies out with your BBB before doing business.”
Here are a few of the major retailers offering layaway programs this year, along with a brief breakdown of their program.
Best Buy
Items must total $250 or more. You must pay 25 percent down, plus a 5 percent layaway fee that is nonrefundable. Both eight- and 12-week payment plans are available. Payments can be made biweekly until the item is paid off.
Burlington Coat Factory
You must pay 20 percent down, plus a 5 percent layaway fee. The second 20 percent payment must be made within 14 days of the first payment. There is a fee of $5 for all canceled orders. The payment period is 60 days.
Kmart
Kmart’s layaway program is available online and in-store. Items that can be placed on layaway will have a layaway icon. To begin you must pay a $5 initiation fee and $15 or 10 percent of the total value, depending on which amount is larger. Payments can be made over an eight-week period. If you cancel an order, you must pay $10. Any layaway items ordered online must be picked up in a store.
Sears
Similar to Kmart, Sears’ layaway program is also available online and in-store with all eligible layaway items marked with a special icon. To begin, you must pay a $5 initiation fee along with $15 or 20 percent down, depending on which is the larger amount. Payments are over an eight-week period. All canceled orders come with a $10 fee. All layaway items ordered online must be picked up in a store.
Toys R’Us and Babies R’ Us
Large ticket items are eligible for layaway including bikes, strollers, car seats and more. To begin you must put down a deposit of 20 percent along with a $5 service charge and pay for taxes. Within 45 days, you must pay at least half of your total amount due and the remaining half must be paid within 90 days or by the designated holiday cutoff. If you cancel an order, you will pay a $10 cancellation fee. The program is only available in stores.
Walmart
Walmart allows you to place toys and electronics on layaway as long as the total amount due is more than $50 and each item is more than $15. To begin, you will have to put 10 percent down and pay a $5 service fee. All purchases must be paid in full by Dec. 16. The program is only available in stores.
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