So what exactly does "Layaway" mean?
Well, it means that they are purchasing the item in question and therefore the item is taken off display and held in a storage area until said item is paid in full. They require a down payment and generally like for weekly or bi-weekly payments to be made. They disclosed that they monitor this closely each month.
What if they don't pay?
If payments are not being received then they contact the buyer to determine what exactly the problem is and work from there. If no effort for payment if forthcoming then the layaway is cancelled and a 10% fee is charged the buyer. Of course this fee is the sole profit of the jewelry store and the owner is simply out the exposure period for which the item was stored. The same is true if for some reason the buyers decide to cancel the layaway.
Is it a good deal?
Well, technically it's sold which is a good thing. They didn't dicker on the price which is the next best thing. They want to put it on layaway til December which isn't ideal but no big buying season in between so that's a plus. If they stop paying or cancel it will be before the next big buying season of Christmas so I'm thinking what the heck. Let's do it. The jeweler is calling them back to set it up. The timing for final payment and receiving my share of the profits is pretty good if all goes well.
One down and one to go! Woot woot!
