How to Purchase Guitars on Layaway

If you're looking to rock out but you're daunted by the cost of new or used guitars, you can take advantage of the layaway and consignment sales plans that many music stores offer. Under the terms of a layaway plan, the merchant agrees to hold guitars for a specified period of time while you make payments towards their purchase price.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Down payment
• Money to make installment payments

Get a Guitar on Layaway

1. Ask a sales clerk for a written copy of the music store's standard layaway agreement. If the store doesn't have one, preferring to make layaway agreements orally, strongly consider shopping somewhere else. You only invite trouble when you proceed without having the terms written in stone (or at least on paper).

2. Read the layaway agreement closely, so you understand exactly what's expected of you. When buying guitars on consignment or layaway, it is expected that you will begin by making a down payment (usually expressed as a percentage of the total cost of the guitar). You should also know how much you are expected to pay when you submit installments and how frequently those installments are expected to be made.

3. Clarify any penalties or additional fees that may apply if you miss or have to reduce the amount of a scheduled payment.

4. Sign a written contract with the merchant that clearly lays out the terms of your particular layaway plan. This protects both you and the merchant in the event of a future dispute.

5. Deposit your down payment. Don't hand over any money for your purchase until you are clear not only on the terms of the arrangement but also the conditions. Under what circumstances is the store permitted to terminate the layaway agreement? Under what circumstances are you entitled to demand that your money be refunded?

6. Pay the guitar off as scheduled and enjoy your purchase when you've finished paying for it.

Tips & Warnings

• The additional charges applied to layaway plans by merchants are usually relatively small and are sometimes nonexistent. However, in cases where a guitar store charges considerable additional fees on layaway purchases and you hold a low-interest credit card, sit down and do the math before committing to the layaway plan.
• Make sure you find out about any restocking fees that apply if you cancel your layaway before a certain specified amount of time has elapsed (usually 30 days). Some guitar stores charge as much as 15 percent of the cost of the guitar if you cancel your layaway plan too quickly.