How to Purchase Toys on Layaway
Every parent knows that toys aren't as cheap as they used to be--which is why some toy and hobby stores offer customers the opportunity to purchase toys on a layaway plan. Whether it's that expensive new home video game console or an elaborate novelty your child has her heart set on, you might even be able to save yourself a little money compared to other payment alternatives.
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Instructions
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Buy Toys on Layaway
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Find a local toy store that offers customers the option to pay on layaway. Ask the employee you speak to about layaway terms, such as the percentage of the down payment and the maximum time customers are generally allowed to complete payment of their purchases.
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Visit the store in person and acquire a written copy of the toy store's layaway terms.
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Find out about any penalties that layaway customers face for exceeding the maximum period of the payment schedule or for missing payments. You'll want to avoid taking chances at stores with policies that allow them to cancel your layaway plan without refunding your money or down payment.
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Do the math if the store charges interest or additional fees to customers who purchase toys on layaway. In some cases, you might actually save money by using your credit card to pay for your purchase and paying it off at your regular interest rate.
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Put your layaway agreement in writing with the store's owner, manager or a sales clerk. Retain a copy. The agreement should spell out the cost of the toys you're buying, the amount of the down payment, the length of the layaway plan and the amount of your subsequent payments. In some cases, you may be asked to make a down payment, then pay the balance of the toy off in one shot.
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Submit your down payment when you have signed off on the store's terms and conditions.
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Keep paying for the toy as you're expected per the conditions of your specific layaway agreement. If you are unable to avoid a situation in which the store is permitted to levy a penalty, such as missing a payment, call the store's owner or manager well in advance. Explain the situation, and you might find that the store owner is willing to accommodate you.
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Tips & Warnings
Consider having your child pay for part or all of the toy himself. Making regular payments toward a dream purchase can help teach your child about financial responsibility and the somewhat subtle joy of delayed gratification.
You may have to dig a little deeper to find a toy or hobby store that sells toys on layaway. Your chances are much better at locally owned stores than they are with chain retailers.
