Author Topic: FYI: My Short-lived "Affair" with PeachDirect  (Read 4375 times)

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Vipers Nest

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FYI: My Short-lived "Affair" with PeachDirect
« on: July 14, 2007 10:36:15 PM »
I received an offer via snail mail today from PeachDirect..I have been "pre-approved" for a $2,000.00 credit limit..
I suppose I should be "thrilled" that this sub-prime offer with the high % APR has come my way..that should tell anyone here what my condition my credit is in..

[I retired from the General Electric Co. in 1999..I suspect the only thing this company was NOT involved with at that time, were rectal probes]....[I *think*]

I decided to research this company a little..it was an effort to wade through all of their own sources singing their own praises..

**A little history:**

This company is backed by GEMoney...I discovered many private labeled credit cards backed by them are shopping experiences such as HSN, Gap, Banana Republic, Old Navy..

"Los Angeles-Long Beach, CA (1888PressRelease) April 05, 2007 - Peach Direct - making luxury affordable for those who cannot afford luxury is proud to report explosive growth and record earnings. Investors are thrilled with the performance of PeachDirect.com website and business model.

Initially, Wall Street Insiders were skeptical that people with sub-par credit scores would purchase high-ticket items like plasma TVs, laptop computers and diamonds. However, PeachDirect proves once again that they know something that Wall Street does not ... Walmart consumers are more valuable than Nordstrom consumers.

Peach Direct's board of directors, CEO, and investors are looking forward to another banner year and project annual growth to exceed 200%."

Code: [Select]
http://www.1888pressrelease.com/peach-direct-reports-300m-in-annual-revenue-pr-z7s1735l9o.html

"GE Money and PeachDirect Make Luxury Affordable with Consumer Credit Program"

Code: [Select]
http://www.prweb.com/releases/2006/9/prweb442317.htm
PeachDirect:

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http://www.peachdirect.com/
some fine print of very basic information on the main page:

"Products are subject to availability; we reserve the right to ship equivalent or better models at no additional cost to you. Specifications are subject to change without notice or obligation. All trademarks, product names and service names are trademarks or registered trademarks of their respective owners.
† On your PeachDirect ("PD") Platinum credit card account, subject to credit approval. The monthly amount for an item is an estimate of the first required minimum monthly payment for that item. The amount of subsequent minimum monthly payments will vary and will depend on various factors affecting your account balance, such as (a) the timing and amount of your payment, (b) the interest rate on your account, and (c) whether any fees or other charges are added to your account. You are always free to pay more than the minimum monthly payment. The more you pay each month, the quicker your balance will be repaid and the lower your total finance charges will be. As an example, if you only pay the minimum payment each month and your account has no other activity charges, it would take approximately 55 months to pay off a $1000.00 non-promotional purchase. However, if you paid double the minimum payment each month the $1000 purchase would be paid off in approximately 23 months. Your minimum monthly payment will be the greater of $15 or 3% of the new balance. However, the minimum payment is the new balance if the new balance is less than $15."

There are NINE various links to sites to choose from, offering one the latest and greatest luxury items of different categories...

A little info on PeachDirect's infrastructure from Xythos:

"PeachDirect was running much of its business on an Oracle-hosted eBusiness Suite solution, so it added Oracle Collaboration Suite (OCS) for document control. More than 35 employees now use OCS to manage and route Microsoft Office documents among their two California offices, mobile employees and a call center in India."

Code: [Select]
http://www.xythos.com/home/xythos/news/xythos_news_2004-07-01.html
from Rateempire:

Code: [Select]
http://www.rateempire.com/mortgage/09_27_06/news61303.html

"“PeachDirect has an innovative Web site and business model, and the timing for them to introduce a new financing program is very good for their customers,” said Paul Schell, Consumer Electronics Industry leader for GE Money’s Retail Sales Finance unit. “There is a great deal of consumer spending in the electronics category. An effective financing program will help PeachDirect turn that interest into sales growth.” "

ABOUT PEACHDIRECT

Headquartered in Los Angeles, PeachDirect is a direct-to-consumer retail company offering brand-name consumer products. It provides competitive pricing and affordable financing options with low monthly payments. For more information, visit www.peachdirect.com.

ABOUT RETAIL SALES FINANCE AND GE MONEY

Retail Sales Finance, based in Kettering, Ohio, is part of GE Money, formerly GE Consumer Finance, and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries: consumer electronics and appliances, home improvement, powersports, outdoor power equipment, automotive, recreational vehicles, marine, furniture, floor covering, jewelry, music and health care. With $163 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in approximately 50 countries around the world. GE Money, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at www.gemoney.com.

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide."


Some not-so-happy consumers who "bit":

http://www.complaintsboard.com/complaints/peach-direct-c2956.html

http://www.badbusinessbureau.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search%21&q5=Peach+Direct&Search=Search

http://www.bloggingstocks.com/2007/02/26/making-luxury-affordable-or-making-people-broke/




I think I'll "pass" on PeachDirect's proposition...

I also think it's safe to add, at this present time in 2007, GE is definitely involved with manufacturing some variation of the rectal probe..

The Vipers Nest


"Professional Collectors are predictable, it's the rogue collectors that are dangerous." <----I authored this...

"I don't suffer from insanity; I enjoy every minute of it." - Author Unknown

"A lie can travel halfway around the world while the truth is putting on its shoes." - Mark Twain

 

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