CAMP FOSTER, Okinawa — Cash-strapped but credit-worthy shoppers now will be able to buy furniture and appliances on time from the Army and Air Force Exchange Service with no down payment — but with interest tacked on — AAFES has announced.
The new “Take it Home Today” program was unveiled Monday, giving customers another purchase option at select AAFES stores throughout the Pacific, said Air Force Master Sgt. Donovan Potter, AAFES spokesman.
Potter said customers can take purchases home the same day with no down payment and will have 12 months to pay them off. Fluctuating interest will be charged on such purchases, he said, equal to the prime rate plus .99 percent. Currently, he said, customers would pay 6.74 percent interest on the furniture and appliance items that may be purchased under the new program.
The minimum purchase under the new program is $299 and the “Take it Home Today” credit lines will vary from $600 to $6,500. “The credit limits are based on a person’s credit report score and ability to pay,” Potter said. Those interested, he added, can apply at participating stores and will “know in a matter of minutes” if they have been approved.
Potter said the prior layaway system remains in place and available for use. It charges a nominal fee to hold an item at an AAFES store until a customer can pay for it — but charges no interest.
The new program is being tested in select locations for limited items, Potter said. Participating stores include the Guam, Camp Foster, Yokota Air Base and Misawa Air Base furniture stores; the Hickam Air Force Base, Schofield Barracks, Yokota Air Base, Misawa Air Base and Camp Zama main stores; and the Yokota Air Base 4 Seasons store. Potter said customers should see their local stores for more details and items available for purchase under the program.
The test period, he said, is “designed to lessen customer irritation by working through any issues that arise in a limited area before rolling out to all AAFES overseas locations.” He said after AAFES officials review results of the test period, they will determine whether the program should be expanded, to include South Korea.
Those who fall behind on payments could have charge and check cashing privileges suspended at AAFES facilities, and the individual’s commander could be notified. The last step, Potter said, is garnishing wages. He said those procedures are similar to how AAFES handles late payments on the Military STAR card.
Potter said if individuals run into financial difficulties and have a hard time paying for items purchased under the new program, AAFES will work with them to satisfy the debt. “AAFES will not get into the repossession business,” he said.
