Toys R Us expands layaway to include consoles, adds hardware to trade-in program

by Alexander Sliwinski on Nov 18th 2009 9:17AM

Toys R Us announced today that its "Big Gift" layaway program will now include video game hardware. TRU CEO Jerry Storch states that it was the "number one" request from customers. For those who don't know what layaway is: it's the practice of a company holding onto a "purchased" product until the customer has paid for the item in full. For the TRU program, customers must deposit 20% of the console's total purchase, including tax, and a "$10 service charge." Payments can be made at the store in cash, check, credit card ... wait, what? If someone has a credit card, then -- nevermind. Payment must be made in full before December 6. There will also be a fee for canceled orders and the program is not available in Maryland.

The retailer is also expanding its video game trade-in program, which began in September, to include video game hardware. The program begins this Friday, November 20, and works almost the same way as the software trade-in: customers go to the "guest service desk," their items are scanned, an offer is made and they receive a gift card if all is approved. We've listed all consoles and handhelds available for trade-in after the break.

Hardware eligible for the trade-in program include:

Microsoft – Xbox 360 Core/Arcade, Xbox 360 Premium 20 GB, Xbox 360 Premium 60 GB, Xbox 360 Elite, Xbox 360 Halo Edition and Xbox Original

Sony – PlayStation 3 20 GB, PlayStation 3 40 GB, PlayStation 3 60 GB, PlayStation 3 80 GB, PlayStation 3 160 GB, PlayStation 3 Slim 120 GB, PlayStation 2 Original, PlayStation 2 Slim, PlayStation 1, PlayStation Portable Original, Slim and Go

Nintendo – Wii, DSi, DS Lite, DS, Game Boy Advance SP, Game Boy Advance, Game Cube and Nintendo 64

Source

Tags: business, consumers, DS, layaway, Microsoft, Nintendo, toys-r-us, trade-in, Wii, Xbox-360

Reader Comments (31)

Nifty! I bought mw2 with this program. They give you good deals!

they didn't have a choice but to add consoles to the Layaway list.....I mean they were losing business to K-Mart.....K-MART!!!

K-mart still exists I thought they were bought up by sears and they eventually sears dropped them and went under. I haven't been in a k-mart in years.

yea K-Mart is still around....they actually bought Sears....then rebranded the entire compan "Sears Holding Corporation"......neither Sears NOR K-Mart has gone under and I doubt they will for some time....at least not until Wal-mart buys out Best Buy and sells Appliances....and Tools, etc....

I put some things on Lay-a-way @ K-mart online....very convenient....

There are still a couple of K-mart near me in Florida. I see some cars outside when I drive by, so they appear open for business. That said the neighboring Walmart has an order or magnitude more cars outside.

i used to work at K-Mart a couple years back. i remember we got super busy around the holidays almost solely because of the layaway department. it's convenient for some, but honestly, like the article says, why would i leave it at the store and make payments on it when i can put it on a credit card and take it home and make payments on it? i mean you get similar interest at both and there are still payment deadlines on both.

it just amazes me that the program hasn't died out yet since they do almost exactly the same thing except you get your product immediately on credit card. i actually just paid off my new desktop like that. i had it for 4 months before i had fully paid for it.

Similar Interest??

Uhhhh pay for it at Kmart....it cost you nothing....UNLESS you cancel in which case it cost $10(I use to work there too).... Credit card.....FIRST you have to be approved and then on top of that you have to have a big enough limit for said items....miss a payment at Kmart they will wait 15 days before canceling it...miss a payment with a credit card...15 days and your credit is in the shitter for 7 years......

yea i guess your right. i remembered there being an interest fee at K-Mart but i didn't work in that department anyway so i'm not surprised i didn't know (Sporting Goods). makes alot more sense that way lol

also with layaway you get the sale price if the item goes on sale while you have it on layaway....

Whatever happened to save money and then go buy whatever you want whenever you have enough funds? I've never ever had to use any kind of lay away program, or would I want to. I can't be alone in this, can I?

No, but some people need it to either reserve the good items and make payments on them, or use it to hide the items from the kids.

its better this way for some people....you would be SURPRISED as to HOW many people can't save....or don't have bank accounts TO save....

growing up in a low income family lay-a-way was the only way I got most of my clothes, toys, etc....

the alternative as Wal-mart would have it is to phase out lay-a-way and give people credit cards.....and we all know that leads to trouble for a lot of people

People don't understand the fact that layaway is also good when it comes to sales. Also to answer joystiqs question about using credit cards instead, there is no interest.

You see an item in this case console if it's on sale and you don't have quite enough money you can lay it away and get it for the sale price. I do this a lot for the wife when it comes to Jewelery and such. If it's a birthday or Christmas present I don't have to use the credit card (she stays on top of that stuff so it would ruin the surprise) and I still get the sale price.

There most definitely is nothing wrong with laying away items, just live long enough and have kids you'll see.

I don't know what happened to my comment but here goes again.

Lay away is sometimes a better alternative than credit cards (if you can wait for the items) because there is no interest. Plus if there is something on sale and you lay it away you can receive the sale price. I prefer to lay away items (usually Jewelry) for Christmas and birthdays for my wife instead of use credit cards (she stays on top of that stuff and it would ruin the surprise).

There is plenty of advantages with laying away, live long enough and have kids you'll see.

Wow there goes my comment, I found it!

I think you have a very valid point when you tell me you can get it for sale price. Never really knew that.

See, this is why Joystiq should be required reading.

Except that consoles never go on sale because stores basically sell them at cost... That kind of invalidates the need for lay away.

And yah, there's no interest. But there's a service charge, which is basically an upfront interest charge. If you can't afford to purchase an item when you go in for it, you're shopping outside your means. If you can't save up for it, you probably shouldn't be buying games either. You have greater demons to tackle.

There is a conspicuous lack of Sega hardware...

The "credit card" element is mostly to enable the use of credit card-branded debit cards.

I always wondered if consoles were allowed in this sort of thing, so I suppose now I have my answer (not that I have too much use for it... at the moment).

Nice to see I could trade my original Xbox and my GameCube, but I still hang onto them just in case I win the lottery and have an unlimited amount of time to play everything I've got...

I still find your display picture highly offensive. Seriously.

I think it's awesome

What's the point in putting something on layaway for 3 weeks? That's crazy.

$10 service charge for a guaranteed sale?

What a ripoff.

Considering that it has to be paid in full by Nov 6, saying "there is no interest" is kind of silly. The $10 service charge is going to be far more than the interest you would rack up in half of a month. Unless you are putting a thousand dollar item on layaway (what would you be buying at Toys R US for that much?) with a 24.9% interest rate... but even then, other forms of credit have a grace period so by Dec 6 you wouldn't end up paying interest anyways.
Same with using it to get in on limited sale prices - if any other form of credit is available, it's probably cheaper in the long run to avoid layaway.

Then again, if you don't have credit available or Xmas has already maxed out meager credit lines, it's not so much a great option as the only option that doesn't involve using your children as collateral in a mob loan. Well...hyperbole there, but you get the point.

I never thought about using it so as not to ruin gift surprises though.

Edit: paid in full by Dec 6

Also, I just reread the layaway terms and now I really don't get it.
If you don't get the item until it is fully paid for, then what is the benefit of handing ToysRUs several payments + service charge for the item versus just saving up those payments on your own and paying in full...
I see the exception in the case of items that have are on sale for a limited time, might sell out quick, or keeping gifts a surprise. Still, I'm guessing that a hell of a lot of layaways don't fall into those categories.

This is bothering my financial brain. Am I missing some big financial benefit?

As far as financial benefit, there really isn't much. However, if the past is any indication, (I'M LOOKING AT YOU WII!!!) it could be used to "reserve" yourself a console so you'd actually be able to find one without resorting to paying through the nose on Craigslist (or, on the other hand, being that one douche that has a console available on Craigslist, thus making back your $10 service charge).

This isn't a financial benefit perse, but I believe that layaway has greater availability than typical lines of credit. In otherwords no credit checks so its available to people who couldn't otherwise get a credit card.

Still predatory like Rent-A-Center.

If you still have a GBA, PS1, or N64 and you are willing to trade it in for petty cash, you are mistaken.

There are some people that just want to get rid of junk, but there is value in those things.

The writing is on the wall for Toys R Us.

I cant imagine TRU giving any better deals than GS. That is to make it worth while to give it to them as oppposed to just selling it yourself. Sure maybe use these services as a baseline. Ok GS offered me $5 for my PS1 and TRU offered me $7 so if i sell it for $15 i did damn good.

genius.... i know...

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Toys R Us expands layaway to include consoles, adds hardware to trade-in program

Reader Comments (31)

Posted: Nov 18th 2009 9:21AM Red Axis said

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