what is original purchase price?

[sar47]

jc penney has a diamond trade-in policy. in 1996 i bought 2 diamond rings. my written policy states i can trade in these diamonds and received credit for the original purchase price. when i bought the rings they were both on sale. on the policy it has two prices. the original purchase price before it went on sale and the sale price at which i purchased it. on a policy, what does "original purchase price" mean? jc penney says it means the price i originally purchased it at. but if i went in and asked what the original purchase price was, they quote the price before it went on sale. i notice that jc penney has now reworded their policy so that there is no question to what they mean. my old policy states i have to trade-in for a more expensive diamond. it doesn't say how much more expensive. the new policy states the diamond you trade-in for has to be at least $300 more. jc penney, i don't like your style!

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sar47:
jc penney has a diamond trade-in policy. in 1996 i bought 2 diamond rings. my written policy states i can trade in these diamonds and received credit for the original purchase price. when i bought the rings they were both on sale. on the policy it has two prices. the original purchase price before it went on sale and the sale price at which i purchased it. on a policy, what does "original purchase price" mean? jc penney says it means the price i originally purchased it at. but if i went in and asked what the original purchase price was, they quote the price before it went on sale. i notice that jc penney has now reworded their policy so that there is no question to what they mean. my old policy states i have to trade-in for a more expensive diamond. it doesn't say how much more expensive. the new policy states the diamond you trade-in for has to be at least $300 more. jc penney, i don't like your style!<HR></BLOCKQUOTE>

Diamonds are forever but you should not be paying forever.

 

[sar47]

nice quote, but you didn't answer my question. jc penney says that "price originally purchased at" and "original purchase price" means the same thing. any english teachers out there? i have to admit that penneys would lose money if they followed the policy as written. they just screwed up when they wrote it. they realized their screwup and have reworded on their new policies. but when you have a written policy and even they agree that it is a contract, isn't it binding?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sar47:
nice quote, but you didn't answer my question. jc penney says that "price originally purchased at" and "original purchase price" means the same thing. any english teachers out there? i have to admit that penneys would lose money if they followed the policy as written. they just screwed up when they wrote it. they realized their screwup and have reworded on their new policies. but when you have a written policy and even they agree that it is a contract, isn't it binding? <HR></BLOCKQUOTE>

Yes, I would agree that their written policy as they agreed, would be binding. The issue may not be subject to interpretation by English teachers because the JC Penney attorneys that wrote the language were the ones that screwed up. Yes, maybe a case of corporate attorneys outsmarting themselves to the point of being dumb.

If you are interested in pursuing the issue further, feel free to file a complaint with the BBB, State Office of Consumer Protection and the Federal Trade Commission www.ftc.gov

If you still have that rock rage, file an online complaint at www.ripoffreport.com or www.badbusinessbureau.com

[This message has been edited by HomeGuru (edited July 24, 2000).]

 

[JETX]

Sorry, but I don't agree with your logic (or illogic).

In reality, every item for sale has several "purchase prices". The 'original asking'(non-sale) price. The 'actual' sales price. The 'wholesale' purchase price that the wholesaler asked. The 'actual wholesale' purchase price that the merchant (JC Penny) paid, etc. And so on for every sales transaction regarding that item. Which 'purchase price' do you demand?? Why not the original wholesale price??? [The wholesale price fits your logic, but doesn't allow you to abuse the merchant to your advantage.]

The JC Penney agreement doesn't say you get a credit for the original 'price'. It says for the 'original PURCHASE price'.

The "original purchase price" for this transaction is the price that you PAID, not the price that they wanted.

'Purchase' is defined as:
: an act or instance of purchasing: as
a: the acquiring of real property by any means other than descent or inheritance
b: the acquiring of an interest in property esp. in exchange for valuable consideration"
Specifically: ": to take (property) by a voluntary transaction (as a sale, mortgage,
pledge, lien, or gift) that creates an interest and that is governed by the Uniform Commercial Code"

Based on the above, I believe that JC Penny is absolutely correct in allowing a trade-in value equal to your 'purchase price', not the higher 'asking price'.

As in most legal issues, a true telling of the facts can be found by reversing the roles. Let's say that YOU sold me the diamond ring and I returned to YOUR STORE with the same argument that you offer. Would you allow me a 'trade-in' credit higher than I paid??? I don't think so!!!

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Steve Halket
Judgment Recovery of Houston
[email protected]
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!