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kwlafayette





Joined: 03 Sep 2006
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Location: Saskatoon Saskatchewan

PostPosted: Thu Oct 12, 2006 11:09 am    Post subject: How many Canadian Tire dollars do I get with that? Reply with quote

Canadian Tire to offer mortgages.

Consider the bubble burst.
biggie





Joined: 06 Sep 2006
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Location: Ottawa, Ontario

PostPosted: Thu Oct 12, 2006 11:28 am    Post subject: Reply with quote

Wow, copied a page from the book of President's Choice..
kwlafayette





Joined: 03 Sep 2006
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Location: Saskatoon Saskatchewan

PostPosted: Thu Oct 12, 2006 12:12 pm    Post subject: Reply with quote

Not exactly. Looks like they have their own bank. PC partnered with CIBC. Basically superstore is just rebranding and reselling CIBC products. It seems to me CT is taking on a lot more risk than PC bank.
biggie





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PostPosted: Thu Oct 12, 2006 12:45 pm    Post subject: Reply with quote

mmmhm... its the "one-stop-shop" Idea.

Fewer and fewer tires, and more and more crap lol
Mac





Joined: 02 Sep 2006
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votes: 35
Location: John Baird's riding...

PostPosted: Thu Oct 12, 2006 1:09 pm    Post subject: Reply with quote

How long do you figure before interest rates start ruining people? A year??

-Mac
kwlafayette





Joined: 03 Sep 2006
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Location: Saskatoon Saskatchewan

PostPosted: Thu Oct 12, 2006 1:37 pm    Post subject: Reply with quote

I don't know. A new player coming into a market like this has to be a sign that the good times are at or near their end though.
biggie





Joined: 06 Sep 2006
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Location: Ottawa, Ontario

PostPosted: Thu Oct 12, 2006 2:09 pm    Post subject: Reply with quote

mmmhmmm...

I question their ability to do a solid business through this initiative though.
I for one can't stand Canadian Tire, I'd love to see them crash and burn (and they can take that damn Simonet guy with them lol)
kwlafayette





Joined: 03 Sep 2006
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votes: 28
Location: Saskatoon Saskatchewan

PostPosted: Thu Oct 12, 2006 2:16 pm    Post subject: Reply with quote

I don't mind CT personally, no long lines, no hour waits to buy the simplest tiniest thing. If they offer a better deal than PC or ING with no fees, maybe I will even be a customer.

I really don't have anyuthing against any business, except for OK tire, Walmart, and Superstore. OK ripped me off, I went in for a rad flush, next day rad frozen solid. Took it back and complained, they said they fixed it, frozen solid again the next day. I have never been back.

Walmart should try to sell something made in a place other than China.

Superstore is a 3 hour trip, no matter how little or how much you want to buy. Rather pay the convenience tax at Sobey's of Safeway or the Co-op.
biggie





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PostPosted: Thu Oct 12, 2006 5:05 pm    Post subject: Reply with quote

I've had many bad experiences at Canadian Tire... Mostly buying automotive parts.

During the blackout, the Canadian Tire stayed open for a couple hours - they doubled the price on flashlights, candles, propane tanks, and the like..
Its profiteering like that that makes me angry... I won't spend my money there anymore.
Cool Blue





Joined: 21 Sep 2006
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Location: Ontario

PostPosted: Thu Oct 12, 2006 6:43 pm    Post subject: Reply with quote

Quote:
I question their ability to do a solid business through this initiative though.


Canadian Tire has expanded a lot in the last few years into smaller communities.

By adding a bank, assuming they'll have bank machines in their stores, this will give people access to financial services in those small communities where there might not be any banks, or introduce competition.

FYI: I'm surprised no newspaper mentioned that when ING first came to Canada that they had a similar arrangement with CT where ING bank machines were in many CT stores.
kwlafayette





Joined: 03 Sep 2006
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Location: Saskatoon Saskatchewan

PostPosted: Fri Oct 13, 2006 10:36 am    Post subject: Reply with quote

Quote:
A part of the Niagara Community for over 35 Years
We began in 1961 as Midland Shoppers Credit Limited, a small financial service company offering third-party credit processing for local retailers.

During the 1960s, the company began adding Canadian Tire Associate Stores to its client list. More stores were added until Midland was servicing stores throughout Ontario. In 1968, Midland became a subsidiary of Canadian Tire and was renamed Canadian Tire Acceptance Limited (CTAL).

In the second phase of our development, CTAL grew in tandem with Canadian Tire. Over the next two decades we provided support in the form of credit-processing facilities for the expanding, nation-wide network of stores. Concentration of all our efforts on Canadian Tire during this period enabled us to rapidly develop the skills we needed for high-speed, high-volume transaction processing.

In 1995, we became the first non-deposit taking, financial institution worldwide to launch a MasterCard called Options MasterCard. Today we have grown our MasterCard portfolio to over 2 million cardmembers. In addition, in 2000 we expanded Canada's oldest and most recognized loyalty program, Canadian Tire 'Money', by launching Canadian Tire 'Money' On The Card. With an Options MasterCard, you can get Canadian Tire 'Money' On The Card automatically everywhere you use it, not just at Canadian Tire. Then redeem your earnings on any Canadian Tire store merchandise, auto parts or auto labour.

In 2002 we changed our name to Canadian Tire Financial Services Limited to better reflect our stronger and broader position within the financial community. Our business has grown in leaps and bounds over the years and has evolved by providing a wide range of financial services to our valued Canadian Tire customers. We are also providing more integrated support to our stores and auto service centres, online, and telephone shopping business through our Canadian Tire Corporate Customer Relations and Express Auto Parts groups.

http://www.ctal.com/english/about.html

So I guess they have been in the credit business for a while.
McGuire





Joined: 05 Sep 2006
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Location: Soviet Pictouwestistan

PostPosted: Fri Oct 13, 2006 2:41 pm    Post subject: Reply with quote

Cool Blue wrote:
Quote:
I question their ability to do a solid business through this initiative though.


Canadian Tire has expanded a lot in the last few years into smaller communities.

By adding a bank, assuming they'll have bank machines in their stores, this will give people access to financial services in those small communities where there might not be any banks, or introduce competition.

FYI: I'm surprised no newspaper mentioned that when ING first came to Canada that they had a similar arrangement with CT where ING bank machines were in many CT stores.


A small community not far from my town lost their bank last year & has really inconvienced them. While I doubt CT would open up shop there, it would be good for other communities facing similar problems.
Stephen





Joined: 02 Sep 2006
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Location: Ontario

PostPosted: Fri Oct 13, 2006 8:32 pm    Post subject: Reply with quote

kwlafayette wrote:
Not exactly. Looks like they have their own bank. PC partnered with CIBC. Basically superstore is just rebranding and reselling CIBC products. It seems to me CT is taking on a lot more risk than PC bank.


Is this permitted under the Bank Act?
Mac





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Location: John Baird's riding...

PostPosted: Fri Oct 13, 2006 11:41 pm    Post subject: Reply with quote

McGuire wrote:
A small community not far from my town lost their bank last year & has really inconvienced them. While I doubt CT would open up shop there, it would be good for other communities facing similar problems.

I heard on the squack radio the other day that Stewart, BC (northern border town directly across from Hyder, Alaska) lost their bank. CIBC said they didn't have enough business to justify repairing their old building so they closed it. The only access to banking services is ATM machines at the local grocery store. What a shame.

-Mac
kwlafayette





Joined: 03 Sep 2006
Posts: 6155
Reputation: 156.2Reputation: 156.2
votes: 28
Location: Saskatoon Saskatchewan

PostPosted: Sat Oct 14, 2006 1:24 am    Post subject: Reply with quote

Anyone with the right paper work and enough money can get a banking charter I believe, and join the deposit insurance thing, and offer banking services.
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How many Canadian Tire dollars do I get with that?

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