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WakeWorld Discussion Board » >> Boats, Accessories & Tow Vehicles Archive » Archive through February 15, 2009 » $25,000 off a New Mastercraft?? « Previous Next »
By Evan Miller (mtownrydr) on Wednesday, December 10, 2008 - 7:20 pm:    Edit Post Delete Post
Got this email...Anyone know the details to this offer?



Take advantage of up to $25,000 cash back on
all MasterCraft models through March 31, 2009.
Click here to find the dealer closest to you.
mastercraft.com · privacy policy · © 2008 MasterCraft Boat Company. All rights reserved.
CASH REWARDS PROGRAM RESTRICTIONS: Eligible Customers Certificates may be issued only to individuals who (i) purchase a Product and pay for it in full, (ii) are natural persons 18 years of age or older and (iii) are not officers, directors, employees or affiliates of the ITPA, Member or CRI. Certain restrictions apply. Inquire at your local MasterCraft dealer for details.


Upload

 
By Mike Parker (roughrivermike) on Wednesday, December 10, 2008 - 7:29 pm:    Edit Post Delete Post
Its legit. There are some stipulations. You just need to do certain things (documentation). If you are good with that, great deal!
 
By GettingOlder (magellan) on Wednesday, December 10, 2008 - 8:23 pm:    Edit Post Delete Post
If you are good at keeping track of paperwork, and jumping through a few hoops, it is absolutely legit. They bank off of people screwing up the process...which happens more often than not.
Follow the rules, and you'll get 25K.

I had two friends buy an MC a few years ago and their program just came due. They got 10K. Rougher times I guess have bumped it to 25K.

 
By Brett Yates (polarbill) on Wednesday, December 10, 2008 - 8:37 pm:    Edit Post Delete Post
I use to work for Copes in Seattle and we had this program. Basically what you do is a get a certificate that you print out at home by registering on the Cash Rewards website. Then there is a 7 day window where you send in the Certificate and a couple other things like the bill of sale. 36 months after that you have another 7 day window that you have to send the next copy of the certificate in with a copy of the bill of sale, a utility bill(to prove the address they are sending it to), a birth certificate and a couple other things. If you don't follow the instructions to a T you don't get your money.

The way they do it is the dealer or in this case MAstercraft buys into the cash rewards program and then for every 10k in cash rewards it costs $1500. So for a 25k cash reward it costs 3750. This cost is usually passed on to the customer.

Cash rewards does put the money into a trust or the bank or something like that. They have run the odds and obviously they make money doing it. Cash rewards says that if you don't collect your reward for whatever reason they donate the proceeds to charity or some BS. If that is true then I guess they are just making the money of interest. If they actually donate the non collected rewards to charity I suppose it is a write off. Anyways the verbage in the rules is somewhat vague and could be interepretted differently.

Another thing people ask is do you have to keep the boat to claim the reward. The answer is no. The certificate is registered to the person not the boat.

Not sure how it would work but if it were me I would see about working with an accoutant or lawyer to pay them part of it and make sure the paperwork gets done right and on time.

I think you also have to be careful about having the person registered to the reward certificate has to match the bill of sale. Oh yeah, you print the certificates right after the sale and have to hold on to the hardcopy for the 3 years. You can't print another if you lost it.

 
By Twitch swagga (themxercr85) on Wednesday, December 10, 2008 - 9:42 pm:    Edit Post Delete Post
Seems like to much effin work for me holy shiat, I hate that stuff, they make it look soooo simple in the ads then its all these hoops and crap. Sorry to be so negative.
 
By Tickle (showtime) on Thursday, December 11, 2008 - 6:13 am:    Edit Post Delete Post
Had the same mail in my inbox this morning.... Still not enought to convince me to buy a MC.... HAHAHAAHHAAHa
 
By tampawake (tampawake) on Thursday, December 11, 2008 - 6:22 am:    Edit Post Delete Post
Seems like about 20 mins worth of work. Hmmmm $25k for that amount of time. Not sure many people on wakeworld make that kind of cash. Set your outlook alarms.
 
By T C (lifetimewarranty) on Thursday, December 11, 2008 - 6:33 am:    Edit Post Delete Post
Sounds lame to me. Just give the discount. Enough of the "fine print" crap.

Tampa - I agree, although, the "window's of opportunity" thing is what gets me.

I've sent in mail-in-rebate junk only to have it returned 2 months later with a letter stating I didn't send something I needed to, only to find they sent me back the exact paper they said I didn't send them! By then it was too late to claim my money...lovely.

Hoops, fine print, - just like Malibu's Gas giveaway that you could only go to some specific lame gas station that is 10 miles out of your way.

I call SCAM!(or not)

 
By coz (coz) on Thursday, December 11, 2008 - 6:43 am:    Edit Post Delete Post
[QUOTE= tampawake]Seems like about 20 mins worth of work. Hmmmm $25k for that amount of time. Not sure many people on wakeworld make that kind of cash. Set your outlook alarms[QOUTE]

That's what they want you to believe but the reality is different. As an MC owner I have yet to see someone collect, alot of people are trying but then alot are refused for stupid reasons like divorce,WTF?. Definitely a hot topic on TT but amuzing at the same time.

 
By chuck (chuckc983) on Thursday, December 11, 2008 - 6:43 am:    Edit Post Delete Post
With automakers potentially going out of business, banks surviving only with federal dollars - and most of the world (big dollars - not individual investors) afraid to invest in anything other then US treasuries - I wouldn't bet on this company being in business three years from now. Think about it - the only way it can work is if they get a return on the invested money - what kind of return do you think they got this year? I don't doubt that the deal is legit and they could make this work in the boom years - I am just not sure they will be around 3 years from now.
 
By coz (coz) on Thursday, December 11, 2008 - 6:53 am:    Edit Post Delete Post
[QUOTE=chuck]I am just not sure they will be around 3 years from now.[QOUTE]

Who MC? I'm pretty sure CC and the others would take a dive before MC, they (CC) already sold out

 
By tj (tj_in_kc) on Thursday, December 11, 2008 - 7:08 am:    Edit Post Delete Post
Chuck, i also think you are wrong.

i see MC, CC, and Malibu all being in business in 3 years.


With that said, I still don't completely understand how this program works. Is MC putting up the money on this (self financed?) or is it more like an insurance pool type of program where they pay a separate company to run it and pay a certain %, and that company makes money knowing that only 10% of the buyers will actually cash in?

Bretts post is insightful, but i think there is still more that needs to be explained...

 
By coz (coz) on Thursday, December 11, 2008 - 7:14 am:    Edit Post Delete Post
TJ a company outside MC handles this http://www.cashrewardsinc.com/
 
By OnlyInboards.com (wakereviews) on Thursday, December 11, 2008 - 7:15 am:    Edit Post Delete Post
i think Chuck means the Rewards company. Not MC, CC or Bu. It is all done and funded by a 3rd party.

Here is just one of the threads on TT that talks about it

http://mastercraft.com/teamtalk/showthread.php?t=25186

 
By Jon Clay (jclay5) on Thursday, December 11, 2008 - 7:37 am:    Edit Post Delete Post
I'd be willing to work a lot harder than that for 25k. Sounds like a deal to me... The only huge drawback I see is having to wait 3 years!!!
 
By tampawake (tampawake) on Thursday, December 11, 2008 - 7:51 am:    Edit Post Delete Post
I think if the dealer stepped up and did it for you or went over the paperwork after you filled it out and made sure everything is correct that would work. We do that for our customers in the printing industry. If the dealer or a lawyer for the dealer figures out just one it would be worth it for them. If dealer A said I will make sure your paper work is correct as well as all the info you need to send in. You just need to mail it in at the right time frame. If its a situation that 90% of the people get screwed MC will take a big dent in reputation even though its not them that is paying it but they are promoting it. If I did everything right and some sort of weird issue caused me not to get it. I would hire an attorney and make MC and the Company paying its life miserable even If I were to lose.
 
By eric (eas) on Thursday, December 11, 2008 - 7:59 am:    Edit Post Delete Post
it's just like hole-in-one insurance you can buy for any golf tournament....you pay a premium (say $250) to a 3rd party who will provide the free car (or trip or whatever) if someone aces. 3rd party makes money because hacks never ace...well, at the least the hacks in my group!
 
By boarder (c_boarder) on Thursday, December 11, 2008 - 8:00 am:    Edit Post Delete Post
I plan on using it on my next boat. My brother used it on an X-45 3 years ago and it payed out for him. You just have to keep track of the due dates and follow directions.
 
By coz (coz) on Thursday, December 11, 2008 - 8:00 am:    Edit Post Delete Post
Here's a couple things that will make you ineligible:

Divorce.
Different name on utility bills.
Different name on other property.
And a few others.

So if someone can explain WTF any of these have to do with receiving a rebate I might better understand it.

 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 8:07 am:    Edit Post Delete Post
The Dealer can't do it for you. That is outlined in the rules. I think the bottom line is how this promotion is presented. When I worked for Copes they told us not to tell people how it really works. I think that is BS. It's a good way to lose the trust of your Customers. I think the best way for them to do it is tell them the truth. You can get a 3750 off the price of the boat or have the chance to get 25k. There is no sense in making them believe that they are automatically going to get it.

I had a lot of customers ask me to just give them the reward upfront. That is just stupid. It is run by a third party program. They can't give you a 25k discount.

 
By mallenger (mallenger) on Thursday, December 11, 2008 - 8:13 am:    Edit Post Delete Post
so if you move in those 3 years, you are ineligible?
 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 8:26 am:    Edit Post Delete Post
COZ, I don't believe that to be true.

Divorce-As long as One of the people that is on the Bill of Sale is the same as the person on the Certificate and on the utility bill then it should still be valid. How would they know you got divorced?

Utility bill-The name on the utility bill has to be the same as the name on the Certificates and one of the names on the Bill of Sale.

Don't know what you mean by different name on other property? That has nothing to do with this.

If you are going to do this I would buy it under 1 name, use that name to register for the certificates and make sure that at the end of the redeeming point that that person's name is on the utility bill. Also quadruple check that all names are spelled correctly on all paperwork before being finalized. Also make sure that you get an actual receipt printed out that says that the boat was paid for whether it was paid for by cash or financed by a bank. Also just to be safe I would make sure the receipts add up to the exact total on the bill of sale.

It is true that you have to do some work and you aren't guaranteed that you are going to get 25k at the end but. It isn't that inconvenient for the chance to get 25k that you could pay towards the principal. Not bad if you paid 75 for a new MC 3 years before.

 
By coz (coz) on Thursday, December 11, 2008 - 8:27 am:    Edit Post Delete Post
[QUOTE=mallenger] so if you move in those 3 years, you are ineligible?[QUOTE]

I'd bet money on that

 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 8:32 am:    Edit Post Delete Post
Mallenger, I am not sure about that one. I think what I was told is that you can still get it. The utility bill is so they know they are sending the check to a correct address. Not sure though if it has to match what's on the bill of sale. When you first print off the cash rewards certificates and have to send the first one in I forget if you have to send in anymore than the certificate. I think you have to send in copies of the bill of sale and receipt. I don't think you have to send in a utility bill at that point. Not sure if you have to send in a birth certificate with the first certificate or the second.
 
By Evan Miller (mtownrydr) on Thursday, December 11, 2008 - 8:42 am:    Edit Post Delete Post
So in the end is it actually possibele to get an x-1 for around 25-28k or no?
 
By Evan Miller (mtownrydr) on Thursday, December 11, 2008 - 8:42 am:    Edit Post Delete Post
possible*
 
By coz (coz) on Thursday, December 11, 2008 - 8:43 am:    Edit Post Delete Post
[quote]COZ, I don't believe that to be true.

Divorce-As long as One of the people that is on the Bill of Sale is the same as the person on the Certificate and on the utility bill then it should still be valid. How would they know you got divorced?

Utility bill-The name on the utility bill has to be the same as the name on the Certificates and one of the names on the Bill of Sale.

Don't know what you mean by different name on other property? That has nothing to do with this.

If you are going to do this I would buy it under 1 name, use that name to register for the certificates and make sure that at the end of the redeeming point that that person's name is on the utility bill. Also quadruple check that all names are spelled correctly on all paperwork before being finalized. Also make sure that you get an actual receipt printed out that says that the boat was paid for whether it was paid for by cash or financed by a bank. Also just to be safe I would make sure the receipts add up to the exact total on the bill of sale.

It is true that you have to do some work and you aren't guaranteed that you are going to get 25k at the end but. It isn't that inconvenient for the chance to get 25k that you could pay towards the principal. Not bad if you paid 75 for a new MC 3 years before.
[quote]

All you have to do is click on the TT links to see that these do have relevance to getting the rebate.

 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 8:47 am:    Edit Post Delete Post
Probably not unless you are a good negotiator. If you look at the ad it says up to 25k. They probably have it set up that the cheaper boats only have 5-10k. If you really want the 25k tell them you will pay a grand or 2 more. Either that or negotiate like no other.
 
By AtTheLake (bmartin) on Thursday, December 11, 2008 - 9:06 am:    Edit Post Delete Post
So what if the 'CashRewards' subcontractor closes it's doors??? Over a 3 year period, it seems kind of dicey if that company will still be there. Will MC back up the rebates if the subcontractor does fail?? It seems to me that would be the biggest risk if you are the type of person that knows you can jump through the hoops, which are by design set up to make most people trip up somewhere.
 
By Evan Miller (mtownrydr) on Thursday, December 11, 2008 - 9:20 am:    Edit Post Delete Post
Sounds like the whole set up low income mortgage deal that got the whole economy in a bind...If I were mastercraft I would watch trying to sucker people in on a long term boat loan with a bunch of strings and pitfall scenarios at a time like this. To not be straightforward at this point should honestly be against the law.
 
By Tickle (showtime) on Thursday, December 11, 2008 - 9:32 am:    Edit Post Delete Post
It is all a bunch of BS and designed to never pay-out... Just like life insurance... It's designed to void out before you do...
 
By coz (coz) on Thursday, December 11, 2008 - 9:35 am:    Edit Post Delete Post
[Quote=Tickle]It is all a bunch of BS and designed to never pay-out... Just like life insurance... It's designed to void out before you do...[Quote]

You should have seen what happened to me when I said that on TT

 
By TigeMike (chpthril) on Thursday, December 11, 2008 - 9:36 am:    Edit Post Delete Post
Uuh, Life Insurance pays out, your just not around to enjoy it, but the wife and pool boy will
 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 10:15 am:    Edit Post Delete Post
I you don't want any cash rewards then tell them you don't want it. I am sure if you let them know that you know how it works and it costs someone somewhere 15 cents on the dollar then they will drop the price. You don't have to take it. Do you want the risk or not. Just know that they are only going to be able to drop the price of the boat 3500 or so. They aren't going to be able to give you 10-25k off the price of the boat.
 
By mallenger (mallenger) on Thursday, December 11, 2008 - 10:26 am:    Edit Post Delete Post
I think it sounds like a good deal for anyone that is thinking about getting a new MC (or other brand) before next summer. I know it makes me want to move my time table up on getting a new boat. I want an X15, it looks like the 'reward' for it is only $15,000... not as much, but still a good chunk. My only issue is that I will be moving in the next 3 years so I'm going to make for certain that this doesn't make me ineligable before I start paying for anything.
 
By OnlyInboards.com (wakereviews) on Thursday, December 11, 2008 - 10:32 am:    Edit Post Delete Post
It just seems to me that MC is putting their own hard earned credibility into the hands of another company. Let's say that 50% or more of the people don't get their reward that was offered by an MC dealer, won't that have a resulting effect on the brand image? Won't it be hard for the buyer to separate the two companies?

IMHO, the risk/reward for MC doesn't make sense to me.

 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 10:49 am:    Edit Post Delete Post
I don't think it will negatively affect their image if most of the people that aren't getting their money are doing something blatantly wrong in the process. Some of the horror stories though of people following the rules and then they still don't offer it may cause them a problem if they happen too often.
 
By dave (knarbar) on Thursday, December 11, 2008 - 10:54 am:    Edit Post Delete Post
I dont think you could put a number like 50% out there and say that thats how many people dont get their reward. For one, who really sees the EXACT numbers of who got there reward and who didnt. Plus, its a time deffered program and MC has only been using it for a few years now. So to say 50% dont get it? Thats a bit inaccurate. Id say 50% havent had a chance to get it because its a fairly new program to MC and if it takes 3 years to get your reward check then half the people havent even got to the final step. Second, those of you who said they hate those deals, or it's too hard. COME ON!!!! No disrespect, Im venting a bit because that's like saying Oh I was offered 25,000 but its too hard to get and I dont want to fill out a bunch of paperwork to get it. I mean are you freakin kidding me. I bet half of us on here would do some pretty crazy things for 25,000. So those of you that said its too hard. Get real and read the program. If you can keep track of days in a year and have some common sense on what to do and when (especially for 25k) then its NOT HARD!
 
By dave (knarbar) on Thursday, December 11, 2008 - 10:58 am:    Edit Post Delete Post
cashrewardsinc.com is a partner through citi bank as well. Its all secured by Third Party Administrators and if you follow the guidlines its real easy people. Sold MC's and sold Cash Rewards certificates. My real good freind bought an X2 in 2006 and copies of his paperwork are on his fridge everyday so he wont forget to mail it in at the right time. If your responsible you can do it and if your not then you shouldnt be droppin 80g's on an MC. JUST MY .2
 
By OnlyInboards.com (wakereviews) on Thursday, December 11, 2008 - 11:09 am:    Edit Post Delete Post
FYI, i did not say it was 50%, i have no idea about the actual conversion. I said what if. It could be 99% for all I know (however not sure how that would even be possible). But the fact is that the percentage is totally out of MCs control. What if (theoretically) it turns out to be 10%. MC can't control it and IMO that is the risk. That is all I was saying.

Edit to say that I implied what if (or was attempting to imply that)

(Message edited by wakereviews on December 11, 2008)

 
By eric (eas) on Thursday, December 11, 2008 - 11:27 am:    Edit Post Delete Post
dave is correct that it is a fairly new program and hasn't had time to prove itself yet, but it should be interesting to hear some of the "fine print" horror stories that are sure to come out of this.

I mean seriously....I can't believe they expected me to hit the ball in that little bitty cup on the first shot!!! This tournament sucks....and as matter of fact, golf sucks too!!! okay...sorry...must be a little bored here at work today....

 
By chuck (chuckc983) on Thursday, December 11, 2008 - 11:39 am:    Edit Post Delete Post
In my previous post, I was referring to cash rewards inc going out of business. Check out this clip right from their website.

How can the fund stay solvent?
Insurance, coupon and rebate programs like Cash Rewards work on the concept of “breakage:” not everyone who pays into the program follows the steps to collect the Cash Reward. For example, the entire pool of an insurance fund contributes to the fund, but not everyone has an accident; health insurers collect from all the insured but pay out only to those who need medical services.
The difference between what is paid in and what is paid out - the “breakage” - is what makes it possible for the companies to pay legitimate claims and still stay in business.

Banks and many other large institutions also count on breakage. Some examples or where unclaimed money exists are unclaimed bank account balances, lottery winnings, PMI mortgage premiums, etc. – the list is huge. In all these cases, the unclaimed money remains in the fund and it is used to pay for future claims, winnings and redemptions. Did you know that the IRS is holding .5 million in unclaimed tax refunds for calendar year 1999 alone?

What if you go out of business?
It is important to Cash Rewards that the money available for redemptions is well cared for. In order to make sure that the redemption claims get honored whether or not we are in business, we have hired an Independent Third Party Administrator (ITPA). This way, whether we or a Cash Rewards Merchant go out of business, customers with valid certificates who follow the proper procedures will get a check.


So basically - this has some similarities to a pyramid scheme. You collect a lot of money from a lot of people (the companies selling the certificate) and payoff the early investors (the people who actually received money) with the cash balance. All it would take to send this company under would be for most people to follow the rules and collect. If you note in their last statement - the money is held independently so even if the company goes under, everyone will get a check - it just does not say how much. Wouldn't you love to see what the cash balances at this company look like...

 
By AtTheLake (bmartin) on Thursday, December 11, 2008 - 11:55 am:    Edit Post Delete Post
If an up front discount of $3500 is equal to a $25000 discount after jumping through the hoops in three years, they are betting that fewer than 14% of persons will collect. This does not account for the time value of money which would bump the percentage up a little bit. Bottom line the program is designed to lure people to purchase and then design it so a small percentage of people cash in. Kind of has the smell and feel of cheesy time share promotions or rigged carnival games to me, but some, not many, will score the rebate.
 
By Billy (woreout) on Thursday, December 11, 2008 - 12:47 pm:    Edit Post Delete Post
You dont even have to still own the boat in 3 years. I had a buddy that did the program and it paid him 10k, even though he sold the boat 1 1/2 years prior.
25k would be a nice check to get for sure.

 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 12:51 pm:    Edit Post Delete Post
Mallenger, I am sure if you negotiate enough you could get them to give you 25k on an X15.
 
By Andy loves Delta glass (bftskir) on Thursday, December 11, 2008 - 4:58 pm:    Edit Post Delete Post
just wait a little while, let the economy deteriorate some more, and they will be selling them for whatever you will give them.


obviously if they can rebate 25K, the boat is wayyyy overpriced. plus this program will undermine resale value.


boat prices followed housing prices up and the boats are going to have to "correct" just like the houses have.

anything is only worth what someone will pay for it.

they sound desperate to try to keep the insane prices up....we'll give you back 25K...what a joke just price them 25k lower.

 
By train (ttrigo) on Thursday, December 11, 2008 - 5:10 pm:    Edit Post Delete Post
why would they price them $25K lower, if most people are too lazy to go through the hoops to collect that money?
I have to give props to any company that can keep increasing prices in this economy, and still make money.

 
By Brett Yates (polarbill) on Thursday, December 11, 2008 - 6:44 pm:    Edit Post Delete Post
Andy, apparently you didn't read the rest of the thread and you have no idea what you are talking about. Mastercraft isn't giving you the 25k at purchase or in the future. It is a program that you buy into. Oh yeah quit calling it a rebate. It is not a rebate.
 
By Team CBK....Nate (cbk) on Thursday, December 11, 2008 - 7:28 pm:    Edit Post Delete Post
Sorry, but no matter how you look at it, it's an incentive to buy now...aka rebate, consumer cash, dealer cash, cash back...yada yada yada.
 
By Andy loves Delta glass (bftskir) on Thursday, December 11, 2008 - 8:22 pm:    Edit Post Delete Post
yea I see why would anybody follow through on the rules for a measley $25,000?

just let Mastercraft keep all that extra money of yours. who would want to jump through a hoop or two for 25k? what are they smokin?


the marketing guys at mastercraft are workin overtime.

lets see, If I buy a boat for $XXX,XXX....they will give me back $25,000...of my own money...isn't that the definition of a rebate?


Websters;"Rebate": A deduction from an amount charged or a return of part of a price paid.

Anyway I've been in sales for a long long time.

Just buy a Sanger.

 
By Nick Tomsyck (sidekicknicholas) on Thursday, December 11, 2008 - 8:42 pm:    Edit Post Delete Post
or buy the MC, keep it for 10 years, get your 25k back, sell it for more than a sanger would have cost new.
 
By Joe (joe_788) on Thursday, December 11, 2008 - 10:37 pm:    Edit Post Delete Post
Andy, you are the guy that Cashrewardinc.com is betting won't collect the $25,000.
 
By Jilly (jillyjam) on Friday, December 12, 2008 - 6:45 am:    Edit Post Delete Post
Here's what the CEO of Cash Rewards had to say as posted in MC's Team Talk:

To all MasterCraft Dealers and Customers,

I would like to personally respond to the questions and responses posted on “Team Talk”.

First and foremost at first glance customers and Dealers alike will say it’s too good to be true. However, we can always simply state that our entire society is based on rebates and the process of “slippage and breakage”. Look in any retail store and you will see some form of rebate and they all are based on actuarial data that allows the manufacturer to budget for redemptions. Our program is no different with one big exception…..The MasterCraft Dealer doesn’t charge the consumer full “sticker” price for the boat and then promise them a rebate. We are not a rebate company….we are one of the only companies in the world that specializes in appreciation rewards. The consumer is not charged for the Cash Reward….MasterCraft and the Dealers redirect a portion of their marketing dollars to pay for this opportunity just like any other manufacturer in the world. We didn’t invent something new…we simply improved the process.

Rewards programs date back to the old S&H Green Stamp days when our mothers and grandmothers would drive across town to a grocery store that offered Green Stamps. They would save these stamps and wait months or even years to accumulate enough stamps to redeem their beloved Sunbeam Mixer or fur coat that they dreamed about. Many stamps would be lost or destroyed accidentally thus the term “slippage and breakage” was born. This was an appreciation gift given to the consumer as a way of saying “thank you” for buying their groceries at Piggly Wiggly instead of Kroger. The stamps were paid for by the merchant and the directions were in the stamp books for the recipients to follow. The consumer never went back to the grocery store and got mad at the grocer for giving them a gift if they lost the stamps….they simply continued to shop with them for many years to give them the same chance as everyone else to redeem. This was a long winded analogy but a simple one that will probably give everyone my age a little chance to smile.

Yes, just like all the other types of redemption programs, there have been many clients through the years that failed to redeem properly. However, there have been many more that have received many thousands of dollars that have forwarded pictures and testimonials to show their appreciation. The person that stated he had a casino to go to instead of risking a Cash Reward should be reminded that in Las Vegas you have to lay your hard earned cash on the table to play a game that the odds of winning are fixed by the gaming commission and you are receiving absolutely nothing in return. They don’t build multibillion dollar casinos by having large “redemption” rates.

Our rules are simple to follow, clearly defined online, and cost the consumer nothing. As an added bonus, the Cash Rewards program is administered impartially and independently by a third party. The Dealer has the “exclusive” right to show their appreciation to their customer by “giving” him or her a Cash Reward. The MasterCraft Team has enabled our dealers to offer this in lieu of spending their marketing dollars on more magazine, TV, and print mediums.

There will always be the naysayer’s and cynical personalities. For those few we can simply say the proof is “in the pudding” so to speak. Consumers are all looking for a reason to buy from someone now more than ever. We are simply offering what is a competitive edge and a win win for both the Dealer and the customer. Presented the correct way the Cash Reward program is competition crushing and allows the dealer a way to say thank you while putting up to $25,000 in the wallets of their buyers! We welcome any and all questions as most of you know and will do our very best to assist you in any way.

Best Regards,

David Maloy
President & CEO
Cash Rewards, Inc.
Toll Free: 877-574-3800
www.cashrewardsinc.com

 
By coz (coz) on Friday, December 12, 2008 - 7:09 am:    Edit Post Delete Post
He uses Green Stamps as an example, well Green shield is the updated version of GS. Here's a little quote from this link.http://en.wikipedia.org/wiki/Green_stamps

Green Shield Stamps were successful as a business, not because they encouraged people to buy goods in proportion to the sales value—they made money because so many receivers of Green Shield Stamps never cashed them in. Sticking the stamps in books was time consuming. This became known as Green Shield Stamp syndrome, which is now a deliberate and intentional problem common with rebates

 
By tj (tj_in_kc) on Friday, December 12, 2008 - 10:30 am:    Edit Post Delete Post
This doesn't effect me either way, b/c i already have a new boat (Malibu), so won't be buying a new one to try to get this program but I thought I should post this in case anyone is thinking about doing this.

The Better Business Bureau

The BBB gather and report information on business reliability, alert the public to frauds against consumers and businesses, provide information on ethical business practices, and act as mutually trusted intermediaries between consumers and businesses to resolve disputes. News media frequently turn to the CBBB and local BBBs as expert sources of news about scams and consumer issues.

***Interesting note.***

The Better Business Bureau accreditation for Cash Rewards, Inc. (owner/manager is listed as David Maloy) was revoked in April 2008

http://www.dallas.bbb.org/WWWRoot/Report.aspx?site=50&bbb=0875&firm=90015852#ratingdetails


You'd have to do some pretty shady and unethical things, over and over again, to get kicked out of the BBB.

DON'T SAY YOU WEREN'T WARNED. THIS $25k PROGRAM IS MORE THAN LIKELY A SCAM.

I'm a little shocked that MasterCraft would put their name on this too. Why? They have arguably the most prestigious name in the industry, why surround or attach your name with scoundrels?

 
By AtTheLake (bmartin) on Friday, December 12, 2008 - 11:12 am:    Edit Post Delete Post
^^^^^ Agreed - Why put MC's reputation at risk with a gimmicky outfit like this???? A sign of desperate times I suppose.
 
By  matt c (curtisco24) on Friday, December 12, 2008 - 11:23 am:    Edit Post Delete Post
They have to move boats bottom line. Past management did not seem to mind screwing people over to do so.
 
By Andy loves Delta glass (bftskir) on Friday, December 12, 2008 - 2:54 pm:    Edit Post Delete Post
It's a desperate attempt to garner sales in a troubled market.

my own personal experience with Mastercraft was not good.

The brand new boat fell apart and they blamed us for "using it too much".

 
By Matt (duckguy) on Saturday, December 13, 2008 - 10:39 am:    Edit Post Delete Post
Andy Come on! You loose credibility with statements like that.
 
By Dave Broderick (nosebleed) on Saturday, December 13, 2008 - 11:28 am:    Edit Post Delete Post
Don't tell me a dealer told you that you were "using it too much" that's ridiculous. When did the "brand new boat" fall apart 10 years after you bought it?
 
By Andy loves Delta glass (bftskir) on Saturday, December 13, 2008 - 12:02 pm:    Edit Post Delete Post
lose credibility? our power slot fell apart.

I've had a Cruisers, a Mastercraft, A Correct craft, a couple Sangers. And I have a friend who owns a boat repair shop(he does not sell boats at all)...my credibility is intact.

 
By Andy loves Delta glass (bftskir) on Saturday, December 13, 2008 - 12:13 pm:    Edit Post Delete Post
Do you only expect a Mastercraft to last 10 yrs? before it falls apart?


under 300 hours at about 2 yrs old, the topdeck seperated from the hull, the pop rivets pulled out. Maybe they have that problem worked out now. they(Mastercraft Rep) told us we used the boat too much.

Do they glass the two together?

Sanger is screwed and glassed. My current boat is a 1990 Sanger and it is not falling apart. Still in great shape. Tight and solid.

People buy Sangers because they are great boats since 1954 with a 200mph legacy...not because they can get a rebate after paying too much for a boat.

Its all good buy whatever boat you want. That what makes the world go round.

 
By Lucky275 (lcky275) on Saturday, December 13, 2008 - 3:26 pm:    Edit Post Delete Post
"MasterCraft and the Dealers redirect a portion of their marketing dollars"

HAHA! That is sales speak for the profit we make off of selling you the boat.

 
By Mark (mvl) on Monday, December 15, 2008 - 8:31 am:    Edit Post Delete Post
From how I understand the program it works. They collect a premium from the dealers and MC. There are steps that the customer must go through to become eligible to collect a check. From what I understand somewhere in the neighborhood of 12% actually take the time, follow the steps and become eligible. The program as mentioned above is not administered by Cash Rewards but a third party company that also handles the claims for the McDonalds Monopoly game every year. So upon the Thrid Party Administrators approval that the customer has performed all necessary steps accurately, they contact cash rewards to instruct them to issue funds. The certificates and everthing that I've come across all says, "Up to $XX,XXX). So if one understands statistics and probabilities...if more than the expected percentage of people are eligible, then the amount per person from the pool of funds goes down. If the percentage of eligible people remains in the normal probability curve, they pay out 100% of hoped for amount (say $25,000). If less than expected get paid, they make more money.

It is not terribly confusing, or difficult, not a scam and not unethical, illegal or the like, but legit.

I think that it is funny that the majority of the population is willing to bust their butts working 50-60 hours per week to eek out a living, some in the minimum wage arena don't even make $25/year..but they're willing to work an entire YEAR to make it. Granted most of us buying boats are not minimum wage employees, however, the point is the same. Return on investment...of time. You sell your time to your employer or customers for a revenue. If you have the ability to make more with your time by doing something else, by all means, do not take Cash Rewards. If you cannot make more with the time it takes to keep track of the program and send stuff in...then do it. It makes sense.

My wife and I used a website to buy our new cell phones...after the rebates we'll be making money off the deal, $70 total. You bet your a$$ I took the time to fill out the forms, wait for the bill and send it out through USPS in a plain white envelope. Did it as well for $50 on my new Cooper tires on my car. Why wouldn't I? Who wouldn't? Give me a break, for a little bit of time I have EVERYTHING to gain and NOTHING to lose.

Before you get on me for not negotiating to get the money off the purchase price, I did. But I also work retail and know that the rebates are not to the retailer and they cannot lower the price for the rebate amount....without giving up some profit. But I'd rather have local business stay in bus. that close.

The program works. You may not understand it fully, but it does. Contact an accountant or attorney to read it over if you'd like...my neighbor is a Dist. Att. and he did Cash Rewards.

my $.02.

 
By Mark (mvl) on Monday, December 15, 2008 - 8:48 am:    Edit Post Delete Post
To also respond to an above comment about how it was presented...my dealer explained to me how the program works. He said he was told by Cash rewards to be honest, do not mislead, just explain the hows and whys. I was offered it last year, so why's everyone so up in arms this year? There are also people who've received checks...so that means that 3 years ago it was being used...whats the big deal now? Granted the amount has gone up, but shoot. I'm looking at a used X-Star...I can get a lessor amount Cash reward on it...makes it cheaper than other boats I've looked at in the end (if I do my job and get it done).

I also have checked on the tax ramifications...from everything that I've come across it is treated as a rebate...not reporable income. I have been told that a 1099 Misc is not issues...and it is not reportable income.

This is to whomever has received a check...did you get a 1099? Just wondering. I know from the past that on other rebates (phones and tires) that a 1099 is not issues, but this is a much larger #. Thanks.

 
By AtTheLake (bmartin) on Monday, December 15, 2008 - 3:52 pm:    Edit Post Delete Post
"Who wouldn't? Give me a break, for a little bit of time I have EVERYTHING to gain and NOTHING to lose."

Not exactly...As I understand you will be giving up a $3-$4K up front rebate, so it cost you that to get into the program. $4k not exactly chump change to me.

I agree, that the amount of effort it takes to bag the extra $20K is not that great, just takes a bit of discipline. But there are risks even the most careful persons can run into such as lost forms over a 3 period due to fire, theft, storms, death, etc. Also the chance of scoring the $25k is not 100% even if you nail all the hoops, too many disbursements or the company files chapter 11. Any of those things happen and you would be better off taking the up front rebate.

 
By a (coldlake) on Monday, December 15, 2008 - 5:04 pm:    Edit Post Delete Post
I'll take upfront cash anyday. I'm with bmartin, there are more risks than just the "paperwork". I'm a MC owner and happy. But if this program is in effect when I go for next boat, I will ask for the $4K. If they won't give it to me, I'll look at other options.

If rebate pgms are truly built on predictions of 0-20% redemption, why would any mfr of a high end product want to set themselves up for as many as 4 out of 5 upset owners at the 3 year mark? If I did my diligence and didnt get paid, there would be no way I would ever again buy from that mfr.

So, gimme that $4k discount. I would take it and invest in the stock market.....wait, no..... in....?????

 
By Andy loves Delta glass (bftskir) on Monday, December 15, 2008 - 7:43 pm:    Edit Post Delete Post
so 12% of buyers get the rebate? somethings wrong with that.

as far as it being income...no way...you bought a boat! they are giving you your own money back, thats not income in anyones book.

seems to me to be a way to prop up prices.

but hey whatever floats your boat.

 
By Matthew Lotze (matthew_lotze) on Saturday, February 07, 2009 - 8:39 am:    Edit Post Delete Post
sounds too complicated.
 
By Dave (deltadave) on Saturday, February 07, 2009 - 1:22 pm:    Edit Post Delete Post
Good sales "gimmick" (whether you want to call it that or not). The dealers don't have to negotiate as hard on the price because they sell you on the cash rebate program. Kind of a smart marketing idea that appeals to people's "greed". It gets you reacting emotionally instead of logically. Several of you have said it works. Maybe so. Any business can become insolvent. I still think the "3rd Party Administrator" could file bankruptcy and then you would be out ... regardless of what they claim. In this market, maybe you're smarter to find a repo or drive a really hard bargain. But then the dealer wouldn't be able to hold their price and I don't think they want to do that.
 
By Larzon (xsmini) on Monday, February 09, 2009 - 8:39 am:    Edit Post Delete Post
http://www.complaintsboard.com/complaints/cash-rewards-inc-c105310.html
 
By MikeS (mikes) on Monday, February 09, 2009 - 9:41 am:    Edit Post Delete Post
posted by David Maloy in above link
'I read all of these complaints and most stunn me with the blatant lies. We have a full team of custone care professionals and Resolve corporation does as well. The big misconception is that we controle the claim process. We have nothing to do with this and have always relied on an indipendent impartial third party administrator to ensure each client is treated the same. Bottom line...if you follow the easy steps correctly...you will get paid...if not ...you will not. For those of you who did not follow the steps necessary...quit your whinning! We pay out hundreds of claims every month and have the testimonials to prove it. A cash Reward is a free appreciation gift to you anyway. Please appreciate the opportunity you were given and move on if you were unable to complete the paper work necessary to claim your cash.'

Seems to me like an immature statement from a CEO. My thought process tells me that if you have to defend your program constantly, it probably sucks.

IMHO, Even if MC claims no affiliation to this independent company,it certainly reflects poorly of them to support a program like this. Surely they know the end result for most people will not result in a claim being paid. I do not understand this rationale and it may sound stupid but after seeing this repetedly come up on several boat forums,I am slowly losing respect for MC for continuing w/ this promotion.


Carry on.

 
By Larzon (xsmini) on Monday, February 09, 2009 - 11:48 am:    Edit Post Delete Post
looks like it's rubbing off...
http://knoxville.bbb.org/WWWRoot/Report.aspx?site=57&bbb=0533&firm=90008626

FYI
http://cencal.bbb.org/WWWRoot/Report.aspx?site=25&bbb=1066&firm=7673

http://cencal.bbb.org/WWWRoot/Report.aspx?site=25&bbb=1066&firm=50011844

couldn't find any for correct craft, and skiers choice

 
By  matt c (curtisco24) on Tuesday, February 10, 2009 - 10:40 am:    Edit Post Delete Post
that is bad a grade of f ten minutes from your factory geez.
 

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