Budget

Layaway Vacation Plans

May 10, 2013 by

Layaway Vacation Plan

How often have you dreamed of a vacation but just can’t afford it? Now a number of travel-related agencies offer layaway plans that offer flexibility and a way to afford that vacation for as little as $100 to start a payment plan.

Relax on the beach

Layaway Plans Nothing New

Many people are familiar with layaway plans at Christmas time. They provide a way to pay for Christmas gifts a little at a time before you bring them home. The concept of layaway plans have been around since the Great Depression.

With the current economy many retailers have brought back the practice and extended it to vacations.

Dream Vacation

Benefit of Layaway for Vacations

Layaway plans for vacations allow people to commit to a trip earlier. Marty Seslow, vice president of marketing and sales for Gate1Travel.com, admits that with their layaway option, they are seeing more bookings early in the year for fall trips.

About 60% of their customers are using the plan. The benefit, according to Seslow of Searsvacation.com, is that “It empowers the consumer with a little more choice.” Their plan requires a non-refundable $100 deposit.

Layaway plans let travelers take advantage of bargain airfares by making payments on a schedule with the final payment commonly due 30-45 days before the trip. Some companies don’t allow payments on airfares because prices change rapidly, but British Airways initiated a layaway plan earlier this year.

Packages cover flight and hotel, or flight and car options. Deposits vary depending on the time of year, but range between $900 – $1,050 with the full amount due 10 weeks before departure.

Down payments and due dates vary with destination, company and policies of participating hotels, so it pays to read the fine print to see what you’re agreeing to and what the cancellation policy is. In many cases, it might be worth purchasing travel insurance.

Photo credits: RambergMediaImagesMoyan_Brenn, fancycanoe



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