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Post by Travis on Mar 4, 2018 1:00:21 GMT
I spend way too much time looking at stuff that I don't need, but this Len-O-Meter caught my eye. The auction listing claimed it was a sales device associated with Leonard refrigerators. I did a quick search and found this newspaper ad. Apparently, you deposit 15 cents (the amount you would pay for ice) into the Len-O-Meter daily for use of your fancy new electric refrigerator. I don't have the key, but there must be a receptacle, in which to plug the refrigerator into, inside the box. The indicator shows the number of hours left. The final two hours are in red, as if to warn you of impending spoilage Here is a link to a newspaper ad explaining the payment plan. I don't know how to save just that ad. It's pretty cool. news.google.com/newspapers?id=zUwbAAAAIBAJ&sjid=lksEAAAAIBAJ&pg=1686%2C3809833Attachments:
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Post by ckfan on Mar 4, 2018 1:31:39 GMT
When Travis told me about this I was blown away. This has to be one of the strangest pay as you go plans ever. Hope you have enough change ethyl or the food is spoiling tonight!
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Post by solarmike on Mar 4, 2018 13:01:13 GMT
Now that is very cool....
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Post by birkie on Mar 4, 2018 15:17:56 GMT
Very cool, now pick that lock and see what's inside! Does it sound like it still has coins in it?  I'm guessing that the local retailer would elect to purchase these len-o-meters if they decided it was worthwhile to offer this payment plan, and would be on their own for collecting the coins periodically? |
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Post by Travis on Mar 4, 2018 22:07:08 GMT
I’ll go to the lock shop this week. I don’t think it holds that many coins. I am betting it just takes nickels. It doesn’t appear to rattle.
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Post by cablehack on Mar 5, 2018 6:40:19 GMT
I remember a similar device that was bolted to the side of rental television sets. Rather than being billed by the rental company, you put coins in if you wanted to watch TV. I can't imagine such a scheme working these days.
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Post by Travis on Mar 5, 2018 6:53:53 GMT
This was for payment of said refrigerator, not for paid use of it. 15 cents in 1934 equates to $2.80 today!
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Post by birkie on Mar 5, 2018 17:31:27 GMT
I wonder how long the payoff period was on these. Three years on the meter would be like paying off a loan with a 25% annual interest rate, I think.
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Post by Travis on Mar 5, 2018 21:07:11 GMT
Isn’t it 2 yrs? $115/15 cents per day.
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Post by birkie on Mar 5, 2018 21:43:39 GMT
Isn’t it 2 yrs? $115/15 cents per day. Yes, though a 2 year plan with $0 down and essentially 0% interest would have been an act of desperation to sell the things, especially when one considers the cost of the meters, and the cost of paying somebody to periodically collect the coins. I guess it depends on whether it was a strategy to sell anything in tough financial times, or an opportunity to turn the thumb screws on a population that needed a fridge, but didn't have $114 and had few other options. |
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Post by Travis on Mar 5, 2018 22:21:21 GMT
I suspect they had some money down. They had to beat GE somehow
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Post by birkie on Mar 6, 2018 4:23:32 GMT
That sounds reasonable to me. Something in the back of my head remembers seeing payment plan details for GE refrigerators, and I don't think they were very good terms. I don't remember where I saw that, though. If Leonard was aiming for appeal to the masses, an inexpensive payment plan would make sense.
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Post by solarmike on Mar 6, 2018 13:18:28 GMT
I wonder how long the payoff period was on these. Three years on the meter would be like paying off a loan with a 25% annual interest rate, I think. 25% is a a deal compared to the pay day loans of today... |
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Post by Travis on Mar 7, 2018 2:19:50 GMT
It seems the poor Len-O-Meter has a lock cylinder made of pot metal. It appears to be stuck. I left it to be repaired. The locksmith I went to thought his boss would find it interesting. He figures it might hold a roll of nickels, so roughly 2 wks worth of payments.
I can't wait. I'm going to hook it to my CK1.
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Post by jake on Mar 8, 2018 23:41:06 GMT
That's SO COOL!! I imagine 15 cents per day could be hard to get for a lot of people during The Depression! How does it work? Is it hard wired to the wall then the fridge is plugged into the box and the cover of the box is closed and locked? When you deposit your 15 cents does that activate a switch and start the timer counting down from the 24 hour mark? I hope your locksmith can make keys for it! I also hope there's at least one coin in there for you! That'll determine about when it was last used!
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