Purchased a new hottub and were financed through AquaVantage (GE Money Bank) as a credit card with a $6000 credit limit, without our knowledge.
Received "Welcome" letter threatening that if we were ever late with a payment the "Introductory Offer" would default to 24.99% interest. We weren't supposed to have an "introductory offer." A month later we received the first bill with a minimum payment due of $121. I paid the bill early with $150. The second bill showed up with the $150 payment credited, $161 interest added and a threat that our account was "over limit" and to pay immediately to avoid penalties.
I immediately called to get an explanation and was told that they "never bill the first month, but charge interest from the date of purchase."
I made other financing arrangements so I requested a payoff amount, only to discover that this purchase was going to cost an extra $200 to remedy. The new balance on the account was $6045. I notified the salesman of the issues and his response was, "we do lots of business with them and never had any problems."
0 comments