Re: Reports #412511,414188,415104, and a multitude of others. A "promotional" rate of 3.99% guaranteed for the life of the loan. Without warning and without any reference to minimum payment calculations in the promotional literature, the minimum payment has been increased by 150%, and a special $10 monthly charge was added. By admission of Chase's customer service, the purpose is to force an accelerated pay off of the promotional loan. The message could not have been more blatant - "the only other option is to accept a 7.99% rate and retain the normal 2% minimum payment"!
This situation is clearly a crude attempt to invalidate the contract implied in the promotion; and further, since we paid a transfer fee in order to get the fixed promotional rate, it is fraud.
As others have suggested, victims of this rip-off should file formal complaints with the federal Controller of the Currency, the Atty. General of their state, their states banking commission, and the Better Business Bureau. A message to your congressional representative and senator might be a good idea also.
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