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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