I financed an ATV through GE Funancing. I paid via my bank's internet portal on the same day every month without fail. This went fine for several months.
Then I get a collections call stating that I owed past due amounts. When I inquired, they stated that two months prior to the phone call my payment was late so they had to assess a late fee AND they almost doubled my interest rate! We never have received a statement via mail or email and we never received a call prior to the collection call stating their was a problem. They agreed to reset the interest rate if I paid the remaining on the phone.
I paid thinking that somehow I paid late and did not realize it. I also asked that the mail all previous statements.
The next month I get another collection call! When I asked how this happened the gave me a repeat performance of the last call. When I asked them to confirm the monthly billing due date. The representative on the phone stated that he could not give me the monthly due date because it CHANGED from month to month but not consistantly!
So, what do we have?
1. They don't send billing statements/invoices.
2. The monthly billing date changes each month.
3. You may or may not be late on your payment depending on when they set that month's billing date.
4. They almost double the interest rate when it happens but they do not inform you.
5. You don't find out about it until you get the collection call and you have already incured a late fee and higher interest charges!
How much are they taking in on this scam!
I paid the loan off after I was bit twice. I'm currently waiting for acknowlegement that they received the payoff. I'll probably get a collections call instead...
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