My husband and I went into the store to purchase a bedroom suite worth $3100.00. We had asked if they have available a "12 months same as cash" deal. The salesperson said yes. That we would have to pay a 4% down and qualify for credit. Now for the sake of the salesperson, he did say that the customer service desk would fill us in on all the details.
So we went ahead and filled out the paper work (this was on a Saturday) and said that we would get a phone call from our salesperson to let us know that we were approved/or not and that if we were approved we would have to come in and sign a contract.
Two days went by and we did receive the phone call stating that we were approved so the next weekend, my husband and I went down to the store to sign the contract. When we went to sign the contract the customer service desk lady pointed out what our "monthly payment" would be. Whoa, we was not advise that there was going to be a mandatory monthly payment involved.
So we cancelled our 12 months contract and ask if we could instead apply for the 6 months "same as cash" deal. The service desk lady said yes and tried to process our request. The information received back from their financial institute that they use said that they would have to do further investigations and that we would receive a letter in the mail, possibly with a Value City card if approved.
We received this letter about one and a half weeks later stating that we were declined. So my question was why we were approved for the 12 months but now not approved for the 6 months.
I called the financial institution where Value City had processed through and they had advised me they would not speak to me about the matter that they must speak to my husband to resolve the issue. So I asked them why we were accepted for 12 months but not for 6 months. They said that we weren't accepted for 12 months that there was also a decline.
So I called the store and they just then had advised me that they use 3 different financial institutions to help with finance and that they first tried this financial institution and then we were approval by another. Of course, all this wasn't explain intially. Then come to find out that the 6 months was just like the 12 months that there was monthly expected payments. Let me just add, that there was a very high percentage rate if you didn't pay there monthly payments and that's how they make their money.
Anyways, all this could be avoided if only we were throughly explained the process of how Value City does their financing. We did get our 4% down payment back. But needless to say that we did not purchase any of the furniture. I'm glad now that we did not just pay cash because who knows how long it would of taken for us to receive it.
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