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Financing Program Review
Bought a water softner, was told this was a loan not credit. Made payment on time and was charged a late fee they won't remove.
Reason of review:
Problems with payment
Eaton Rapids, Michigan
DO NOT purchase ANYTHING financed through American FINCO
If you are financing ANYTHING (water softening/purification system in my case and MANY others), make sure that you DO NOT USE AmericanFINCO. I've been having issues with them for some time and finally just looked up the reviews. As it turns out, they are known scamming people! I've never worked with a business that claims not to get your payment until it's late, even though it's paid electronically by your bank each month with plenty of time. On the other hand, they raise your APR when it's "late" to up to 30% from what I've seen, but 25.999% personally. The interesting part is that I set my bank account up to send checks for the agreed upon amount and date electronically immediately after purchase! My advise is NEVER use this company! If you are installing a Rainsoft Water Treatment System or anything from Atlantic Water Products, they will most likely finance you through AmericanFINCO. If you are dead set on making the purchase, either pay in full immediately OR use a reputable finance company that you know. I assure you that you and your bank account will be thankful in the end! This experience has made me regret ever getting a water system! I personally will NEVER again use ANY company that uses or promotes AmericanFINCO... Check them out on the Better Business Bureau website! You may also be interested in http://www.complaintsboard.com/complaints/american-finco-c150646.html where you will find multiple complaints... all with similar stories!
Outragious/Continuous interest rate hike
I am so aggravated with American Finco. I went through Atlantic Water Products and had a Rain Soft System installed. My first invoice did not get to me until 10 days after the bill was due. They tried to get me to pay them over the phone with the same $15.00 fee and I refused due to the fact that I will not give information like that over the phone without an invoice to show me exactly who I am paying. So the 1st payment was late and they added on a $39.00 late fee and raised my interest rate from 19% to 22%. They told me that they can raise my interest rate as much as they want as long as they have it in there system that they sent out a letter to advise of that. Now my interest rate is 26.9% and I called again and went through every payment and found out that they were cashing my bank checks 2 days before the due date but not applying the funds to my account till the day after the payment is due so it is being marked late. They agreed that it was there error but refused to lower the interest rate.. I owe almost twice as much as I signed up for since the interest is compounded daily which I was not advised of. I read the terms & conditions and no where in there does it say that it is compounded daily "but it is". No where does it say they can raise the interest when ever they want "but they do". American Finco sucks and should not be allowed to do business with anyone. I was advised that there is a class Action suit against American Finco for there outrageous business actions with percentage rates and late fees. I will find the class action suit details and pass them along to anyone who wants them.
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