map-marker Chicago, Illinois

Financing Program Review

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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.
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Reason of review:
Problems with payment
Meya Euu
map-marker 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 where you will find multiple complaints... all with similar stories!
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Worst company ever. They make up late fees to rip you off.

Scam artist do not finance anything with them. Every review says the same thing.

They did the same to all of us. Make up late fees to increase interest and apply fees.


Wasn't told this was credit.. sent payment on 20th.

Due the 26th, received late fee half the cost of my minimum due.

They won't forgive the fee, the customer service staff was rude, and on top of that there is no one over them ( supervisor or management) you can speak to; just an e mail address you hope someone reads and gets back to. Very unprofessional and financially frustrating!


They are indeed the worst ever. The first few payments I made were fine, and then they get you.

I'd send my payment in a week before the due date, and then it wouldn't get posted until after the due date. I had to nip that in the bud and send my payments certified mail. Funny how the payment posted the sane day they'd sign for it. I was tired of their ***, so I rolled my bill over to a low-interest credit card instead.

Best decision I could make on this one.

I will say we are happy with the water system we purchased, just not who financed it. They suck big time.


YUk..know a guy who works for this company. He has to be the CHEAPEST TIGHTWAD I have ever dealt with.

Dumpy hotels..cheapy cheap cheap rent a cars..complains about air fare (hey I don't make up the airfare..take it up with United!!!). I don't like Mr Cheapskate. People that go to great lengths to avoid paying one dime more can't be trusted. I know the part of town he lives in...Million Dollar Homes!, But won't spend $10 to stay at a quality hotel?

Won't fly nonstop for another $50? My spidey sense tells me 'watch out'.

People who try to hard to save money and let you know how hard they are trying to save money really bug me. They are hiding something.


I will second everything you have said, this company (if you can call them that) is screwing everyone it seems. You do not even have to have a late payment for them to raise the rates, when my wife purchased the system back in 2010, the rate was supposed to be 12.99%. We had a 3 month defferment, then I was surprised when the 1st bill came in and the rate was 23.99%, then over the course of the next few months, they went up to 26.99%, the reason they gave me for the hike was and I am quoting here, "because we can."

This company received a lot of money in the bailout from us hard working people only to turn around and screw us in the end. I WILL NEVER use/purchase anything that has to do with American Finco. I will reiterate what was said by the original poster, if you ever see anything that has American Finco on it, run the other direction. I will continue to pass this information along to the people I come in contact with for the rest of my life. DO NOT DO BUSINESS WITH THEM. This week I have sent in my payoff and I am sure they will find some way to sqweak a few more dollars out of me before all is over with.

Go to a local bank and get a better rate with them and pay Finco off, trust me, you do not want to keep them in your life.


DON'T FINANCE THROUGH AMERICAN FINCO...they haven't reported to the credit bureau in the last 32 months which looks like I haven't made a payment to them in the last 32 months. They are shwing that I'm past due and I'm current. If you don't want your credit ruined by them than don't use them!

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Caliah Otf
map-marker Edgewood, Maryland

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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THis is sooooooo frustrating. I have been paying on this balance ($5000) for the last 4 years, with an average monthly payment of $150 and the amount has only decreased $1000!

Now do the math people. That's about $7200 that I have given this POS company and they are telling me that I have only paid $1000. Something really needs to be done about American Finco. Not only that but I can;t even make a payment online because of the system requirement parameters.

I work on a G5 Mac and it won't work. So Frustrating.

I can't wait to pay these blood suckers off. I probably will be paying for the rest of my life.


so very aggravated with their co. Payed off what i thought was my entire balance only to get another bill in the mail saying that there was still over $300 due , it was all intrest that they say was in between payoff and recieving my check for the full amount!


I also would like know if there is a class action lawsuit .

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