My husband and I went shopping for a bed. Found one we liked that was expensive, but we deserved it and decided to treat ourselves.
We had almost all the money to pay off the bed right then and there (1500). However, the Acceptance Now lady at the Ashley Furniture store told us that that was not needed because her company helps let us pay off early AND they report to the credit bureaus. So, we decide to do it her way. About 6 payments (including two double payments) later, I call to try to see how much we had left to pay off.
We had already paid almost a full 1000, mind you. She told me we had 1457.58 left to pay. I was confused. Then I spoke to a different lady and she said, "She must not have told you how the program works.
If you want to pay off early, you have to come in with a lump sum because out of your monthly payments, only 30% is going to the principal." Obviously, I was outraged. Why would I pay double payments that 30% of is only going to principal if I could've saved that money to put towards the lump sum THAT I KNEW NOTHING ABOUT to pay off this bed?? So, we are out about an extra $980.
And now we have to save 1457.58 in time to pay this bed off before all these other charges jump on our total. NEVER AGAIN!
Reason of review: Problems with payment.