My hubby and I bought a tv from brandsmart we actually had the money to buy the tv but the brandsmart rep said the quality of tv we needed had to be financed, my hubby was not interested bc he is a cash buyer, the rep said it would build his credit. He took us straight to a RAC rep.
We even put down 300 dollars towards the amount and told the rep we would pay off at the end of the month we just wanted the tv, she said this loan doesnt build credit until after 3 months and we can pay off we ask if this was revolving credit etc, my hubby said he read the contract, now it's been a year at 150 a month and the amount is still the same every month we ask for payoff amount they would say their system is down, we tried to overpay they would say the system can't take a big payment. I had a loan from badcock and paid in full and went back found out they are with RAC acceptance now, Got burned 1x never again......but all the furniture and electronic stores are tied in with them so they are all aware of the scam thats going on. City furniture, Ashley, brandsmart, rooms to go etc. in these tough times when people are still reeling back from job loss, they keep ripping people off.
My hubby is returning the tv and will take the hit to his credit it's not even on his credit report until u default, best thing to do is pay it off after its defaulted RAC loans are all 36 months no matter what you get so what cost 1000+ will cost u 7000. Bottom line is credit building is a scam read fine print 3x and if you have the money buy what you can afford, we have benefits and discounts we don't use and can't ***, the reps at brandsmart are actually nice, but it's the company that's a scam I can't wait for a class action lawsuit.
Monetary Loss: $1400.