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American General Financial Services Complaint - "interest free" is actually 21% - Consumer Finance
American General Financial Services Complaint

American General Financial Services Complaint

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"interest free" is actually 21% - Consumer Finance


I was talked into getting 24 month "interest free" financing on a $3000 purchase 2 years ago. I could have paid cash, but I decided that I would rather collect interest than pay it. I knew that the finance company ( American General Financial Services ) would charge the entire 21% interest if I was late on any payment, so I made it a point to pay ahead of time every time. I also asked the salesman to be sure that the payment schedule would have the last payment on the 24th month. He assured me that it would. I trusted him - big mistake. The payments were set up to take 25 months. So now, I owe over $700 because I did not check the math and went 1 month past the 24 month "Promotional End Date".

If you should get pulled in by interest free financing offered by a merchant, be sure to check the payment schedule. Paying 4% per month takes 25 months, not 24 to complete the payments


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Comments


frustrated09 says: (8 years ago)
 0
American General Financial Services is not a rip off. Maybe if you read your bill EVERY month you would realize it says the term end date on EVERY single bill. Sorry they didn't hold your hand.



bellah says: (9 years ago)
 0
I feel to be cheated by them too. I bought the furniture that I can use my own credit card to pay, but was attracted by the 0% interest. I miss the deadline and found out in my next payment. I called them and said I can pay off right away to waive the interest. They don't want to do it and insist they left a voice mail to me to remind me the due date. It's a rubbery. They didn't mail a seperate bill for pay off like other financial institution!!! anyone know where we can put the dispute and claim them?



lyons32 says: (9 years ago)
 0
American General Financial is a rip off. They make you buy their insurance if you don't you don't get the loan. They pad the loan and jack up the interest. My $2000 loan turned into over $6000! Don't get a loan with them!




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