I was disheartened to learn today that my balance owed on my account is more than what I borrowed!!!! I have made timely payments biweekly of $68 for the past 6 months for the amount financed, $900. How in the *** is my balance $961? I was told by Elizabeth that my account was accessed a full year interest after the 90th day. So no matter if I were to pay my balance off now I will be paying for interest unearned by Crest plus the principal amount. I take full responsibility for signing the account because the legalese which I have a degree in from watching People's Court and Court Tv spelled out the terms.
My understanding of financing anything is that you pay principal and interest at the same time and never is a payment full applied to principal. I guess it is legal because they are doing it but I will be sure to report my dissatisfaction to the insurance commissioner in their state to make sure. Get this I am offered a discount of $300 if I pay my balance off today! A discount not a return of principal or a reduced balance on my account. They didn't earn the interest over a year's time but yet they access a year's worth of interest after 90 days. I call that a RIPOFF!!!!
I get finance charges and people with poor credit pay more but at least make the amount I pay back something that is due to the time the loan was outstanding and not on some arbitrary date that you access!!!! Truthfully, what to stop these fools for making this a two year arrangement and charging two year's worth of interest after 90 days?
Now, they conveniently hide behind the retailers and their selling tactics but they are very complicit to given the legal arrangement that their lawyers drafted!
SO I AM SAYING THIS LOUD FOR ANYONE TO READ AND I WILL REPEAT THIS ON AS MANY CONSUMER COMPLAINT SITES I CAN FIND, DO NOT FINANCE ANYTHING THROUGH CREST FINANCIAL!!!! IF YOU MUST FINANCE YOUR FURNITURE TRY "OKINUS"!!! I FIND THEM TO BE CROOKED TO A LESSER EXTENT. OKINUS ONLY CHARGES INTEREST FOR THE BALANCE THAT IS OUTSTANDING SO YOU CAN PAY IT OFF AT ANY TIME AND NOT BE GIVEN A BOGUS DISCOUNT OR ACCESS ANY UNEARNED INTEREST!!!!!!!!!!!!!!!
Reason of review: Pricing issue.
Monetary Loss: $900.
Preferred solution: Stop predatory lending practices.