Delray Beach, Florida
Not resolved
3 comments

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.

  • interest free scam
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Anonymous
#1024024

You can tell when operatives gets on the line and spout company information while they try to pose as a regular customer. I am not fool by this.

As for the lease agreement instead of a loan that is just a legal loophole to access a fee for a full term without having the contractual agreement extend to that length of time.

You guys got me but it will never happen again!!!!

As the poster stated above i will direct my business to Okinus the lesser of two evils!!!!

Anonymous
#1016968

Because we offer leases rather than loans, customers enter into a 12 month lease agreement and are charged finance charges at the time of signing. We offer a 90 day buyout option which offers significantly discounted finance charges within the first 90 days.

This is a discount, or a sale, that is not valid after the customer's 90th day.

At that time, the customer is responsible for the full finance charges and pays the account off over the full 12 months of the lease.

We do offer another early buyout option that offers a percentage off the final balance if paid off in one final payment. All of our finance charges and discounts are explained in Items 2 and 5 of the lease agreement.

Anonymous
Hollister, California, United States #1015803

They're not charging you interest. It's the same deal as Rent-a-Center; pay in 90 days or be charged DOUBLE for your items.

It's in the paperwork. "If you pay in 90 days, the total cost due will be: XXX.XX$, if you pay one year, the total cost will be XXX.XX$." I don't have a legal degree and even I could read the document.

Lol. I've done 90 day financing through them twice already, with no issues.

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