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Thread: Friggin A!!!!! ALWAYS read the fine print

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    Angry Friggin A!!!!! ALWAYS read the fine print

    Hey ladies-
    LOL I know this is a weird first post, but I just had to rant! And give a warning about certain loans. (BTW, I used to post under a different name, but am trying to get a fresh start to my life lol. LOVE this forum, tho!)
    with THAT said..

    I bought a boat last year for 30k at a dealership. I put 10k down, and financed the rest. Since it was my first purchase, they couldn't get me approved for installment payments, but they did get GE Money Bank to approve me for a credit card for 20k. The finance guy even explained that there was a promotion for a full year no interest, no payments. Sweet! So the year was up May 24 of this year.. about 10 days ago. I paid 8 grand in April, and another 7 grand last month. THEN I go to pay off the last 5 grand yesterday.. so happy to be done with this debt. HOWEVER when I called to make the payment, they told me I now owe 4 grand ontop of the loan!! ARGH. I broke down and cried. The guy who financed the damn loan never told me there was a penalty if you didn't pay it off within a year. They charged me the interest for the whole year! If I would've paid it off ten damn days earlier I wouldn't have been charged. I am SO PISSED.

    I went into the dealership today, and the finance guy no longer works there. The sales manager was very polite and understanding, and told me he would call the corporate office and see if there was anything they could do. How could I have been so stupid to not read the fine print. ARGH!

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    Banned Melonie's Avatar
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    Default Re: Friggin A!!!!! ALWAYS read the fine print

    ^^^ subprime lenders usually have a long list of 'fine print' items. This is particularly the case for subprime loans / credit cards that offer 'sweetheart' introductory terms. Unfortunately, there is probably nothing that the dealer is going to be able to do towards pursuading the lender to alter the original terms of your loan.

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    Default Re: Friggin A!!!!! ALWAYS read the fine print

    It's not a penalty, it's the back interest. That's pretty standard.

    Sucks if you didn't know that.

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    Default Re: Friggin A!!!!! ALWAYS read the fine print

    Quote Originally Posted by Melonie View Post
    ^^^ subprime lenders usually have a long list of 'fine print' items. This is particularly the case for subprime loans / credit cards that offer 'sweetheart' introductory terms. Unfortunately, there is probably nothing that the dealer is going to be able to do towards pursuading the lender to alter the original terms of your loan.
    This is NOT just true for subprime lenders! A lot of lenders do this...

    And, there is nothing they can do about this. You signed the paperwork acknowledging that if the balance was not paid in full, then you would owe the full balance, plus back interest, plus current interest. The fun part is that your payments will skyrocket because they lump sum add the back interest and then you pay interest on the interest.

    Nice.

    Always, always, always read everything before you sign it. Joe used to hate going places with me when I had to sign for something...LOL...but working for lawyers, I've learned that you never put your siggy on anything unless you know (and understand) what you're signing.

    Lesson learned.

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