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Home Improvement financing Consumer Law, Warranties

Discussion in 'Consumer Law, Contracts, Warranties' started by Paul S, Nov 6, 2021.

  1. Paul S

    Paul S Law Topic Starter New Member

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    North Carolina
    I purchased ($9800) of home improvements. The contractor salesman verbally offered 12 months same-as-cash through a bank (separate entity) with an additional 3 months if my credit score was over 700 (it is) and a 2.6% interest rate after that. He said to ignore the electronic paperwork if it had different figures initially and that the final paperwork would be correct. The final papers turned out to be 12 months deferred interest at 17.99 %. I've filed a complaint with the state Attorney General. In response the salesman and company have acknowledged that what they told me was incorrect and say in the interest of keeping a good reputation have offered me $750 refund for the extra 3 months of no interest I will not get but, I would still be stuck with a 17.99% deferred rate loan. I could accept the $750 and refinance the balance at the end of the 12 months deferred period with another lender but, I had accepted their financing offer because the 2.6% was very attractive if I couldn't pay off the balance in 15 months.

    Is that a fair offer or do I have other rights that may be more advantageous?
  2. adjusterjack

    adjusterjack Super Moderator

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    Never believe anything that anybody tells you when they are selling you something. Always demand to see it in writing, or walk away.

    In other words, as a settlement, you get $750 cash and don't pay any interest at all for the first 12 months. Or do they just apply a $750 credit to the balance?

    Keep in mind that they will never admit, in writing, any wrong doing so, unless you want to spend a small fortune on litigation, you might be wise to take the refund. I doubt if you have any real legal clout to do any better. After all you did sign a contract that resulted in the terms even though you may not have read the fine print.

    Once you get your refund, apply it to the balance and then start throwing big checks on to the balance every month. The more of it you get paid off by the end of the year the better your chances of getting a personal loan with a lower rate of interest. Otherwise you'll be stuck applying for a credit card with a no interest trial but you'll have to do a balance transfer which will cost you big fees, won't cover the entire balance and leave you with two debts to pay.

    I would also write this contractor up on Yelp, YP and whatever other review site you can find so locals can beware of his tactics.

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