Bought a Refrigerator and Stove and was persuaded by the saleswoman to try the Why not lease it that they only charge 5% if you pay it off in 4 months, an an additional 5% if for the remaining 2 mo if you go the full 6 months and you're done. I said cool that's less than putting it on a credit card at 25% and I can pay it off in 4 months.
We did the paper work and it was approved for my purchase. Now 2 weeks in and the first automatic payment I discover my stove isn't acting properly and I get the paper work to call Sears and discover that on the flip side of the "receipt" contract there is additional information that I was not aware of as on the day of purchase I didn't have my glasses so I couldn't read the fine print. My purchase was a total of $1,608.14. The bottom line is, after contacting "Why not lease it" to explain their math to me this is their contract................$129.84 every 2 weeks for 4 months and 1 week is "$1,348.40" which included my $179.84 down payment.
and if I were to continue 4 more payments totaling $519.36, I would have paid them a grand total of $$1,817.76 which is $209.62 more than my purchase price. I asked Why not lease it if that was the 5%. Their answer was no you can then give the merchandise back or pay us an additional $856.98 to own it !!! My response was are you kidding me, had I know that and had the sales lady communicated that to me "NO WAY IN HADES" would I have accepted that!!
I asked them due to the miscommunication of Sears sales Associate and the blatant cover up of the details could I pay them the remaining balance of $1,298.46 (today) and be done with it. Their response after 2 reps and 3 different supervisors..........I'm sorry that will not end your contract and you ow is an additional 5% or $79 to close the contract, which I unequivocally refused.
I told them I was willing to pay the balance amount and I would not pay them anything further and they threatened to continue to debit my card!! SEARS why are you doing business with "Loan Sharks and Crooks" and why aren't your employees fully disclosing the facts to customer?
Reason of review: Product malfunction and discovery of being duped by Leasing Co. upon referral from Sears Employee.
Monetary Loss: $600.
Preferred solution: Let the company propose a solution.
I didn't like: Felt i was violated and scammed with no recourse.