I purchased stereo equipment for my two autos for $2900. I have been making payments of $226.80 every 2 weeks for 5 months, I wanted to pay it off now and they told me they would ALLOW me to pay an additional $1600 to pay off! This is a ripoff and loan sharking practice, and that's against the law. So in essence they want me to pay $3900 for the units meaning a total of $1000 for interest for 5 months. I am contacting the better business bureau and the attorney general of California for options. This is unfair lending I was never told how much it would be if I paid off after the 90 days, the salesman said as long as it was done within 6 months you were ok.
Reason of review: Excessive charge for less than 6 mo payoff.
Monetary Loss: $1000.
Preferred solution: Let the company propose a solution.