28.8K views
122 comments
1.7

This company hides behind a no-credit financing label, but misleads people to signing a year-long contract where they will charge you FOUR-TIMES the cost of what you are buying. In my case I was buying a discontinued mattress from Mattress Firm for $400 that ended up costing $1,600 (FOR A MATTRESS ONLY) by the time I paid out the contract. You are NOT financing with Progressive Financial, you are leasing. BIG DIFFERENCE. By leasing, they get around maximum interest rates because they are not loaning you money. That wasn't explained at all to me before I signed the 10-page contract electronically. I was mislead into signing by the sales associate at Mattress Firm, who told me that Progressive pays them for it and I am paying Progressive back, Progressive reports to all three credit bureaus so it helps my credit to pay on time and that it's interest free for 90 days, which is the biggest lie they tell you.

First, Progressive DOES NOT report to credit bureaus at all. Remember, this isn't credit, it's a lease so they do not have to report to credit bureaus.

The 90 day option is also not interest free. They tell you you can buy it for sale price, which is true, as long as you do so in 90 days. If you don't, then you will be responsible for the entire lease with only an early buyout option at double the sale price. That doesn't go down the more you pay on it. Also, if you pay more, it does not lessen the amount of payments. You sign a lease contract, not a credit agreement.

My biggest issue, however, is their collection practices. They screwed up my payment dates, making it two days before my payday (which they tell you that your payment dates will run parallel with your pay days). So it never got paid on the date they set for my payments being due. I emailed them three times about this and they refused to change it. However, they would call me on the FIRST DAY it was late repeatedly. I deliberately failed to pay my bi-weekly payment for three days once to see how many times they would call - 15 times in three days. My credit card doesn't even call me 1 time if my bill payment is three days late.

Reason of review: I was mislead.

Monetary Loss: $1000.

Preferred solution: Price reduction.

Location: Austin, Texas

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#1939992

never had a problem with this company deductions were deducted when agreed and paid off when last deduction was made will you them again

#1846315

Thank you. This helped me tremendously.

$900 (not quite) worth of Lowe’s merchandise turned to $1200 and went to Slightly over $2500 after the $90 day time limit. I’ll pay the $1200 but will never pay $2500.

#1922835
@Kegan

Paid 646 bucks to close my lease out early now all of a sudden there was a 600 charge back and my account was never closed so they expect me to pay 470 bucks of late fees which they can kiss my *** and the $600 charge back that was mysteriously out of nowhere. This place is seriously garbage. Won’t get a penny from me

#1827263

Read the contract yourself.. Dont take some salesmans word for it.

Your problem is with the salesman that lied to you not progressive.

They gave you false information and progressive is just doing what YOU signed up for them to do. Matressfirm gave you false information, Progressive did nothing wrong.

#1855377
@PissedConsumer1827263

Obviously The above is an employee of the predatory company in question. Notice the territorial and defensive language they use.

Yes, people should take responsibility for their situations, but a company that walks the line of Usury Laws is obviously a questionable one to say the least. BUYERS BEWARE LOL!!!!!!

#1824386

was mislead by Progressive Leasing into thinking I was paying the correct weekly fee that would close out my Lease Agreement within 90 days. I selected the 90 Day Pay option with the understanding the payment I was making would satisfy complete within 90 Days.

Progressive Leasing made sure my lease went over 90 Days and I now must pay about double the entire purchase. My intent was to pay it all in 90 Days, and via the app it appeared I was doing so.

I would like to revert to the 90 Day Pay and pay the old amount in full and close the account. I do not want to continue to make payments that reflect a double cost of product.

#1857057
@Alliana

That's really weird bc my 90 days was up in February and I called on the last day and told them I just needed 2 more days - they said not to worry about it bc there was a grace period. I was worried this would happen, but they let me use my 90 day payout option still. I was happy with it.

#1817340

Y'all not wanting to pay your bills is ridiculous. I got approved for $600 and used $425 of it on a tv purchase at Best Buy.

Paid it off in 2 months. They charged me $487 total which is not bad when u think about it. Go somewhere like rent a center. They upcharge everything even more.

That's how companies make melber. That part is legit and the lease gives you terms and payments prior to you signing it, so that's on you also.

You can't listen to a store salesman on how *** works. They have no clue.

#1794491

I was mislead yet paid out the account within the 90 day purchase price date

#1786857

Your a bit contradictive there bud you say to 90 day isn't interest free then go to say it is? Also whenever you sign up for a lease through them it's always set for a 12 month not a 90 day if you don't call them and set that up they won't know.

Another thing they charge a lease installment fee and interest outside of the 90 day buy out. And another thing they don't charge early pay off penalties so if you set it up for a 12 month and pay it off in 6 you save money because you don't pay 6 months of interest the more you pay each month the less it could be so long as you are paying enough to take a payment off And another thing they call so much because it's a Lease not credit BIG DIFFERENCE credit card companies don't care they can directly impact your credit and your credit amounts you miss your payments on your credit card your screw up your life they don't care Another thing maybe you should have actually read the 10 page contract it mentions right in the contract they don't report Another thing I bought my mattress through mattress firl 8 years ago they have 2 options a lease through progressive leasing and abhor that requires and reports credit he may have given you the wrong application to apply but yes prog leasing pays the company and you pay back prog leasing Now am I forgetting anything or did I fix all the stupidity in the invalid rant full of stupidity i swear people need to stop being entitled little babies

#1818241
@PissedConsumer1786857

Punctuation is awesome.

#1890511
@PissedConsumer1786857

You're the biggest baby on here. Not only did you manage to blatantly out yourself as an employee (because seriously who sucks that much corporate *** to write that long of a post about a leasing company that *** people over?) but you failed to come across as any kind of reasonable. In short, the only stupid rant here is yours.

#1785259

I have to say, if you don't read contracts that's your problem, mislead by a salesman, also your problem. When i spoke w progressive i was outright told all this info, it wasnt sneaky.

My credit is horrible and thats my fault for making poor decisions in the past. *transunion sent me an email that my credit had increased, was w progressive leasing and recieved within an hour of paying my final bill.

#1890512
@PissedConsumer1785259

That's an outright lie. Progressive doesn't report to credit agencies at all.

Per progressive. Don't lie.

#1768722

I have had no problems with this company. for people with no credit this is my option. it gets withdraw on my paydays and never had a problem with that.

#1774169
@Baxter

They are outraged. Stealing peoples money

#1768288

Thank you, I just bought 2500 worth of items and wasn't told until the items were scanned and purchased!! It's a rip off!!

#1766598

Legit the same thing happened to me except they showed up to my house !

#1765186

This is a big RIP off .I made a big mistake going with them and never will again it should be band.

#1768188
@PissedConsumer1765186

They had told us that we would need to report it to the credit bureau. Never doing any business with them. After also telling them that we need it to build up our credit.

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