|
|
Why would I need a service that costs me more than the savings
|
|
When I purchased a new car about 2 1/2 yrs ago the dealer told me about Smart Payments Plan. Smart Payments Plan would automatically withdraw a payment from my checking account every two weeks which would speed up the payment of the car loan. I would save money by having the payments completed in less time. The finance person at the dealership showed me the payment schedule and I thought that would be nice. I received monthly statements from Honda indicating how much I had paid and it never matched with what was deducted. This seemed strange but I was too busy (dumb on my part) to question it. This month I decided to check how much I had paid (what was deducted) and compare to what I had paid based on Honda. The amount paid towards the loan was over $500 less than the amount deducted from my savings account. I then reviewed all of the papers that I received from the dealership. There were two papers titled Smart Balance. One was the payment schedule and the second was the list of charges. The document indicated I would be charged $543.30 and save a whopping $80 in interest payments. The interesting part of this document is I never signed the "contract". It has my name and my wife's printed in typewriter script.
Had I known there was going to be a charge and especially a charge greater than the savings I definitely would not have allowed the payment plan to be started. I definitely would not have AND DID NOT sign up for the service.
I'm not sure what I am going to do but right now thinking of going to the dealership and complain.
Jerry
|
|
|
|
|
|
|
|