• Report: #353368

Complaint Review: Dell - Dell Financial Services

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  • Submitted: Sun, July 20, 2008
  • Updated: Sun, July 27, 2008

  • Reported By:bloomington Indiana
Dell - Dell Financial Services
www.dell.com/dfs Nationwide U.S.A.

Dell - Dell Financial Services Late fee of 39 charged for installment of 33, inspite of having automatic payment scheduled Austin Texas

*Consumer Comment: Wait a second

*Consumer Comment: Gee, ''Maniez'', did you expect DELL to loan you money for free?

*Author of original report: Mr. John Dell

*Author of original report: Mr. John Dell

*Consumer Comment: So exactly how is it their fault?

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I bought a dell desktop for last thanks giving. Which was priced at 1,387.54 USD. I took a loan through dell preferred account. The monthly payment due was 33. I scheduled a automatic payment for the account through www.dell.com/payDPA and i authorized 100 usd every month, since i wanted to pay off the loan early. So every month it was 100 usd detected from my account. I used to see that happening in my bank account statements every month. I never cared to look at the dell's monthly statements as i thought every month my 100 usd is going towards the payment. This month i opened the monthly statement to check how much is outstanding balance on my account. I was shocked to see it is showing still 1091.88 USD left.

The break up the bill showed was even more shocking , they charged me 39 usd as late payment and finance charge of 26 usd for the monthly payment of 33. This has been going on for 8 months.

Today i payed off the remaining outstanding of 1091.88 USD and decided not to buy anything from dell again in my life.

Even though i agree it was my bad not to check the statements , atleast by reporting this "rip off " will help others.

Thanks,

Maniezhilan
bloomington, Indiana
U.S.A.

This report was posted on Ripoff Report on 07/20/2008 10:19 AM and is a permanent record located here: http://www.ripoffreport.com/r/Dell-Dell-Financial-Services/nationwide/Dell-Dell-Financial-Services-Late-fee-of-39-charged-for-installment-of-33-inspite-of-h-353368. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

Wait a second

AUTHOR: Mr. B - (U.S.A.)

The man set up the automatic payment through dell. In otherwords dell should have been able to make sure the payment was taken out on time. This man did nothing wrong as doing this with any credible establishment would have worked like a charm. This is a case of Dell (or more specifically Dell Financial Services) ripping someone off. Don't be suprised by it just remember never to buy from dell (at least until they see the error of their ways).

X

P.S.

This is what it should have looked like with a $100 a month automatic payment and a 30% intrest rate. He should have been looking at a statement that had $816.98 on it not $1091.88 on it.

Balance After 2.5% After $100 Month #1
monthly
or 30% yearly
1387.54 1422.2285 1322.2285 1
1322.2285 1355.284213 1255.284213 2
1255.284213 1286.666318 1186.666318 3
1186.666318 1216.332976 1116.332976 4
1116.332976 1144.2413 1044.2413 5
1044.2413 1070.347333 970.3473327 6
970.3473327 994.606016 894.606016 7
894.606016 916.9711664 816.9711664 8


Incase you were wondering you would have paid it off in 18 months. With total payments reaching $1774.54 (your last payment was less than $100)
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#2 Consumer Comment

Gee, ''Maniez'', did you expect DELL to loan you money for free?

AUTHOR: Friendly Help - (U.S.A.)

I think you failed to read a lot more than you monthly statement!

$26 finance charge on a $1091.88 balance suggests a monthly interest rate of 2.4%, or 28.6% interest per year. I bet you thought DELL was going to let you have that $1,387.54 for FREE, right? Hey, DELL needs to make money on something!

And autopays work very well on a mortgage, where the payment is due THE SAME DAY EVERY MONTH. A mortgage may specify the payment due date as the 1st, the 15th, or whatever.

But credit cards run on a cycle based on a fixed number of days, usually '30', so the due date will move forward in months with 31 days.

And don't accuse me of somehow benefitting from this, OK? You simply need to stop making baseless assumptions and pay a lot more attention to any deals you enter into before you really get burned.
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#3 Author of original report

Mr. John Dell

AUTHOR: Maniez - (U.S.A.)

Its not about whose fault , its about the late payment charge of 39 USD for an monthly payment of 33 USD and moreover automatic payments are meant for paying off loans automatically with out manually paying every month.
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#4 Author of original report

Mr. John Dell

AUTHOR: Maniez - (U.S.A.)

Its not about whose fault , its about the late payment charge of 39 USD for an monthly payment of 33 USD. Hope guys like you get paid by these kind of rip off payment fees
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#5 Consumer Comment

So exactly how is it their fault?

AUTHOR: John - (U.S.A.)

'I never cared to look at the dell's monthly statements'

You, yourself admit to being lazy - not just with issuing autopay, but with not looking at the statements. All it takes is one alleged due date to fall on a weekend and you are stuck because YOU don't monitor it. You also don not know if the payments were made before, on, or after the due date as you don't look at the statements. Why would you think that others should be watching your money?
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