• Report: #240717

Complaint Review: Greentree Financial

  • Submitted: Sun, March 25, 2007
  • Updated: Fri, May 11, 2007

  • Reported By:Rocky Mount North Carolina
Greentree Financial
gfinancial.com , Minnesota U.S.A.

Greentree Financial 30 yr 8.75% will end up pay $180000 for singlewide Minnesota

*Consumer Suggestion: Overpriced singlewide is more of the dealer's doing.

*Consumer Suggestion: Overpriced singlewide is more of the dealer's doing.

*Consumer Comment: No rip off here

*Consumer Suggestion: RESPA

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I have had my mobile home for 7 years and have not paid nothing but $2500 dollars on the loan. This company has truly screwed me and by the time I pay it off it will be over $180,000 which this little fleetwood singlewide is not worth it. I need some help if someone knows what to do. Because I know we can do something against this company.

Cindy
Rocky Mount, North Carolina
U.S.A.

This report was posted on Ripoff Report on 03/25/2007 07:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/Greentree-Financial/Minnesota/Greentree-Financial-30-yr-875-will-end-up-pay-180000-for-singlewide-Minnesota-240717. 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 Suggestion

Overpriced singlewide is more of the dealer's doing.

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

It looks like the cash price of this deal was about $63,000. That seems like a lot for a singlewide. If you were only paying attention to the payments of $500 instead of the cash price, the dealer can rip you off.

Regardless, if you had been paying $900 per month instead of $500 it would be paid off next year. The total of payments would be only about $90,000. A 30 year loan on a mobile home is by its very nature, always going to end badly for the consumer. It is essential to budget extra money to pay off early.
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#2 Consumer Suggestion

Overpriced singlewide is more of the dealer's doing.

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

It looks like the cash price of this deal was about $63,000. That seems like a lot for a singlewide. If you were only paying attention to the payments of $500 instead of the cash price, the dealer can rip you off.

Regardless, if you had been paying $900 per month instead of $500 it would be paid off next year. The total of payments would be only about $90,000. A 30 year loan on a mobile home is by its very nature, always going to end badly for the consumer. It is essential to budget extra money to pay off early.
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#3 Consumer Comment

No rip off here

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

You did not state the price, but a lot of single-wides sell for less than new cars. How many people do you know who took out a thirty-year loan on a car?

You apparently chose to drag out your loan for 30 years to get a low monthly payment.
It's all a trade off: low monthly payment means you pay for a longer time. The longer you pay, the more you pay in interest. Even at good interest rates, a 30-year loan will roughly triple the amount you pay.

You have some options, though. You can find another lender to refinance for a shorter term, but that will raise your monthly payments. Your interest rate is not all that bad for a mobile home, so if you want to stay with the current lender you should pay an extra 50 or 100 dollars every month to reduce the principal.

What you call a rip-off is exactly what happens when you borrow money. You need to educate yourself on how loans work because this is finance 101.
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#4 Consumer Suggestion

RESPA

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

If you were not disclosed that amount shortly after you applied for the loan, then again at closing you had your federal rights violated.

The document is called "Truth in Lending"
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