- Report: #1049933
Report - Rebuttal - Arbitrate
Complaint Review: GE Capital Retail Bank
GE Capital Retail BankP.O. Box 5868 Hicksville, New York USA
GE Capital Retail Bank GE Capital Retail Bank Ripoff Hicksville New York
*Consumer Comment: Loan Agreement
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I bought a motorcycle from a local dealer back in 2006 for $8K and some change. The finance department set me up with a GE account which I was told was an installment loan for the motorcycle for the period of 5 years with a payment of around $200. I agreed and was happy to own the bike.
It has been 7 years and GE Capital Retail Bank is saying that I still owe $3200 and some change on this purchase and will not accept any sort of buyout on the loan lower than $3200. Turns out this was not an installment loan but a credit card with a wopping 24.99 interest rate which was not disclosed to me at the time of the sale. The company who sold me the bike has since gone out of business so I cannot go after them.
Also... back in 2006, I requested that my payment date be changed from the beginning of the month on the 8th, to a date later in the month since my pay was bi-monthly and my first check went to paying for my house. I was denied with an excuse that I was not current (I had not yet payed NEXT months bill). So I asked again in 2007 when I was current and was told that I could not change my payment date. Since then I've asked at least a dozen times for them to change the payment date to after the 15th (8 additional days is all I'm asking for). Denied every single time.
So since the start of this loan, I've been getting charged a late fee of $35 for making my payment when I could (typically 8 days later). So this has added up to very large sum of money which they are now stating that I still owe and will not accept a lower amount.
I've decided not to pay them a dime from here on out. They can come after me all they want. I have calculated the total amount of payments to this company in the past 7 years to be about $15000 for an $8000 purchase that should have been an installment loan, yet they still want the $3200 and wont accept anything less. That is called unreasonable business and is a total scam.
DO NOT DO BUSINESS WITH GE CAPITAL. THEY WILL RIP YOU OFF EVERY CHANCE THEY GET.
This report was posted on Ripoff Report on 05/10/2013 01:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/GE-Capital-Retail-Bank/Hicksville-New-York-11802/GE-Capital-Retail-Bank-GE-Capital-Retail-Bank-Ripoff-Hicksville-New-York-1049933. 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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