Report: #902748

Complaint Review: GE Capital

  • Submitted: Mon, June 25, 2012
  • Updated: Mon, June 25, 2012
  • Reported By: Wendy — Lexington South Carolina United States of America
  • GE Capital

    Internet
    United States of America

GE Capital Care Credit Guaranteed debt slavery Internet

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I financed a $6,500 pair of hearing aids via GE Capital's Care Credit. The audiologist assured me, and so did the "Welcome Package" for the loan, that there would be no interest if the full amount was paid in the stated time (two years). Hm. Would the $155 minimum payment pay it off in 2 years?

I ran the numbers: their minimum payment would cover a little over half the amount in two years, after which the accrued interest would be added. According to the fine print this interest was calculated on a 14-day cycle , which meant it would multiply rapidly. If I paid the minimum it would, literally, never be paid off!

When I got my first bill, there was already interest charged. What? When I called to complain about the interest they blamed it on my audiologist, saying "he must have chosen the wrong package," and I was told should take it up with him.

Imagine their shock when I calmly told them I was, instead, paying off the loan in full and closing the account. All of the sudden the bogus interest charges were "waived" and the $15 pay-over-the-phone charge was waived. I have a confirmation number, the original welcome packet, the agreement I signed at the audiologist's that GE Capital did not honor, and the first bill with the interest. Two copies of each are going to the SC attorney general tomorrow. Care Credit preying on old and sick is unconscionable.
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This report was posted on Ripoff Report on 06/25/2012 05:41 PM and is a permanent record located here: http://www.ripoffreport.com/reports/ge-capital/internet/ge-capital-care-credit-guaranteed-debt-slavery-internet-902748. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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