Bought an ATV with fixed-term loan from GECF 3/2003. Total amount financed was around $5700.00 at 8.95% for five years, making the monthly payment $119.30. I've consistently overpaid the loan... tracking the loan amortization with my financial software yields an estimated current balance of just under $4200, including my most recent payment on 9/10/2004.
The account was purchased by HRS effective August 2004. The first statement I received (dated 8/3/2004)from them indicated a balance due of $5158.00... almost $900 more than my records indicate the balance *should* be. I called Customer Service on 8/10, they said my account balance was indeed $5100+... but the *payoff* balance was $4366.68... exactly what my computer said it *should* have been a month prior. "Beth" in CS said she'd adjust the account balnce to reflect the payoff.
So I just got the September statement. Guess what the account balance is now? That's right, it's $5033... or the *original, INCORRECT* balance, less my most recent $125.00 payment. Now normally, I'd be patient, call CS again and go through the same routine... but I'm paying off the loan and I'll be damned if I'm giving them a penny more than is actually owed. I'll be calling CS agin tomorrow, too late now, but after reading the other horror stories I'm deeply concerned...
Full Disclosure: I have another account, for another ATV, serviced through Retail Services (note the difference in the name). It's under the Household umbrella, but a different name, mailing address, etc. No problems with that account (other than exorbitant late charges!) since I've opened it.
Simi Valley, California