American General Financial Services Set up 24 month financing to take 25 months so the "interest free" loan was actually 21% Carrollton Texas

I financed a purchase instead of paying cash (which I could have done) after the salesman told me that 24 month interest free financing was available. I knew that 21% interest would be added if I was late on any payment, so I was very careful to make every payment ahead of schedule. On what should have been my last payment, the bill indicated that I owed over $700 interest. They had set up the payment schedule so that it took 25 months to pay it off !

The fine print did say that the entire interest would be due if it took more than 24 months.

I asked that the payment schedule be set up to be payed in full in 24 months.

So now I owe over $700, and interest is acruing on the interest.

Be sure to check the payment schedule if you fall for an "interest free" financing offer.

John
Dallas, Texas
U.S.A.