RAC Acceptance RAC Acceptance is a complete ripoff - please be aware Lowell Massachusetts

I am writing this report in order to warn others who, like me, probably don't ever read the fine print of any contract when you are making a large purpose.  In this case, the purchase was furniture.  Trust me, it is very easy for the desire to have something that you believe you need and want is so overwhelming that one can easily be taken advantage of and in this situation that is exactly what happened.  I purchased furniture back in 2012 from Bob's Discount Furniture store in Lowell, MA.  I had recently moved to Lowell and had left all of my old furniture behind at my old address so that my kids could use it.  All I had for living room furniture was a rocking chair and a television set.  

So I went to Bob's Discount to buy furniture and unfortunately did not qualify for financing through Bob's Discount.  But they very quickly to suggest their in-house finance company RAC Acceptance.  The cost of my furniture was approximately $1400.  They promised to deliver the furniture immediately, which they did.  They told me that once I paid off the furniture, it would be reported to my credit report as paid in full - which is was.  But what they did not tell me is that the interest rate would be approximately 300%.  Therefore, if I paid off the furniture using their payment plan I would pay for the furniture 3 times over.  So at the end of the loan, the cost of the furniture would be over $3,800.  They did not tell me that the payments I would be making would pretty much not go toward the principal but toward their outrageous interest amount.  They also did not tell me that if I wanted to pay off the furniture, I would need to come up with pretty much the entire balance and pay it all in one lump sum.  It took me approximately 1 year to pay off the furniture, but I had to take out two personal loans from  friends to pay the balance off and then to pay them off.  

All I can say is please avoid making the stupid mistake that I made with this financial company.  If you do not have the money to buy the item, don't buy it.  Save up your money and then go and purchase it.  You will be so much further ahead in the end.  

Again, stay away from RAC Acceptance - I honestly don't know how their employees sleep at night knowing what they know and knowing how much the average customer will spend on any purchase they make using their financing.

A lesson learned the very hard way.