NEVER DEAL WITH GE CAPITAL

BadThad

Lifer
Feb 22, 2000
12,100
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Five months ago I got LASIK done. They talked me into financing the total amount of ~$2200 for one year with no interest....I figured why not? A week after the procedure, I get a letter from GE saying "Welcome..blablabla" with a statement showing my balance, acct number and where to send the payments. That is the ONLY thing I rec'v from GE Capital EVER.

A month after I get it done, I send them $1200, a month after that I send them $500. My balance stands at $500. I stop paying them because they don't send statements so I figure I can pay them off anytime before the one year ends....basically one year same as cash like other plans I've had in the past.

Last night this idiot calls me (I can BARELY understand wtf she is saying). After 20 min, I figure out she's calling me to ask why I'm late by 3 months on making my $66/month payment? I'm like WTF? I've paid GE Cap $1700 in a two month period and you say I'm "late" with a $66 payment 5 months later? Then she says, yes, you have to make monthly payments or you're delinquent and now you owe us $200 in interest and $90 in late fees.

OK, at this point I'm ready to reach thru the phone and snuff this dumbass. I tell her to get her supervisor. Finally, the next woman can speak at least half-ass english. I tell her to REMOVE all the late fees and interest because I've paid you IN ADVANCE for 18 months at $66 a month. Additionally, you NEVER sent me a statement (other than the first one) asking for the dinky-ass $66/month payment.

After a lot of me walking all over her, I finally end-up giving her my checking acct info to immediately withdraw $501.25 (scammed me out of $1.25 somehow) so I can put GE Capital to rest FOREVER in my life. Had to add I will NEVER use them again and I'll bad mouth them to the day I die about how stupid and incompetent they are.

This post is my start to telling you all: NEVER FINANCE ANYTHING WITH GE CAPITAL!
 

theGlove

Senior member
Jan 13, 2005
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ummm... you know you are at fault regardless of how much you paid in advance? You still need to pay the monthly payments.
 

woowoo

Platinum Member
Feb 17, 2003
2,092
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Originally posted by: theGlove
ummm... you know you are at fault regardless of how much you paid in advance? You still need to pay the monthly payments.

Yep!
That's why they called
Welcome to the world of banking........
 

blakeatwork

Diamond Member
Jul 18, 2001
4,113
1
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the first one said it's 66/month... unless it mentioned deferring payments for a year, then you have no recourse, and will be lucky if they waive the charges...

Read your bills next time..
 

ggavinmoss

Diamond Member
Apr 20, 2001
4,798
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I am currently paying off a 1 year interest free dental loan from Capital One Dental and they were up front with the "you have to pay monthly payments" policy.

-geoff
 

Yo Ma Ma

Lifer
Jan 21, 2000
11,635
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Yeah, the info was probably in the original agreement, but clearly GE Capital wasn't making $$ unless the person screws up and misses a payment or makes a late payment, since it was to be an "interest free" loan. The office doing the LASIK made some money off the transaction too, that's why they pushed it.

Glad to hear you got out of it relatively unscathed.
 

Papagayo

Platinum Member
Jul 28, 2003
2,303
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If you weren't getting statements, you should of contacted them to find out why. It seems like there was lack of communication on both sides.

 

DBL

Platinum Member
Mar 23, 2001
2,637
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Originally posted by: theGlove
ummm... you know you are at fault regardless of how much you paid in advance? You still need to pay the monthly payments.

This is usually the case if you read the fine print. They are counting on people to screw this up which is why setting up online recurring payments is the answer. However, I would imagine they are also required to send statements.
 

Hammer

Lifer
Oct 19, 2001
13,217
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1 year no interest means 1 year with no interest. it does not mean no payments for 1 year. also, your payments only count per 30 day cycle. so if you have a monthly payment of $50, pay $1200 1 month, and $0 the next 4, guess what: you're in default.

cliff notes: learn to read
 

Kelemvor

Lifer
May 23, 2002
16,928
8
81
If they don't send you a statement or paperwork or anything stating what the monthly payments are, I don't see how you're supposed to know what or when to pay. You could dispute anything very easily. But if you have the funds ot pay it off anyway, then good riddance.
 

Jzero

Lifer
Oct 10, 1999
18,834
1
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Originally posted by: FrankyJunior
If they don't send you a statement or paperwork or anything stating what the monthly payments are, I don't see how you're supposed to know what or when to pay. You could dispute anything very easily. But if you have the funds ot pay it off anyway, then good riddance.

Usually you are told at the time of signing how much you have to pay, when you have to pay, and whom you have to pay.

Life isn't a game of monopoly. If the creditor forgets to ask you to pay, that doesn't absolve your responsibility as a debtor to pay.
 

beer

Lifer
Jun 27, 2000
11,169
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It's not GE Capital, its GE Consumer Finance! We rebranded it years ago damnit!
 

BadThad

Lifer
Feb 22, 2000
12,100
49
91
No where in any documents they gave me said I had to make payments. It was just a standard letter welcoming me to their HELL.
 

Kelemvor

Lifer
May 23, 2002
16,928
8
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Originally posted by: Jzero
Originally posted by: FrankyJunior
If they don't send you a statement or paperwork or anything stating what the monthly payments are, I don't see how you're supposed to know what or when to pay. You could dispute anything very easily. But if you have the funds ot pay it off anyway, then good riddance.

Usually you are told at the time of signing how much you have to pay, when you have to pay, and whom you have to pay.

Life isn't a game of monopoly. If the creditor forgets to ask you to pay, that doesn't absolve your responsibility as a debtor to pay.

Actually most places where you buy something that set you up for financing don't know much about the actual terms and especially wouldn't know about making monthly payments. Unless the first statement said that they wouldn't send any others or something like that.

 

Viper GTS

Lifer
Oct 13, 1999
38,107
433
136
Have you no experience with financing?

Of course you have to make monthly payments.

You have no room to bitch.

They were EXCEPTIONALLY forgiving if they took off the late fees & let you pay off the original balance.

Viper GTS
 

blakeatwork

Diamond Member
Jul 18, 2001
4,113
1
81
Originally posted by: BadThad
No where in any documents they gave me said I had to make payments. It was just a standard letter welcoming me to their HELL.

BS... they'd be putting their financial position against you in jeopardy if they didn't follow through with the proper paperwork. I don't see how you wouldn't have received the terms and conditions before you even had the surgery.

 

BadThad

Lifer
Feb 22, 2000
12,100
49
91
Duh, read the post next time. THEY WAIVED ALL CHARGES! The first thing I got was only a welcome letter, nothing stating payments. Just the total amount owed and where to send payments.
 

BadThad

Lifer
Feb 22, 2000
12,100
49
91
I've done plenty of interest free finance options in my life. Only one other lender required a monthly payment. In my area, they are typically "same as cash" loans.
 

BadThad

Lifer
Feb 22, 2000
12,100
49
91
The paperwork they sent me said "GE Capital Cons Cardo". Well, they had the "con" part right!