Hidden interest charge

"This would not be an issue if we had been told, at the time of
purchase, about this hidden feature of their contracts"


There's your problem. You're operating under the assumption that the
clerk has to verbally notify you of each clause in order for it to be
valid.


Your second misunderstanding is that it's "hidden". This is also
untrue.


Your terms and conditions are physically handed to you. Therefore
NOTHING is hidden.


Whether or not you chose to READ those terms is your own decision. No
one can force you to read them.



So ... according to your theory, because Ashley didn't "tell" you
about the terms, you shouldn't be held to them.

But since it's now proven that you did receive the terms, the real
question is... should you be held accountable for a TOS if you don't
read the rules?

And the answer is ... yes. It's no one else's responsibility to force
you to read what you agree to. It's nice to notify people of special
terms, but... it's not required either. And in some cases, people are
notified but chose to ignore it or forget.





Or in a nutshell... they owe you nothing. This is a valid charge.
And it's one that many retail stores have in their contract.

I know because my own store has the same contract - if you're late on
even a SINGLE payment, or you blow off the final amount... even if the
balance due is ONE PENNY, you will ow the company the FULL INTEREST.




This is why people need to read their contracts.
Contracts apply to the customers as well as the companies. The
clauses don't magically vanish just because you dislike them.

Sorry, but the interest should NOT be waived as its spelled out in the
paperwork that you signed accompanying these types of loans.

For future reference, you should also amortize the loan yourself
rather than rely on the amortization the company gives you.

Usually, they put a balloon payment on the end of these loans to catch
you off-guard. If you amortize the loan yourself, you can then ensure
that every monthly payment you make will be the same (including the
final one) and you won't encounter any nasty surprises at the end of
the loan.

I'm with everyone else, that is usually spelled out clearly in the
paperwork that you signed, so I'd check it. It's a common clause.
Whether or not they explained it verbally doesn't matter, what does is
what is written down.

We had a similar deal with Best Buy, and on the monthly statements it
listed how the amount left to pay off, and the date it had to be paid
by, in order to avoid paying interest. So it was easy to track.

This is how it works with most, if not all, of those no interest
promotions and it is spelled out in the paperwork you signed. It is
not Ashley's fault you did not read the paperwork. If you were so
concerned about your credit score you would have read all the
paperwork and had this loan paid off prior to the 48 months.

What exactly did you think no interest for 48 mos meant???

And I don't get it. If you could pay the whole debt off in full now,
why didn't you just make sure it was paid off before the 48 mos. was
up and avoid all this in the first place?

You have no valid complaint. The terms of this agreement are STANDARD
and COMMON. I've never heard of a company that DIDN'T charge the
interest retroactively.

Next time, read before you sign.

Im sure in the paperwork you signed it stated it. You know the
paperwork you read? you know the stuff you read before you signed?

*Featured groups available for 48 month financing at sale prices
listed. Minimum purchase of $1,999 required and no down payment except
the amount equal to your sales tax and delivery fees. Monthly payments
equal to promo purchase divided equally by 48 months are required
until expiration but no interest will be assessed if all minimum
monthly payments on account, including debt cancellation, are paid
when due. If account goes 60 days past due, promo may be terminated
early and standard account terms will apply. As of 1/1/11, Purchase
APR 29.99%; Penalty APR 29.99%. Monthly Maintenance Fee $.99 each
month account has balance. Minimum Interest $2. For new
accountholders: After the promotion ends, an APR of 29.99% will apply.
Existing cardholders refer to your current credit agreement for rates
and terms. Subject to credit approval. Offer expires 2/29/12. SEE
STORE FOR DETAILS.

for XX months" was conditional on having the entire balance paid off
within those XX months. I'm sure that you'll see the terms in the
paperwork that you signed.