I went to the Big O Tire store for an extimate on the new tires, the nice guy in the store had a grand offer for me 100 days no interest. WOW how cool is that?? I asked what is the interest rate after the 100 days? The young man at the store told me he wasn't sure it wouldn't be much. I thought well couldn't be any higher than 39% I believe is the max interest rate chargable... WRONG!! After the work was complete I received a contract, it's not spelled out and I had to do some caluclating the interest rate come to 175% I was floored of course the work was already done. According to the store they couldn't "undo" an alignment and the old tires we all ready thrown in disposal with a bunch of others they couldn't put them back on. The finance company (SNAP Finance) has 263 complaints with the BBB. They rarely miss an appearance on the Consumer Financial Protection Bureau's monthly list of lenders to "Beware" of. Unfortunately my research was done after the fact and too late for me. I hold the store partially responsible, I'm sure they get a fat commission on selling the loan with an interest rate that high I would sure hope so. But they should be honest with their customers and tell them exactly what the interest rate is up front. I'm sure they won't sell as many loans, but I would return to a company that is honest I won't return to a company that basically intentionally covered up a big fact until it was too late. My plan of attack was to get this paid off within the 100 days but as luck would have it, I was laid off from my job I had to use the cash from the sale of that old truck to pay my son's college tuition. I hope to find a other ways to recoup a good chunk of that $1,700 in interest to the point it's more fair.
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