Really ticked off tonight!!!

sparky1 · May 17, 2012, 09:12:25 PM

Well I recently purchased all new windows for my house about 2 months ago. We went through Feldco (a company in the midwest mainly). I like the windows and was happy with the people that installed them. Over all it was a good experience. That was till tonight when I recieved my second bill from the credit company. We had the option when we were workign on the figures pay cash and it was around 13 grand, or take out a loan and it was gonna be around 15 thousand. Well needless to say I dont have 13 grand laying around. So we opted for the 15 grand and that was gonna include all the interest up front and I just had to make 50 payments. So should be no more interest. Great I was happy.

Well tonight I got my bill and I noticed $130 some in interest. Needless to say this ruined my night. Im trying to get ahold of the salesman and see what the deal is. Im so ticked off right now if I ran into this guy Im pretty sure he would have a black eye, maybe two. Im not even violent, but Im one *pithed off customer right now. So word of caution for anyone who might use Feldco, Think twice!!!! If they dont fix this I will make sure they never get any of my family or friends for customers!! I need to go get a beer to calm my nerves now

Ianab · May 17, 2012, 09:29:48 PM

Do the payments add up to the 50 that you expected? Or will the interest add up and mean more or higher payments?

Often the interest payments show on the account for legal or accounting reasons. In this county there are very specific legal requirements that lenders must spell out exactly what you are being charged. So even if the deal is all "up front", they are still going to be charging you interest in there some place.

So as long as the 50 payments are going to clear the loan as agreed, and you pay back the $15k, it's doesn't matter how the actually show the accounting?

Ian

sparky1 · May 17, 2012, 09:41:19 PM

no, im positve they charged me over 130 this month for interest. Ive had other cards where you get some much time to pay off a debt and it shows what you accumilated over the course of the loan if you dont pay it off in time. This is deffinetly not one of them. It really ticks me off because I specifally called him and clarified how this loan worked and he told me I already paid the interest up front and would not be charged any more as long as i make a 1/50 of the total loan payment. The more I think about this the more I feel like going out and burnign off some steam!!

Ianab · May 17, 2012, 09:48:59 PM

Time for some phone calls then.

I'd keep the lid on the steam until you hear what they say... Could be a genuine mistake and they will fix it...

Otherwise, time to read someone their pedigree >:(

bugdust · May 17, 2012, 09:49:51 PM

If it was me I would only pay what the contract called for, and not a penny more. It would cost them a lot more than $130 to try and collect. Now, understand that's me, and my advise is real cheap.

sparky1 · May 17, 2012, 10:01:19 PM

no, im gonna try and get ahold of the salesman and be calm and level headed. I read the contract and It does say special interst at 9.9 %. Well this is what made me call him and ask what the deal was the first time. He reassured me that it was a special thing they had worked out with wells fargo and it was only there if i went more than 3 years. So probalby shame on me for not trying to dig into it more. I think my problem is im to trusting. I will have answers tommorow, one way or another!!

sparky1 · May 17, 2012, 10:03:07 PM

If he doesnt help me out I will be callin my father in law. Hes my banker. take out a loan at 6 % and say good ridence to the whole deal. It will be lesson learned!!

beenthere · May 17, 2012, 11:23:55 PM

So sparky1, your payment isn't $300, but more like $430?

thecfarm · May 18, 2012, 06:28:42 AM

May just be a missed memo or someone did not know about the "deal" like the computer. :

Has happened to us many times,but on a much smaller scale like the phone company or the TV or internet. And we are only talking $5 or 10 a month. I will have my wife straighten it out for you for a $100 bill. I have seen her do wonders before.

sparky1 · May 18, 2012, 06:53:06 AM

exactly instead of 300 its 450.. I dont mind this, if i was told this going into it. that alot of money down the crapper!!

gunman63 · May 18, 2012, 07:44:38 AM

a loan for 13000 for 50 months is at 9.9 intrest is about $2900 for 50 months, or a total payment of about $320 a month. but also, u stated that the 9.9% was if u went more that 3 years, or 36 months, and your paying back in a little over 4 years ..50 months, or am i misreading it.

ely · May 18, 2012, 08:55:19 AM

that sounds like one of those scams to me..... just like at the big box stores where you charge up a bill and its no interest for a year. they rely on you paying the minimum payment which results in interest charges that are exhorbant.

ps you must have alota windows!

sparky1 · May 18, 2012, 10:03:17 PM

25 windows and a sliding glass door. I thought it was alot of dough for the windows too. I konw i could have replaced them myself, but Im sick of working outa town 5 days and coming home and having to work on the house every spare moment. I spent over a month last summer restaining the house. I spend alot of time cutting wood. Now my little guy is around 20 months old so I wanna spend as much time as I can with him and the wifey. So I bit the bullet and had them install them. Had it done in a weekend!! Im super happy with the windows and the quaility of the install. I was just really really *pithed when i got that bill!!

I did get ahold of the salesman today. I told him what happend and he said he was gonna check into it and it didnt sound right. So he told me to give him till monday and he should have taken care of it. So im gonna give him the weekend and hopefully he can straighten it out. So hopefully I was upset over a mis understaning.

Gunman, the way they told me it was set up was I paid the 9.9 percent upfront. So my total bill was around 13 grand and I think after the interest was added it put me around 15. In hindsight I shoulda just went to the bank and would have saved about 3 percent, too late now. So anyway I had to make 1/50 of the total bill every month. SO $320 is really close to what my first bill was. The catch is it has to be paid for in 3 years I believe. No biggy I will have it paid off for in a one or two years. I think that if you go over 3 years then they start docking you more. Its one of them deals the credit card company hopes you dont get it paid off in time and then they collect.

JohnW · May 18, 2012, 10:49:14 PM

I'm a programmer and work with interest and payment calculations in connection with pension plans all the time. 9.9% interest on a $13000 loan with 50 monthly payments would result in total payments of $15665.50, approximately.

I don't know what the 9.9% interest means, but commonly, with carloans, etc. that's a nominal rate, the real rate is 0.0909 / 12 = 0.007575 monthly. So the annuity factor is (1-v^50) / i = 41.49243922,
where i = 0.0909 / 12 = 0.007575
v = 1/(1+i) = 0.992481949
So the monthly payment would be 13000 / 41.49243922 = 313.31
So 50*313.31 = 15665.50
I guess that would be your 15K.

If you can get somebody to do it for 6%, monthly payments would be 294.50, for a total of 14725 after 50 payments.

When you just say 9.9% interest, it sounds like a terrific lot more that 6%, but it's not that much in a short term loan. It would be a heck of a lot of difference in a 30 year loan.

Woodey · May 19, 2012, 01:53:14 AM

I have made changes on contacts when agreement are different.
I just mark though and write what we agree upon.

That way when it gets processed by another person they know what we agreed on.

I hope your salesman come though for you.

sparky1 · May 19, 2012, 04:35:39 PM

Well Woody, it wouldnt be the first time I get taken over, and it wont be the last. Lesson to everyone including my self. Read the contract, if it doesnt make sense ask questions till your satisfied. I know I was kinda caught up in everything when I signed. Goin with the flow. Nervous about spending 15 grand that I just took his word for everything. In his defense I think he was trying to help, but it depends on how everythign was processed and the people after wards. Im confident he will be able to fix it. If not he will have a hard time selling his windows in my area and to other people I know!!

Ernie · May 19, 2012, 04:44:13 PM

Well Sparky, I think it's about time the salesman joined the Vienna Boy's Choir on a permanent basis, they can always use another soprano.

sparky1 · May 24, 2012, 02:31:30 PM

well its official. Just got off the phone with the sales reps boss and hes telling me all the paperwork is right and the bill is what it is. Hes claiming that I didnt pay more up front, there willing to work with me but the bill is what it is. So I told him Ill deal with it and talk to my bank. Then hung up on him. Im done dealing with them. So needless to say none of my friends or family will be putting in windows. Ive had 5 or 6 people ask me recently about them too..

Thats they only way I can get back at em!! Im still ticked and now I gotta go call the bank and deal with them. Oh well its only money 8)