So I needed a new Twin mattress for a bed and decided to go to Big Lots buy the cheapest mattress and they were giving the boxspring for an additional 10. I went and asked a Big Lots representative if there was any fee or interest if payed before the 90 days advertised period.
He said no, then I asked for the details of the program. He basically read the small panflet which by the way only says what you need to get into it but never mentions any fee or interest details.
So I fill the application out and I get approved for $1650. My purchase was only $99 for mattress + $10 for box spring +$5 for a mattress cover I bought + tax. The representative just ran the amount through, never made me read any agreement or made me sign anything. Never told me what the total amount of the purchase was going to be. Then he said the system had calculated a payment of $6.41 cents as the initial payment there after was going to be $6.41 Each pay period. (Weekly in my case)
I asked him if I could increase that amount to pay sooner, he said I had to call progressive and have them do it. And that I was going to get all the details over the email at the email address I provided, and then he gave me the receipt.
We took the mattress but It all was not sounding good to me. First of all $6.41 was not enough to cover the around $125 purchase within the 90 day promotional period after which I was going to be paying interest at a rate I was never informed of.
Second, the receipt they gave me did not have the final amount for the sale just the items.
So I got home looked at my email ad went over the contract. Guess what in the contract the first statement said that on my purchase Progressive was going to charge an additional $50 to my bill. So instead of financing $116.99+tax I was financing $166.99 +tax.
Second thing is that the payment they had calculated for $6.41 a week was meant to spread the amount in 53 payments plus incurred interest. To end up paying a total of: $339.73 tax included for a purchase of $116+tax. That is 3 times the amount. UNBELIEVABLE.
Then I decided to create an account online and see what my options were there.
I log in and it says
Early Payoff Amount: $172.27
Total Balance: $311.29
We decided to just go back return everything. Honestly I think this is a very elaborated way to trick you into paying such high interest.
1. No final amount in the receipt: I had in my mind it was about 115 + tax. If I didn't read the contract carefully because it is written to confuse you then I would have not noticed they were charging me an extra $50.
2. They didn't let me review the agreement before committing.
3. The agreement never states numbers you actually have to read the numerals to see the amounts.
4. The automatic payment didn't add up to pay the purchase within the 90 days.
If you are ok paying all these fees I guess it is a convenient small payment but in the end you pay way too much. Just make sure you ask all the right questions about the purchase and ask to see the agreement before leaving.
I am attaching a photo of the agreement so you can see what I am talking about.
PS. As I post this link I see in the FAQ section they do mention that the default payment is set up to be payed over one year. And also that there is a 10% finance fee. In my case the representative at Big Lots never mentioned any of these items, neither was it in the panflet and even then my $50 dollars.
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