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Started By
Message
Synchrony Warning (furniture financing)
Posted on 5/23/18 at 1:34 pm
Posted on 5/23/18 at 1:34 pm
PSA-
Today I caught my Synchrony (Haverty's) account incrementally lowering my monthly autopay in a way that would have taken 17 years to pay off and costing thousands of dollars. I fixed the issue by resetting the autopay to a set amount, instead of "minimum monthly". The trick is that the minimum monthly would have paid it off in time, as set in the beginning, but as they (criminally, imo) incrementally lowered that payment a few bucks a month over time, it was going to screw me.
I checked my other Synchrony account (Rooms to Go) and it was not doing this. The minimum monthly payment remained stable, as one would expect, to have it paid off by the time limit. However, I went ahead and used a set payment on that one as well, instead of the minimum monthly.
TLDR;
If you have a Synchrony account, go check it now! They might be manipulating your autopay to screw you out of thousands of dollars.
Today I caught my Synchrony (Haverty's) account incrementally lowering my monthly autopay in a way that would have taken 17 years to pay off and costing thousands of dollars. I fixed the issue by resetting the autopay to a set amount, instead of "minimum monthly". The trick is that the minimum monthly would have paid it off in time, as set in the beginning, but as they (criminally, imo) incrementally lowered that payment a few bucks a month over time, it was going to screw me.
I checked my other Synchrony account (Rooms to Go) and it was not doing this. The minimum monthly payment remained stable, as one would expect, to have it paid off by the time limit. However, I went ahead and used a set payment on that one as well, instead of the minimum monthly.
TLDR;
If you have a Synchrony account, go check it now! They might be manipulating your autopay to screw you out of thousands of dollars.
11
Posted on 5/23/18 at 1:46 pm to deeprig9
I just pay with cash.
Posted on 5/23/18 at 1:46 pm to deeprig9
Better yet, pay off in full instead of minimum payments.
Posted on 5/23/18 at 1:51 pm to deeprig9
quote:
deeprig9
Just pickin man. Thanks for the heads up. I'm sure someone on here has those accounts.
Posted on 5/23/18 at 1:55 pm to foshizzle
quote:
Better yet, pay off in full instead of minimum payments.
Why pay in full when the account is interest free? Considering inflation, I'm actually getting a return on the fact I'm making zero-interest payments.
I get to buy something with 2017 dollars and pay it back with 2018 and 2019 dollars that are worth less than the dollars I bought it with.
Don't get lippy with me.
ETA- The fact I have thousands of dollars making interest right now that would otherwise have been used to pay off this furniture means I'm making real actual money by making low interest-free monthly payments.
This post was edited on 5/23/18 at 2:04 pm
Posted on 5/23/18 at 2:15 pm to deeprig9
Congrats on saving $10-15?
Posted on 5/23/18 at 2:19 pm to southernelite
I thought I posted this on Money Talk, not OT Lounge.
Posted on 5/23/18 at 2:32 pm to deeprig9
Look, I don’t care that you 0 percent financed some furniture, whatever. But using that whole 17 vs 18 dollars when you’re talking about a minimal amount of interest vs inflation just sounds ridiculous.
I feel the same way about tax refunds, am I really worried about the government having a few hundred bucks of mine for a couple of months? I’m not.
At some point, practicality comes into play in some of these ridiculous situations like this.
I feel the same way about tax refunds, am I really worried about the government having a few hundred bucks of mine for a couple of months? I’m not.
At some point, practicality comes into play in some of these ridiculous situations like this.
This post was edited on 5/23/18 at 7:19 pm
Posted on 5/23/18 at 2:35 pm to southernelite
quote:
Look, I don’t care that 0 percent financed some furniture, whatever. But using that whole 17 vs 18 dollars when you’re talking about a minimal amount of interest vs inflation just sounds ridiculous.
I feel the same way about tax refunds, am I really worried about the government having a few hundred bucks of mine for a couple of months? I’m not.
At some point, practicality comes into play in some of these ridiculous situations like this.
I didn't come here to brag about the $18 I theoretically made, I was defending myself against the assholes who wanted to troll me for not making a lump sum payment to get my furniture. There's nothing wrong with making interest-free payments on a purchase if you don't have a cash flow problem, which I don't.
Posted on 5/23/18 at 2:43 pm to deeprig9
If a furntiure store is offering 0% financing you can be sure it's some cheap, piece of shite furniture that you're overpaying for
Posted on 5/23/18 at 2:53 pm to sneakytiger
quote:
If a furntiure store is offering 0% financing you can be sure it's some cheap, piece of shite furniture that you're overpaying for
Well this just isn't true. Y'all are acting like a bunch of bitches. The dude made a legit announcement on a pretty sketchy business practice and y'all are acting like OT thousandaires.
Posted on 5/23/18 at 3:13 pm to deeprig9
quote:
Today I caught my Synchrony (Haverty's) account incrementally lowering my monthly autopay in a way that would have taken 17 years to pay off and costing thousands of dollars.
Welome to Hell...aka Synchrony Financial
Posted on 5/23/18 at 3:27 pm to southernelite
Geez, do some of you think everyone that posts here is just flushed with cash? If I have an option of interest only I will always take it because, like Rig said, I can take that money and contribute it somewhere else and make money. It just makes sense to me. jmo
Posted on 5/23/18 at 3:46 pm to Mingo Was His NameO
Mingo, the more I think about it, this warning would probably do more good (albeit with more blowback) on OT because there’s probably more baws there to whom this warning would apply.
Posted on 5/23/18 at 4:20 pm to deeprig9
Toyota Finance did this to me as well the last year of my 0% interest loan. There are some hefty penalties if you don’t pay it off on time. I noticed it one month and just kept paying the amount required to actually pay off the note and then it happened again. At that point I just paid it off and told them to have relations with themselves. Very deceptive.
Posted on 5/23/18 at 4:24 pm to deeprig9
quote:
Today I caught my Synchrony (Haverty's) account incrementally lowering my monthly autopay in a way that would have taken 17 years to pay off and costing thousands of dollars. I fixed the issue by resetting the autopay to a set amount, instead of "minimum monthly". The trick is that the minimum monthly would have paid it off in time, as set in the beginning, but as they (criminally, imo) incrementally lowered that payment a few bucks a month over time, it was going to screw me.
This is pretty much standard operating procedure for credit accounts
Posted on 5/23/18 at 4:31 pm to deeprig9
Is it because they are treating the account like a credit card? If so, it would actually make sense that the minimum payment would decrease since it is calculated asa percentage of the balance due.
When I had my account, I set my payments to pay out in 12 equal installments (It was 12 months 0%, but a 3 year "loan"), to make sure I did not acciendly end up running past the interest free time. Also, they gave me a credit card through wells Fargo tied to the account that I could have used as a regular credit card.
When I had my account, I set my payments to pay out in 12 equal installments (It was 12 months 0%, but a 3 year "loan"), to make sure I did not acciendly end up running past the interest free time. Also, they gave me a credit card through wells Fargo tied to the account that I could have used as a regular credit card.
Posted on 5/23/18 at 5:04 pm to Weekend Warrior79
That’s correct Weekend Warrior.
A card was issued.
However, a card was also issued from synch for the Rooms to Go account, but those autopays are still working like a regular installment payment.
A card was issued.
However, a card was also issued from synch for the Rooms to Go account, but those autopays are still working like a regular installment payment.
Posted on 5/23/18 at 5:16 pm to MontyFranklyn
quote:
Geez, do some of you think everyone that posts here is just flushed with cash?
Did the liquid net worth minimum to post go down again? fricking hate when that happens.
This post was edited on 5/23/18 at 5:17 pm
Posted on 5/23/18 at 7:14 pm to deeprig9
quote:
Why pay in full when the account is interest free?
Because you didn't mention this little factoid in your OP.
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