GE Money warning

[Maha]

sounds like an early payment penalty, or similiar, not unsual but not a good thing either.

Naaaa.... Here is a post I made the very day I had called GE http://www.kiwibiker.co.nz/forums/sh...16&postcount=1
I called them beacause I wanted a new bike, and needed to know the Settlement Figure on my loan. So I asked them that very question (Anne was standing right there when I asked) and they told me $8129.42 and they also gave me an account number to pay it in to. They have a seperate account for 'Settlement Figures'. I paid the amount that afternoon and the Triumph went up on trademe. Dont ya think the figure I paid is way to random for just a normal 'Payment'??? If it were $6K or $7K maybe, but $8129.42??? Na thats the figure THEY gave ME to pay the bike off. They made a mistake and spent about 10 days fixing it so it looked like that I was the liar.

[The Stranger:Me]

i agree with ya here mom, ive had my car finance through them for a year and a half now and i had worked out how muh i had paid off in that time and how much i should have to pay them if i was refinancing so i rang for a settlement figure, it was way more than i had worked out, i reckon they must sting ya for interest they would lose or something, it promptly went in the to hard basket and im still paying it off.

With the majority of consumer finance the interest is effectively front end loaded i.e. you pay most of your interest at the start of the loan. As such, if you are a year and a half into a 3 year loan, you may as well keep the loan going as it is now (comparitively) cheap money.

[Nordy]

Thanks to our experiences with them we are paying cash for my bike and are reluctant to ever finance again. They are bastards of the first degree and I hate that pacific retail ever sold to them its the only reason my car is financed with them

[Nordy]

With the majority of consumer finance the interest is effectively front end loaded i.e. you pay most of your interest at the start of the loan. As such, if you are a year and a half into a 3 year loan, you may as well keep the loan going as it is now (comparitively) cheap money.

thats why we are keeping ours going, just getting rid of creditline as soon as we can, thats the biggest have on the planet. The minimum payment isnt enough to pay it off on time, just their minimum to keep you in debt for longer. Great trap for those who arent financally savvy.

[fireball]

i dont think ive ever heard a good thing about them.... that sucks mom

[cowboyz]

i dont understand how it can be $3000 off the mark.

I admit not to keep an entire track on loans over time but could get it within a few hundred dollars. Was it an extremely large loan?

[Nordy]

you dont have to be new to be a troll....

[Maha]

Troll much?

If you learn to read, you'll see that the complaint was the company told them how much to pay, then after paying it said, you owe us more.

Idiot

Exactly right.....I ended up paying a extra $3600 to settle, thats after they told me the Settlement figure, they were right, I was wrong (Thats the line they took) I never asked them for a settlement figure ( lying cunce!) I asked them for a statement!!!! once again (lying cunce!)

[Nordy]

note to self: buy a phone capable of recording phone calls..... (and to others who need to deal with GE in the future)

[Dakara]

Ive been here since 2004...So I wouldnt consider myself a Troll..

How long have you been here ? ? 2weeks ?

Crazy Steve

Yes, I have been here 2 weeks. Dammit, you caught me... of course trolling someone's thread has nothing to do with how long you've "been here" more to do with what you decide to post.

As you were.

Exactly right.....I ended up paying a extra $3600 to settle, thats after they told me the Settlement figure, they were right, I was wrong (Thats the line they took) I never asked them for a settlement figure ( lying cunce!) I asked them for a statement!!!! once again (lying cunce!)

Grab a calculator and add up every payment you've made, what the loan amount was, how Interest was charged (i.e calculated weekly/yearly/flat rate) and try to work out a figure you think you should of owed. An extra $3600 is a hefty price to pay in error.

[Maha]

i dont understand how it can be $3000 off the mark.

I admit not to keep an entire track on loans over time but could get it within a few hundred dollars. Was it an extremely large loan?

The size of the loan is not in question here....I called them on May 22nd and got a settlement figure from them, and then paid it. Sounds easy and straight forward wouldnt ya say?

[cowboyz]

more posts added while I was thinking about my post..

so they wanted $8k when it was really $11k? That is a massive difference. Point made about forward interest and the pricipal/interest ratio is much in favour of the interest for the first part of the loan period. Cant really fathom how it could be that far out though.

[Nordy]

found on the net

An Internet troll, or simply troll in Internet slang, is someone who posts controversial and usually irrelevant or off-topic messages in an online community, such as an online discussion forum or chat room, with the intention of baiting other users into an emotional response or to generally disrupt normal on-topic discussion.

[cowboyz]

it does sound striaght forward and I would be pissed as well. Huge difference there. I am trying to work out how they fucked it up. (cause obviously they did).

[Pedrostt500]

You will probably find at the bottom of this is the crashes of various Finance companies, if you have finance with them then they will milk you for all they can with in the bounds of the law.
the more money they can generate for their share holders the better chance they have of not crashing and burning.
Finance companies are just legalised loan sharks.