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American Finco / &Late& Fee and Due date

1 United States Review updated:

I have to say that this company is one of the worst consumer friendly businesses out there. I bought a water softner from a Rain Soft dealer who setup the financing through American Finco. I got my first bill stating please pay be Jan 11th. I first look online to see if I can pay them this way. Unfortunatly they do not have ANY means of electronic payments, even web bill pay though my bank will just send them a check (this was later confirmed by one of their reps). I prefer electronic payments because I can get confirmation numbers and receipt of payment. I proceed to send them a check...dated the 7th and send it out same day. I get a call this morning (13th) stating that they are going to charge me a late fee because the check has not made it there yet, and they have no grace period. I really torqued me that they dont take electronic means, and they also apparently have to have the check in hand by the date due, not postmarked by like EVERY other company who deals with bills. It is not under my control how long it takes for the post office to get you the check. I cant verify that the bill made it to unless I send it priority with notification, and even at this I still cant be sure it makes it is a postal service issue from the time it goes in my mailbox. I sent it out at a reasonable time, actually I think not but two days or so after I recieved the bill from them. I know this is resonable because I sent another check out on the same day (7th) and that check already posted.

I would strongly recommend not using this company to finance anything. Most water softner dealers will use them by default, so I would make sure that you pay for it straight up or use your own reputable finance company. I myself am going to pay American Finco very soon and allow another company to make the money off my interest rather than them.

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  • Mi
      27th of Jan, 2009
    +1 Votes

    I agree. I've had a hard time with them as well, not to mention that if more than 3 payments are recorded late they start hiking up the interest rate and they can hike it all the way up to 26%. That a lot of interest when you're talking about a $5, 000 balance. I finally got my balance under $2, 000 and I'm going to keep sending them 3x my minimum payment so I can get these people paid off. They are ridiculously high and have no means to accommodate consumer needs like online if you call in to make a payment it costs $15...

  • Da
      27th of Feb, 2009
    +1 Votes

    THE WORST COMPANY I'VE EVER DEALT WITH!!! I transferred the entire balance to another credit card so I wouldn't have to pay $50 every mon. in interest. but even after it was paid off they wouldn't close the account like i asked them to, and what's worse they sent me a bill for $40 in interest for that month AFTER the balance was paid off. So i go and pay this $40 over the phone plus the $15 fee for making a payment over the phone...then i get another bill stating that i still owe them $1. GIVE ME A BREAK!!! I repeatedly requested them to close my account and send me a letter confirming that, and it hasn't happened yet. it's been months now. These people they just do not care. They have NO ONLINE SERVICE, which means you can't make any pymts online, and you can't reach them over the weekend or anytime other than 9-5 from monday-friday. what kind of company is that? i mean, their level of service is unheard of. i can't even have access to my account over the automated phone and have to wait for a representative during their office hours to pick up, simply because they had my name, street address and zipcode ALL INCORRECT and never bothered to correct them even after i requested them to do so SO MANY times. I just want everyone to know that they are truly the worst people to deal with, and i hope whoever reads this spread the word. AMERICAN FINCO SUCKS.

  • Vm
      16th of Mar, 2009
    +1 Votes

    I totally agree, as of 2-12-09, the finance rate changed, from 17.99% to 21.99$. Did you know that financing is offered through Citi-bank? I do believe that Citi-bank was one of the major companies that filled for bail-out. The company, Citi-bank recieved millions of dollors of our money and then have the nerve to raise our percentage rate what crooks!I also have mailed a payment at least 8 days ahead of time, and have gotten late charges. They will tell you that you have to mail your payment 10 days ahead of time. When I mailed a payment late, I'll be darned if it didn't post just 5 days later, now tell me who's screwing who? I've been on the cell phone twice for 25 min. apiece tonight to make a payment over the phone, and I still can't get through. American Finco is as crooked as the day is long, stay away from them.!

  • Ji
      23rd of Mar, 2009
    +1 Votes

    i agree i have been paying for the same water system for 3 years now, and i still have a balence of 4 thousand + i hope some one sends a virus to destroy all their files.THEY STINK

  • Pa
      24th of Mar, 2009
    +1 Votes

    Bought a water softening system, financed by Amer Finco. Hadn't had full time job 8 months prior, but was approved. Thought I'd have a job by now. The last 2 months I've contacted them to see if what my options are, because I now have roof damage I have to pay for and my car won't go over 35. They said since I'm in a promotion, I have to go to my due date, where I'll be charged 22% interest. They will not discuss anything until after my promotion is over, supposedly because they don't know how much I''ll owe (I told them I can't pay anything right now.) PLUS, this is good, I signed papers to finance an amount, and they have my average daily balance as $51.81 over what I signed for. That's what I'll get charged the 22% on. When I signed, the interest rate was 18% in Nov. 08. Yes, Finco sucks!

  • Ki
      14th of Apr, 2009
    +1 Votes

    I have had all of these same problems with them. I cut a check directly from my bank each month - typically 7-10 days prior to the due date. They are calling my home multiple times each day because THEY posted our payment one day late (nice way to get a little extra money). They say they can request that the late charge be removed, and today, a rep agreed that the late charge was erroneous. However, I would need to pay the late charge, and then they can try to adjust it. For the curtesy of them removing a charge that shouldn't have been there in the first place, they will only charge me $15 bucks to pay over the phone. Give me a an f-ing break.

    My advice? Do what I am now doing - each time they call my house about the stupid $35 late charge, I am calling Robert “Pete” Kanatzar
    at (847) 240-4291. He is the president.

  • Be
      23rd of Apr, 2009
    +2 Votes

    I too am a AMERICAN FINKO cloan, somehow hoping to end this nightmare!! my apr is also skyrocketed to 22% and they dont care how bad the economy is if you've lost your job and are trying to keep things civil with them, they just want to keep getting their money even if it means charging you the interest and keeping you on the hook for years to come. I can only wish to hit the lottery and pay this stupid thing off!

  • Ka
      23rd of Jul, 2009
    +1 Votes

    I am dealing with this right now. I have it set up on autopay through Bank of America, set to be sent 10 days before its due, yet mysteriously they don't seem to get the check until a day after the due date. Its funny how I pay all my other bills through Bank of America and not a single other bill has been late in the 6 YEARS I have been using them. They call my house harassing whoever answers the phone. My 85 year old grandfather made the mistake of answering the phone yesterday while I was at work and he was basically verbally abused by the person on the end, who would not even identify themselves as American Finco. Lucky for me I have caller ID.

    I wish I had google searched them before using them. Our "water softener" system is a joke. A mighty expensive one at that.

  • Ss
      19th of Aug, 2009
    0 Votes

    I too have a water softner (not worth the price) with the help of this financing company.

    2 Payments sent 10 days early mysteriously get posted the day after it is due.

    They just jacked up the interest rate.

    No online payments. Payments over the phone are at a cost of $15 and they charge interest on it.

    I am going to pay this off as fast as possible. Tax return time means never using this company again!!!

  • Mi
      25th of Aug, 2009
    0 Votes

    I thought I was alone. I've never seen such company that abuse its customers. Send a check in 10 days before due date, cleared my bank account 3 days after authorization, still AmericanFinco waited a week later to apply the amount due to my account with them. I called Bank of America, the rep. accepted to assist me but AmericanFinco did not have the courage to talk to me after 2 hours and 45 minutes on hold. I wish I did a Google search before having that crooked agreement. Definitively a class law suit will help them understand basic customer service. For what is worth, when you try to pay more than the amount due the company will set you up to default so that it can charge you late fees and increase your interest up to 26%.

  • Me
      17th of Sep, 2009
    0 Votes

    I also use American FINCO for payments on my water softener. Instead of a line of credit, I was able to get in on a fixed rate loan (like a car) so they can't change my interest rate - thank goodness after reading this. However, if you call the company, they will send you a form to fill out so they can automatically draft your account. My payment is pulled from my account monthly. Sometimes they take it out on the 1st instead of the last day of the month, but I don't get any late fees because they are the ones in charge of the payment.

  • Fa
      14th of Oct, 2009
    0 Votes

    Want to go on record saying AMERICAN FINCO IS A RIP OFF!!!

    High interest rates that continually go up - without notice - because they have the right.
    Employees who don't really care, they are just doing their job.
    Payments not being credited to my account, even though check has cleared the bank.
    Late fees are attached because somene wasn't doing their job - posting to accounts.

    I am documenting everything!!

  • Kn
      28th of Oct, 2009
    +1 Votes

    I agree I've been making my payments religiously since the beginning. Love my Rainsoft system hate American Finco. They raised my interest for no reason at all other than the fact that they could because they are viewed as revolving credit. Perfect to scam people out of their money. Now because they raised the rates on me at the last second I was late on a payment because my interest made my minimum payment $2 more than my check was for. So guess what my interest rate went up again. Now my payments are $18 more a month and I am on a tight budget. They will gladly waive the late fee but refuse to lower the interest even though this is their fault. But in the end it's what they wanted to do. I am going to get some other things paid off and start making double payments to them until I can get this account transferred to another account. 26% is way too much interest especially in this economy. It's companies like this that make me never want to use credit again for any reason other than absolute emergencies. I WILL NEVER USE THEM AGAIN or any company like them. I am only dealing with banks from now on and only those I've dealt with in the past with good reputations from me and the rest of the world. Still I feel for all their future victims. Someone needs to put a stop to this.

  • Je
      10th of Nov, 2009
    0 Votes

    Unfortunately I am also trapped in this "American Finco" crap. I too purchased a watersoftener from "Rainsoft" and after 17 payments my balance is $100.00 HIGHER than it was when I started and my APR has jumped all the way up to 25.99%. Keep in mind that all of my payments were sent on line and in time for the due date, yet I have been hit 4 times with late payment fees. The last fiasco was when I set it up for them to take the payment from my account. I had a payment of $82.00 that was already in the works when I scheduled the new amount of $100.00 to be paid. When I discovered the mistake I contacted the bank and set it up to stop payment on the $82.00. They recomended that I contact "American Finco" and let them know what was going on. I called them 4 business days prior to the scheduled payment date to let them know that the payment had been cancelled and they charged me for a "Stop payment" in the amount of $82.00 anyway. I spoke to Mr. Greg Tucker in their Schaumburg, Il. office and try as he may he could not answer one single question that I had. When I asked who Mr. Tucker's supervisor was he informed me that he was not alowed to give out that information. I have also called "Rainsoft" and informed them as to what is going on and told them that since they were responsible for hooking me up with this "chop house" in the first place that I thought they should arrange for different financing for me. My next step is to go back to "Home Depot" and fill them in on all of this. Who ever suggested a class action suit gets my vote, I think it's a great idea.

  • Rt
      27th of Nov, 2009
    0 Votes

    Yea, they really are bad. I started out with 12.9% interest. I was able to do online banking with them but had an error 1 time. When I noticed the error I called them to let them know but they said there was nothing they could do and that my interest was probably going to go up. I immediately re-sent the payment. Well, I'm sure you know the rest. When my next bill arrived the interest had changed to 25.9% Now I have always paid a few hundred dollars above the minimum payment so I wrote them a letter asking them to consider that fact, that I only had 1 online banking error, and wanted them to consider putting it back to 12.9%. Well, it's been around 2 weeks and I've heard nothing back from them. Of course I did get this months bill today with the 25.9% interest. Somehow I get the feeling they are not going to respond to my letter. They really suck! If you are reading this then do yourself a favor and don't use this company. Worst I've ever dealt with.

  • Ve
      2nd of Feb, 2010
    0 Votes

    this is one of the worst companies to deal with. we have been having our system for almost 2 years and the total has only went down 700.00. it should be damn near paid off or paid off. the late fees are tremendous especially when you mail your payments 10 days in advance and you still get hit with late fees that are almost as much as the bill is. there have been times that i payed the bill and turn around on the next bill and its higher than the month before. tell me thats not getting screwed. and about the interst rate 25.99% is absolutely ridiculous. if you can stay away from these people go with with own bank or someone else who will be fair because these people are not at all. unbelieveably all these bad comments and they still dont fix anything. the worst company i have ever delt with...

  • Ma
      26th of Feb, 2010
    0 Votes

    I am very upset also, I had all this problems with american finco with my accounts and i received accumulated interesses for six months. and they raise my rate 25.99 interesses.


  • Jo
      1st of Mar, 2010
    +1 Votes

    I am so aggravated with American Finco. I went through Atlantic Water Products and had a Rain Soft System installed. My first invoice did not get to me until 10 days after the bill was due. They tried to get me to pay them over the phone with the same $15.00 fee and I refused due to the fact that I will not give information like that over the phone without an invoice to show me exactly who I am paying. So the 1st payment was late and they added on a 39.00 late fee and raised my interest rate from 19% to 22%. They told me that they can raise my interest rate as much as they want as long as they have it in there system that they sent out a letter to advise of that. Now my interest rate is 26.9% and I called again and went through every payment and found out that they were cashing my bank checks 2 days before the due date but not applying the funds to my account till the day after the payment is due so it is being marked late. They agreed that it was there error but refused to lower the interest rate.. I owe almost twice as much as I signed up for since the interest is compounded daily which I was not advised of. I read the terms & conditions and no where in there does it say that it is compounded daily "but it is". No where does it say they can raise the interest when ever they want "but they do". American Finco sucks and should not be allowed to do business with anyone. I was advised that there is a class Action suit against American Finco for there outrageous business actions with percentage rates and late fees. I will find the class action suit details and pass them along to anyone who wants them.



  • Th
      1st of Jun, 2010
    0 Votes

    I also find it interesting that now that you can pay online my computer tells me that there website has unauthenticated contend and that a third party can read info that you are sending through it. I don't understand how a company can exist like this.

  • Vl
      29th of Jun, 2010
    0 Votes

    I have been dealing with this company for 4years now and I have had the same problems. They would send me the billing statement like 2 days before it was due and some months I wouldn't even receive a statement and yes they have my interest rate at a ridiculous rate of 26% because of late payments! The late payments had to do with never receiving a billing statement on time! And the due date changes every month! I will never do business again with this company. I also went into business with them through a water purifying system that is no longer even existing. Dealing with this company and getting my Aquativa system is by far the WORST financial decision I have ever made! Do not do business with this company. They are unorganized and not customer friendly but they are quick to charge you late fees and high interest rates.

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