American Finco / &Late& Fee and Due date
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 there...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.