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American Finco Financial Services, LLC
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American Finco Financial Services, LLC
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4.0 4 Reviews

American Finco Financial Services, LLC Complaints Summary

3 Resolved
1 Unresolved
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American Finco Financial Services, LLC reviews & complaints 4

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Newest American Finco Financial Services, LLC reviews & complaints

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9:19 am EST
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American Finco Financial Services, LLC Late Fees

I agree with all of the complaints regarding this company. I "paid off" my water softener 17 days before the due date with the balance they listed. I now have a charge for $11.43 for finance charges, even though I wrote Paid in Full on the check. I will NEVER use this company again and would think something could be done to stop these people.

This was supposed to be 12 months same as cash but they didn't post a check until after the due date, even though I sent it 2 weeks before that date.

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2:41 pm EDT
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American Finco Financial Services, LLC water softner

Me estan cobrando un late fee de $ 235.00 que en realidad el error fue de ellos. Yo les avise que no me habia llegado mi estado de cuenta y ellos dijeron que lo quitarian y nunca lo hicieron y ahora ya se acomularon intereses de 5 meses de un late fee y ahora quieren que pague por un error que fue de ellos.

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DSCorde
Fayetteville, US
Jan 27, 2014 9:31 am EST

I agree with all of you... My doctor told me the salt in the water from the system was drying out my organs... Yes, I said my bodies organs... I have since stopped drinking and bathing in it and my organs are going back to normal... Another little tidbit, if you're diabetic or pre-diabetic the water from this system can raise your blood glucose level... The system is bad and the company is worse... We have great credit and they've raised our rates as well... We pay on time every month by an allotment from our bank...No way we have ever been late because it comes out of the bank automatically... When we called to ask why... The only answer we could get was they periodically raise their rates, like stores raise their prices... I told them I didn't agree to those rates when I purchased the system and I'm not accepting it...I have credit cards with cheaper interest rates... So, I've hired an attorney...

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C. Corrales
Dinuba, US
Feb 20, 2012 3:44 am EST

I too agree.. Bought a water softener system from United Waters in Fresno Ca. I think they scammed us all.. Bought the system in 2008 and pay more than the due amount.. We are now going on 4 yr's paying 120.00 a month, and my account has only went down 1000.00 I dislike the fact that they scammed us.. I believe we all should join in a class action suit to get our money back.!

C. Corrales

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S. Hunt
, US
Feb 28, 2010 8:20 pm EST

I, too, agree with all the complaints above and would love to join you all in trying to get some of my money back. (Raised interest rates, other exorbitantly fees, predatory lending, poor water system).

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Powerless23
Sicklerville, US
Jan 30, 2010 1:29 pm EST

I agree with these complaints. I also have seen anther problem in Delaware the Rain Soft people are going out of business. Guess what the contract for the gas is non and void the company pulled out. There is also a problem with the liquid soap part of the contract they have gone out of business. I suggest we start a class action to get some on our money back and file complaints with the attorney General offices and better business about these two companies they seem to be working together.
powerless

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ANITA MATHIS
Baker, US
Oct 04, 2009 5:25 pm EDT

DITO TO EVERYTHING THAT IS SAID ABOUT AMERICAN FINCO. ALSO THE PRODUCT
RAIN SOFT WATER SYSTEM. THEY PUT THE PRODUCT IN MY HOME AND DID NOT EVEN TURN IT ON.( IT TOOK ME A YEAR TO FIND OUT)
I WAS GOING THROUGH CANCER AND TRUSTED THEM. BOY, WAS I DUMB. I COULD SAY MORE BUT WHATS THE POINT. I HAVE BEEN HAD.
A . MATHIS, FLA

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Jackie Coe
, US
Aug 03, 2009 10:21 am EDT

I agree that American Finco seems to be quite shady in their dealings. I, too had my interest rate raised for no apparent reason other than greed on their part. I will advise all who will listen to avoid dealings with this company. J. Coe

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Paula J.
Oklahoma City, US
Jul 08, 2009 11:12 pm EDT

Beware!
Anyone who deals with companies associated with American Finco Financial Services. I purchased a water system from a local dealer in Oklahoma City, OK who financed their product with American Finco Financial Services in Schaumburg, IL. I pay my account on time and also pay more than the minimum payment but they still raised my interest rate twice since December 2008. It is now at 25.99%. American Finco is associated with CIT Bank. If american finco or cit bank is having money trouble this is not the way to solve it. In the future if things get better for them I will assure you this policy will not be forgotten and they will have a hard time restoring their reputation.

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2:53 pm EDT
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American Finco Financial Services, LLC Late charges

I too am having the same problems with American "FINKO". The late charges when I sent my payment 10 days before. Non-stop B.S. However, a friend of mine gave me an excellent idea yesterday. Start sending in my payment via certified mail. That way I will know when they received my payment, and will use it as proof if necessary. Fingers crossed that will work!

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S. Hunt
, US
Feb 28, 2010 8:28 pm EST

I had similar problems with AmericanFinco. I started sending my payments via FedEx (the 3-day delivery which is cheapest) and I never received another complaint about late payments. They did send me a website where I can now pay my bill online. By the way, American Finco always managed to schedule my date for payment on the weekend, but you can only make payments Monday through Friday. So, if I waited to make my payment on the due date (weekend), I would still incur a late fee because payments are processed only on Monday thru Friday. This company has a lot of unethical ways.

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americanfincosux
, US
Jan 04, 2010 5:26 pm EST

they already are shutting down these ppl are losers.

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HATE 4 AMERICAN FINO
, US
Oct 21, 2009 3:40 pm EDT

AMERICAN FINCO=GREED
They call it "making a living"
Please do not fall for the line "they help people with their financing needs"
Companies that lie, change terms, and raise rates without valid reasons should be regulated and even shut down!
BAD COMPANY! NO CONSEQUENCES FOR THEIR ACTIONS YET!

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Dissatisfied with company!
, US
Oct 20, 2009 9:36 am EDT

American Finco is not an ethical company! I want to know why they are allowed to make huge profits by ripping off the little guy. I learned my lesson to never trust a them. Raising interest rates that already were too high. I never missed a payment and they raised the minimum payment also. I am very unhappy with them! Please beware and help me take action so they don't get away with taking advantage of people. Hopefully I can settle my debt with a lump sum because other wise I never will be able to pay it off. Please beware and help me take action so they don't get away with taking advantage of people.

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Amanda81
, US
Sep 22, 2009 10:57 pm EDT

I also purchases a water softner her in AZ and they financed me through American Finco. I am having problems with the interest rate. My payments were supposed to be $110.00 a month. However every month my interest was rising to be the same as my monthly minimum. I called and complained and was told that it has nothing to do with my credit that is the way they run their business. And that it would be in my best interest to get financed elsewhere. I got my statement for October and now they have raised my monthly min to $125 and my interest was $115. I never made a late payment as I pay through my bank account which I see that they received my days before my due date. I will be considering another action. I already sent an email to thr President of American Finco. I see what he says.

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10:46 am EST
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American Finco Financial Services, LLC &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.

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Casey Stein
, US
Sep 26, 2014 7:07 am EDT

This company sucks. They charge you $35 if you are a day late, not 30 days late one day late, I will never do business with this company ever again!

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moomba07
Chesapeake City, US
Oct 11, 2012 5:00 pm EDT

DON'T FINANCE THROUGH AMERICAN FINCO...they haven't reported to the credit bureau in the last 32 months which looks like I haven't made a payment to them in the last 32 months. They are shwing that I'm past due and I'm current. If you don't want your credit ruined by them than don't use them!

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FIFFTH
Mentone, US
Sep 27, 2010 6:15 pm EDT

I TOTALLY AGREE WITH ALL THE POSTED COMPLAINTS. THOUGHT I WAS ALONE. QUESTION IS? AREN'T ANY OF THE CONSUMER PROTECTION AGENCY WILL DO ANYTHING ABOUT THIS FINANCE COMPANY

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amber01
, US
Aug 05, 2010 8:38 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

I totally agree with every complaint that has been posted to this site. I have good credit and this is the only company that's screwing it up! They dont sent monthly statements like they say they do. I have to check on their website to see when my payment is due some months. I will put on their online bill pay site that I want my payment to be processed 2-3 days before the payment is due and they wont process it until the day after its due and charge me a late fee. When I do get mail statements I send my payment a week before it's due and they charge me a late fee because supposidly they dont get the payment until after the due date. This company is crap and I hope they go bankrupt! I DO NOT RECOMMEND THIS COMPANY TO ANYONE!

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klystron01
Pinson, US
Jun 30, 2010 9:28 am EDT

I am having the same problem with this company. I bought the Rainsoft water system for my wife and kids. I now tell my wife that it was the worst decision we have made as a family. The sales guy even told us that we could have it paid off in 3-5 yrs. I dont see that happening. They have actuall raised my interest rate because I paid too much on a month. What kind of garbage is that?

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vlopez856
, US
Jun 29, 2010 9:15 am EDT

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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Tho37
des moines, US
Jun 01, 2010 10:19 am EDT

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.

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Joanne1370
Edgewood, US
Mar 01, 2010 9:27 pm EST

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.

PLEASE, DO NOT USE AMERICAN FINCO FOR ANY REASON. THEY WILL TAKE EVERYTHING THEY CAN FROM YOU WITHOUT REGARD FOR YOU AT ALL.

IF YOU NEED A WATER TREATMENT SERVICE WAIT TILL YOU HAVE THE MONEY UPFRONT TO PAY IN FULL OR GET YOUR OWN FINANCING. IF YOU VALUE YOUR TIME AND MONEY DO NOT EVER USE AMERICAN FINCO. THEY ARE CROOKS AND SWINDLERS AND THEY KNOW IT BUT DO NOT SEEM TO CARE.

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maria123
, US
Feb 26, 2010 9:58 pm EST

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.

THIS COMPANY IS A RIP OFF ! TIP:DO NOT CREATE AN ACCOUNT WITH AMERICAN FINCO! (LOGO BELOW)

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very upset about this
, US
Feb 02, 2010 10:11 am EST

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...

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