The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

American Finco / Rain Soft / Home Depot / loan sharks

1 5200 E Lanndersdale Road Mooresville, IN, United States Review updated:

Got a Rain Soft sytem that they promoted these clowns to finance, after 30 days raised rate 2% after another 30 days raised it again another 2% and gave me 15 days notice of the chage. When I called they said they needed to do this due to having a bad portfolio. To bad Finco you are crooked and I am going to presue legal remedies as proper notice was not given. Stay away from Rain Soft and American Finco and Home Depot knows better.

Sort by: UpDate | Rating


  • Pa
      25th of Mar, 2009
    0 Votes

    American FINCO is financed thru CITbank (not citibank), which became an actual bank in 12/2008, and received $2.33 mill bailout then. CIT financial company is run under Japan laws.

  • Pj
      6th of Jul, 2009
    0 Votes

    I purchased a water system from a local dealer in Oklahoma City in December 2008, which was financed with American Finco. Made one payment in January 2009 received a notice interest increased to 22.99% for February 2009. Then July 2, 2009 received another notice beginning July 17th interest rate increased to 25.99% if paid on time but if you were 30 days past due the increase would be 30.99%. I will not deal with any company that finances with American Finco or CIT BANK AGAIN.

  • Br
      22nd of Dec, 2009
    0 Votes

    We purchased a Rainsoft system through FINCO also. They are disgusting! The monthly "service" fees are unbelievable. It will take us 15 years to pay this off!!! What they are doing should be against the law. I have told everyone I know to stay away from this company. I totally regret ever doing business with Rainsoft.

  • Le
      12th of Feb, 2010
    0 Votes

    The same thing has happened to us. Purchased our RainSoft water system over a year ago and every month American Finco has raised our interest. We have never been late with a payment but they raise it anyway. We're up to 26% interest now and owe more than we did when we purchased the system. Big LOAN SHARKS. We are borrowing money from a reputable company to pay them off and will file a heated complaint with Home Depot which you're right should know better. Would be nice if theres any legal action we can take. Might take an ad out in the paper warning people about them.

  • Du
      21st of Mar, 2010
    0 Votes is upsetting to know that we were not the only ones who have been ripped off by these people. We owe more now that it cost to purchase the product also, and I am to the point where I just don't pay the bill and don't answer the phone calls. I am hoping to pay them off via a loan or another credit card but now they show on my credit history as bad. This company is nothing but a scam...right along with the company who installed the Rainsoft system! They are giving Home Depot and Rainsoft a bad would think these companies would learn their lesson.

  • Jt
      7th of May, 2010
    0 Votes

    Had a conversation with a rep from Home Depot/Rain Soft last night. He said my friend received the Rain Soft unit for free and no maintenance cost. My friend used me as a reference. Rain soft rep. went through the demostration with our water but we ran out of time. I have him coming back later in May. This is when he will tell me the cost! What is the newest scheme they are using to give a "free" unit out to my friend. I have a bad feeling about this whole process now from reading these comments above. I did get a $25 gift card from Home Depot for the first hour of this guys time!

Post your comment