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GEOSMART / extra charge

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Had a drain problem, plumber came. Applied for financing to pay for the work. I signed a home improvement contract to pay $595.75. Then a few days later I received a form letter from GE Money Bank stating that I now owe $624.75. When I asked where the additional $29 came from they said that it was a set-up fee, enabling me to get financing.

I never signed anything like that. I was then advised that there were several copies of this home improvement contract; I received a yellow copy. They said that the top copy showed that there would be a $29 set-up fee.

Disgusting. I never received that page; also, the plumber had his hand over part of the agreement, and just pointed out the area that I had to sign.

GE money have customer service outsourcing. So, I ended up speaking with India. Very hard to have a conversation with someone whose English is limited.

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  • Jo
      Nov 20, 2014

    My complaint is with the actual GeoSmart financing program: It is supposed to help finance green energy purchases, but in my experience, it is a bait-and-switch scam. We are buying a geothermal HVAC for our house, and tried to obtain the GeoSmart financing plan offered by the HVAC dealer. This plan had very attractive terms, and would have been very helpful to both us and the dealer. But as soon as we applied, the GeoSmart representatives (in this case, GreenSky) simply responded with a "counteroffer." There was no rejection of our application, just the representatives repeating "this is our counteroffer--this is what our system indicates we can offer you." And, of course, the counteroffer was awful: it was only about 20% of the amount that we applied for, and 5 times the interest rate that the dealer told us we would pay. Yes, we applied for a 4% interest plan, and were counteroffered 20% interest. No one would explain how this decision was made ("it's what our system tells us, based on your credit information--take it or leave it"). They said a letter would be sent explaining the situation, but we never got that. We thought maybe something was wrong with our credit, but the credit agencies show that our current score is nearly 800. We called each of our 6 credit card companies, and each of them immediately gave us the amount of credit that we applied for from GeoSmart, so we ended up with credit lines equal to six times the amount that GeoSmart rejected. Clearly nothing is wrong with our credit. I also noticed that GeoSmart/GreenSky made their decision in about 10 seconds, which isn't really enough time for any valid decision-making at all. It sure looks to me like this is the GeoSmart/GreenSky bait-and-switch way of doing business: get the customer all excited about an energy product, with all the sales pressure at its peak, decisions to be made in a snap, and then "so sorry, you are shopping for a Cadillac, but we're forcing you to take a Chevy Nova (at Cadillac prices), or go home empty-handed and embarrassed. Well the dealer was the one who was embarrassed--he said this was the first and last time he would offer GeoSmart to anyone. We will be reporting this situation to all the relevant authorities, but meanwhile, we want everyone to be warned. Don't count on any special financing for you energy-efficient products. Thanks a lot, GeoSmart!

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