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WhyNotLeaseItwasher and dryer

Review updated:

I purchased a washer and a dryer with my wife where the Sears in Bakersfield approved both of our credit line for up to $1800 for each of us, there for we were told that we would have to pay 20% of each product ahead which we paid and after completion of the total amount they took several thousand dollars out of my account. When we purchased the items we were told that the payments would stop after the completion of remaining balance, but it didnt. Upon my inquiry I called them about my complaint they said that we are renting the equipment not owning it and the thousands of extra dollars that were taken extra out of my account did not go towards the equipment.

Ud
Jan 14, 2019
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Comments

  • Km
      Jan 17, 2019

    Well it does and it doesn't go towards the principal. Technical in a lease their is no such thing as principal since a lease is not meant to be bought out. However WhyNotLeaseIt provides the option of buying out the leased product at the end of the 20 week lease period at 55% of the original value at this point you could consider the 55% to be the outstanding principal for the product. But the term principal can not come into existence until after the 20 week lease period ends. After the 20 week lease period ends and you do not choose to either turn over the product or buyout the lease you can continue the lease but only 2.777...% of your bi-weekly payment or 5.555...% of your quad-weekly payment will be applied to the principal. Again technically it still can not be truly considered principal since you still have the option of turning in the lease product and have no further obligation to the leasing company. It's just like leasing an apartment except when leasing an apartment you will typically never have the option of buying the apartment.

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