A lease company operating in Texas under the business name Acima offers financing to pe...

GetHuman-denicehi's customer service issue with Office of The Attorney General - Texas from September 2019

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The issue in GetHuman-denicehi's own words
A lease company operating in Texas under the business name Acima offers financing to people who want to buy things but don't have the money available. They are basically loaning money at ***% interest (they don't it interest) plus fees on the loan but in calling the practice a lease they are not bound by fair banking interest bearing loan practices. The Acima company evaluates a customer's lease amount based on personal questions and information and then requires an "Initial Payment" of $**.** except the "Initial payment" is not a payment at all but rather an additional charge which is added to the loan and which accrues interest and tax. The "Initial Payment" actually ends up being paid directly to Acima and then added in kind to the lease amount due. For instance, lease amount offered by Acima is $***.**. "Initial Payment" is $**.**. The total lease amount after the initial payment becomes $***.**. If the customer does choose to make payments over a ** month period instead of paying the lease off in ** days then the amount that will be required is $****.** not including the "Initial Payment" that they paid when accepting the lease and not including any additional processing fees and taxes. By the end of the contract period (generally ** months) the customer will pay another $***.** to pay off the $**.** that they initially actually paid. That means a total of $***.** that the customer will pay for the requirement to pay the "Initial Payment". I know this sounds convoluted but it is true. The company is not being transparent in their charges. The company should state plainly at the application procedure that they charge an initial processing fee of $**.** for a lease paid off before ** days and $***.** for a lease paid off over ** months. Customers are being cheated. Lease agreements should be clear and easily understandable. These people are preying on the poor, uneducated and all statuses of non-critical thinkers. Also, please keep my name out of any investigation you may proceed with. Thanks, Denice

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Office of The Attorney General - Texas

Customer service issue
Reported by GetHuman-denicehi
Sep 28th, 2019 - a year ago
Not resolved
Seen by 3 customers so far
Similar issue to 53 others
0 customers following this


GetHuman-denicehi started working on this issue
Sep 28th, 2019 6:03pm

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