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Old 06-04-2019, 06:38 AM
 
Location: SW Florida
10,276 posts, read 4,852,828 times
Reputation: 21661

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Moderators - I'm not sure if this is allowed but I think people need to be warned. There is plenty on google about this company and their shady tactics and they seem to operate a lot in Florida.

Last year I needed a new air conditioner on my older home and a few other things like hurricane impact windows. My sister kept hearing about this program called PACE and a local a/c company was promoting it. It sounded great - they would fund your purchase, you didn't have to start paying for 2 years and it was added to your taxes with no credit check, etc. Naturally you had to have some equity in your house.

Everything was done at my home on tablets so I never received anything on paper or at least I didn't realize I had as the large envelope they sent me was recently discovered unopened behind my file cabinet. I had spent two weeks in the hospital and it slipped my mind. Imagine my surprise when the purchase price of the a/c was actually much less than the interest the Ygrene was charging! When all is said and done I will have paid over $38,000 for an air conditioner! They also make it difficult to sell your house as this has to be paid off before you sell AND there is a prepayment penalty which is the opposite of what I was told. They even charge you $50 to call and get your pay-off.

Be wary of doing business with any of these type companies.
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Old 06-04-2019, 07:43 AM
 
Location: Philadelphia/South Jersey area
2,869 posts, read 1,399,615 times
Reputation: 10071
Wait, don't they have to give you some sort of disclosure paperwork telling you what the interest will be??

Around here we have an outfit called "power" home remodeling. they are generally at all the home shows etc and talk about hard sell,
they come out to your house and of course take 2-3 hours to give you an estimate. One dead giveaway is that they require both "homeowners" to be present if you are married.

Once you dig down past the informercial you find their interest is sky high and their windows are extremely over price.
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Old 06-04-2019, 07:47 AM
 
Location: SW Florida
10,276 posts, read 4,852,828 times
Reputation: 21661
I was told the interest rate was lower than it actually is. As I mentioned I only found the unopened envelope this week. The salesperson was at my house in August. I had been in the hospital for two weeks in the fall and it completely slipped my mind. I'm going to file complaints with the BBB and our attorney general especially since they started the work the day after the salesperson was here without pulling the required permits which the a/c company has been in trouble for previously.
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Old 06-04-2019, 09:19 AM
 
Location: North Idaho
22,653 posts, read 28,660,433 times
Reputation: 43641
well.......


I can't say much except that it is important to read contracts before signing. In order for that envelope to get behind the file cabinet, it had to be in your hand at some point. The salesman didn't hide it there.


Possibly your local law allows a 3 day cooling off period, which you didn't get if they started the next day. There is probably a consumer protection group in your area. I'd start with finding them and getting their advice.


Your other option would be to pay the note off right now so that you don't have to pay all that interest. Borrow the money elsewhere at a much lower interest rate if you have to.


It's almost a year after the fact. I suggest that you act fast. It might already be too late to correct.
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Old 06-04-2019, 09:09 PM
 
8,309 posts, read 9,063,524 times
Reputation: 6672
Quote:
Originally Posted by chiluvr1228 View Post
I was told the interest rate was lower than it actually is. As I mentioned I only found the unopened envelope this week. The salesperson was at my house in August. I had been in the hospital for two weeks in the fall and it completely slipped my mind. I'm going to file complaints with the BBB and our attorney general especially since they started the work the day after the salesperson was here without pulling the required permits which the a/c company has been in trouble for previously.
Tomorrow AM call your state Attorney General's office and ask what to do.
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Old 06-06-2019, 07:09 AM
 
Location: SW Florida
10,276 posts, read 4,852,828 times
Reputation: 21661
I have sent letters to the A/C company, our attorney general and one of the local TV stations who has been investigating the shady deals at this A/C company. Since my credit is good I should have just gotten an equity loan for a new A/C unit which would probably have cost me about a 1/3 what this company charged me but I was under the assumption that the PACE program could only be used through certain HVAC companies. Live and learn.
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Old 06-06-2019, 10:03 AM
 
25,971 posts, read 32,970,649 times
Reputation: 32148
Read before signing. Common sense would have averted this situation.
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Old 06-07-2019, 02:48 AM
 
Location: Somewhere in northern Alabama
17,848 posts, read 54,121,626 times
Reputation: 30290
You need to include the Better Business Bureau and Federal Trade Commission in your list. Prepay penalties may run afoul of federal banking laws. Also, such practices now may fall under the umbrella of elder abuse laws.
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Old 06-07-2019, 02:19 PM
 
Location: Scottsdale, AZ
7,596 posts, read 4,674,480 times
Reputation: 27796
Quote:
Originally Posted by ChessieMom View Post
Read before signing. Common sense would have averted this situation.

A little understanding of chiluvr's health issues would have averted this tactless remark.
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Old 06-07-2019, 02:31 PM
 
2,625 posts, read 2,186,964 times
Reputation: 3521
I was checking out the central A/C display at either HD or Lowe’s a few months ago. An aggressive salesperson kept trying to hook me . I told her it was for the future;not in the budget now. Boy did she try to get me with the PACE and Ygrene!

They make it sound so easy.
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