Complaint Review: GE Capital Retail Bank

I paid for 5 years on an ATV financed thru GE Capital. I actually made a 61st payment accidentally to add insult to injury. Near the end of the loan I received a letter from GE stating my loan was nearing maturity and that a final payment balance of $1967.25 was due on the maturity date. As the date got closer I realized that the math was way off. When I contacted GE I got the run around saying the additional monies owed($1395.67) was late fees. I explained any time I was late (over 5 days past due date according to GE is "late") that I was charged and paid a $35 late fee. I was told each time that they would look into the matter and get back to me. I received two more letters requesting the additional monies and each time called GE. A different representative told me the additional charges were "per diem" interest charges and gave me a ridiculous formula for calculating those charges and left me to interpret them and accept them as owed.

My last conversation with a GE representative I requested a copy of the contract I signed in which the "per diem" interest charges were disclosed. That was at the end of November,2012. I was still awaiting the contract and further explanation of the alleged balance when on January 13, 2013 a tow truck came to repossess my ATV. I pled my case to this person; telling him I made 61 payments (of 60 owed per contract) and was in dispute of the additional balance with GE. That argument fell on deaf ears. I was forced to watch helplessly as the only means for plowing my 300+ foot sloping, rural driveway in the middle of winter in New England was taken from me!

Subsequent calls to GE regarding the repossession also fell on deaf ears. The representatives saw "repossessed" on the account and were rude, insensitive, and judgemental. Attempts to explain that I was still waiting for documents to substantiate the amount requested were ignored. Upon speaking to various people about my situation, I learned GE Capital was known at the auction and frequently had many repossessed ATV's and vehicles etc. there for sale. Further discussion elightened me to the "tactic" GE was using on me. My ATV was paid in full(plus an extra installment payment) and the alleged balance owed was only interest charges so GE stood to gain a good amount of money if they sold my ATV. I realized that I needed to pay the amount requested and then seek an explanation and possible reimbursement later, otherwise my $7500 investment would be gone! I immediately called the same GE rep back and in frustration, told him I knew what was happening(GE wanted my ATV to auction and make additional monies) and that I was going to pay the amount requested and then sue GE. I got all the specifics with regard to making the payment(along with a hostile attitude from the rep). The next day(Day 4 of repo) I overnighted a certified bank check to GE. That same day GE ordered the local tow company that repossessed my ATV to send it to an auction company in another state.

Confirmation of receipt of payment was obtained by 1044 the next day(Friday) but I never received a call from GE to give me the information on how to gain possession of my property. The next day, a Saturday, (Day 6 of repo) I received a "Notice of Our Plan to Sell Property" from GE. The notice stated I had 10 days from the date of the Notice to pay or my property would be sold. The notice came to me 4 days into that 10 day period. Fortunately I had already paid, however, if I hadn't, I would have had less than a week to come up with thousands of dollars or loose my investment.

After consideration of all of the circumstances, I feel GE Capital preys on their customers. They focus on loans at or near maturity and repossess in an unlawful manner with the hope that the customer won't be financially capable of paying the requested monies within the strict and minimal amount of time allotted and as a result the customer looses their property and GE makes additional monies by the sale of the property. Law states any monies made in excess of amount owed must be forwarded to the customer by GE, but inside sources say that rarely ever happens....