Complaint Review: Primerica Financial Services

I recently had the misfortune of meeting a Primerica Representative. Who befriended me then attempted to take me for a ride. I will admit that I am not a financial expert, but I do recognize BullShit when I see it.

My main problem is a portion of the FNA with figures out your net worth Assets - Liabilites = Net Worth). However, when I broke down my bills for him and told him that I was paying 400 on my car note for a 2002 BMW 5 series which I only owe $15,000 on.

Well to make a long story short he used the 15k figure and used it to reduce my net worth. In actuality my vehicle's trade in value is $31,875 so 31,875 - 15,000 = 16,875. In reality the vehicle is an asset because I owe significantly less than what it is worth so the 16,875 should be added instead of being deducted. When I questioned the Rep. on this error he insisted that no error was commited and that my method of figuring out net worth was flawed because I still owed so it is a debt. Thankfully I was able to catch the Bullshit before it caught me.

I do agree with them that Term Life is the best way to go for most people; however, shoparound for the best rates Primerica's is not the best.

Carlos
Kansas City, Missouri
U.S.A.