- Report: #1262560
Complaint Review: Aqua Finance Inc FBO Connexus Credit Union - Nationwide
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Aqua Finance Inc FBO Connexus Credit Union
Nationwide, USA
Phone:
800-356-3329
Web:
www.aquafinance.com
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Aqua Finance Inc FBO Connexus Credit Union Paid in Full…but still owe interest! Wausau Wisconsin
On 8/27/2015 we purchased a RainSoft water softening system. On the installment credit agreement, the price was listed as $6450. Our account number was X401891481.
We received an initial bill with a closing date of 9/11 and a payment due date of 10/8/2015. We paid the "New Balance" of $6466.68 by check, not wanting to incur excessive interest, and the check was debited to our account on 9/29/2015.
We assumed the amount was paid in full, as this is the normal procedure for VISA, Mastercard, and other credit cards.
On 10/20/2015 we received a notice stating:
Previous Balance - $6466.68 Payments and Credits - $6466.68
Interest Charges $16.72 New Balance 16.72
When we called to ask about this problem, we were informed that the interest was what accrued from the statement date until payment was received. This, of course, is contrary to any other credit arrangement we have ever encountered.
As we were speaking, and reluctantly agreed to pay, we were informed that AS WE WERE SPEAKING, additional interest had accrued, and the new balance was now $16.77. This was paid by phone via CREDIT CARD immediately.
The confirmation number for this was #88140.
This appears to be the worst kind of deceptive and predatory practice. I will be writing to the Attorney General here in Kansas, giving full details, and copying Rainsoft, in case they are not aware of what their associated finance companies are doing.
If I can find other Internet sites, I will be giving both Connexus and Aquasoft the worst possible review, and warning unsuspecting customers to stay far, far away.
1 Updates & Rebuttals
Terry
Fort Worth,Texas,
U.S.A.
You have to read your financing contract and disclosures.
#2Consumer Comment
Tue, October 10, 2017
I recently installed a system that is likewise financed through CFC Aqua Finance. I went through their boiler plate with a fine toothed comb. Although there is some pretty shady language used in parts, conflicting statements between sections, and down right non-specific clauses, a few things are crytal clear like your interest rate and type intrest compounding method they use. Per their documents they use Actual Daily Balance compounding. For example if your interest is 12% APR that equates to 1% a month or between .0357%-.0323% per day depending on the month. With this model at the end of the first day of owning the system a $6500 system would have a new balance of between $6502.10 and $6502.32 compounding every day until a payment is received and processed. From your experience it took 32 days for your payment to be received and processed. Technically you should have had close to $80 in interest on your account instead of the $16.72. Sounds like they only charged you a week's worth of interest. Not to discount your frustration, but in this case you should be thankful to them for not charging more, and next time read the terms and disclosures of your financing.
