Complaint Review: Financing Alternatives Joey - Mr George H. Christian - Chesapeake Virginia

I have filed complaints with the Texas Attorney Generals Office (RE: Gregg Abbot), the Colorado Attorney Generals Office (RE: Ken Salazar), the FBI in Virginia who is heading this investigation. I have faxed copies of my contract to all of these office as requested. I have proof they violated the Federal Truth in Lending Act. Here are some direct quotes from the public law itself (As amended by the US Senate and House committe May 29, 1968:

" 102. Findings and declaration of purpose The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this title to assure a meaningful disclosure of credit terms so that the consumer will beable to compare more readily the various credit terms available to him and avoid the uninformed use of credit"

So we are allowed to compare rates of different computer contracts if we choose. Since Financing Alternatives doesn't allow us to compare rates, and infact, during the verbal authorization the customer rep asks for your bank account info BEFORE they disclose the price of the computer, AND AFTER you agree to (say yes if you agree to these terms blah blah) the verbal contract which they so record.

<<< 112. Criminal liability for willful and knowing violation

Whoever willfully and knowingly(1) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this title or any regulation issued thereunder,

(2) uses any chart or table authorized by the Board under section 107 in such a manner as to consistently understate the annual percentage rate determined under

section 107(a)(1)(A), or (3) otherwise fails to comply with any requirement imposed under this title,shall be fined not more than $5,000 or imprisoned not more than one year, or both>>>

I have filed my complaint about this violation for this exact purpose. I want to see Mr George H. Christian locked up or fined. He seriously needs to change his companys habits. He also seriously needs to change his style of selling womans apparel also. I can bet your reported trade lines with these computer suppliers aren't so spiffy. I can also bet you have an UNACCEPTABLE rating on your business credit report if all trades were reported. But by disclosing what you want others to see, your pulling the wool over peoples eyes.

Generally, as listed Financing Alternatives LIKE DELL AND COMPAQ is financing a service or product to you in an open ended credit line. They are extending credit to you after you meet some credit obligations (3 months of payments my @$$; read my previous report about Rent A Center and why they are better), therefor, under the provisions of the Truth In Lending Act, the finance charges and a percentage of the total cost of the loan MUST BE DISCLOSED in a conspicuous manner. In other cases, as Joey stated "they can't tell someone the full price of a computer because they count on that person missing some payments."

Joey, that statement has landed you in hot water. You have stated indirectly that your company ASSUMES everyone is going to miss payments so you charge an excessive deliquent rate APR on the loan. Your company is required to disclose both the APR, the deliquent APR, and any fees and costs associated with this loan. Untill you can prove otherwise, I will be including you in a lawsuit. I am currently cooperating with the FBI on this, and as I said earlier, I am in correspondence with the Attorney Generals Ken Salazar of Colorado and Gregg Abbot of Texas. Once I get enough momentum and solid reputable statements, I will be filing a lawsuit against Financing Alternatives. I am in contact with 3 customers who have had Financing Alternatives steal money out of their bank accounts when the customer asked the company to stop. That is called THEFT AND WIREFRAUD.

To Joey, I would recommend that you get an attorney because you will be asked some questions about your statements. If your in a management position that knows about this interest rate gouging, you are considered an accesory. I would recommend that Mr George H. Christian get his 'legal team' together also. If I were to be satisfied, it is not for money, it is for Financing Alternatives to disclose their APRS, allow customers to obtain a copy of a contract FIRST, and look over the price before agreeing to anything. That is required by law. They can't be forced into anything verbally or written without viewing the full terms of the contract. That includes HOW MUCH THE LOAN WILL COST THEM. So they, the consumer, can make an INFORMED CREDIT DECISION without being misled. The Texas Attorney Generals office can't tell me the outcome of a possible case, but they stated that more often than none, if a company has multiple complaints on it, the company can face fines and/or the chief officers can face jail time.

Instead of being quiet because you know this is all true, and ignoring it, i'd suggest clearing this all up on here. Like I said, I invite that Mr George H. Christian to come on here. He can solve this perhaps by pointing out some things I missed. Otherwise, based on what I have submitted, and the evidence I have placed on the table, I am going to assume that Financing Alternatives has broken more than one law. And untill they come forward and say something, we all have to assume they are guilty.

Tom

Kerrville, Texas
U.S.A.