- Report: #668478
Complaint Review: H. H. Gregg Electronics - Internet
Reported By:
Rowdy -
Westminster, South Carolina, U.S.A.
Submitted:
Updated:
-
Author Confirmed
Why?
H. H. Gregg Electronics
Internet, United States of America
Phone:
Web:
www.hhgregg.com
Categories:
Business Rating:
(0)
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H. H. Gregg Electronics Free Financing Ripoff Internet
H.H.Gregg offers free financing for 24 months. If, however, a person is late or misses a payment, 29.99% of the original purchase price is immediately added to the amount being financed. If one were to purchase a $1,000 TV and was late with the final payment, they would find they now owed an additional $300. I wrote to the company and pointed out that the majority of those who might miss or be late with a payment would be those who could least afford additional debt. They gave the lame reply that they would pass this concern on to the financial institution providing the financing. I replied that HHGregg was responsible, not the finance company. I purchased my tv from another company and would not even look at the Gregg ads.
2 Updates & Rebuttals
Flynrider
Phoenix,Arizona,
USA
Correction
#2Consumer Comment
Tue, December 07, 2010
Sorry about that. I originally read into your report that you had found out about the finance charge after signing up (like most do). Good on you for reading the fine print beforehand.
Regardless, anywhere you go that offers free financing is going to have those same terms.
Flynrider
Phoenix,Arizona,
USA
Common practice
#3Consumer Comment
Tue, December 07, 2010
What you describe is common to just about every "free financing" offer out there. It should be stated clearly in the finance contract that you signed. You did read it, right?
These days it's often a good idea to question the concept of "free". If something is free, who is paying for it? When I go to purchase something and am told that I will get something "free", I generally go elsewhere. It doesn't take a rocket scientist to figure out who will be paying for the "free" thing. It's just a sales gimmick. In your case, free financing for those who abide by the terms of the financing agreement is paid for by those who don't (with a nice cut for the financer). It's a tough way to learn about the concept of free, but I bet you won't be signing any more contracts without reading them.
