Need to get your car fixed but can’t really pay the bill? If so, you may be happy to hear your garage offers financing through a special credit card service and they’ll help you stretch out the payments.
But what they don’t tell you is the fine print allows interest rates as high as 189%!
The Consumer Federation of America has an urgent Nationwide Warning about the companies you could be doing business with right now!!
As usual, if you have to use those credit cards, check out the interest rates, pay off balances ASAP, shop around, and only use the lowest interest rate cards.
Caveat Emptor: Buyer Beware!!!
Predatory Auto Repair Loans By TAB Bank and EasyPay Finance
The Stop The Debt Trap coalition finds auto repair shops across the country are offering predatory loans through EasyPay Finance and Transportation Alliance Bank (TAB Bank) that promise no interest if paid in 90 days but end up carry annual interest rates up to 189% – even in states where a rate that high is illegal. The report highlights some of the hundreds of complaints detailing deceptive and abusive practices concerning loans by EasyPay Finance, its parent company Duvera Billing Services, and Utah-based bank, TAB Bank, which helps EasyPay evade state laws. EasyPay Finance loans are available at auto repair and tire shops around the country, including at major chains such as AAMCO, Big O Tires, Grease Monkey, JiffyLube, Meineke, Midas, and Precision Tune Auto Care.
So how can you avoid all the traps and tricks the credit card providers try to hook you into? Here’s the FTC advice
[vc_message message_box_color=”blue”]By Al Sunshine, Sunshine News LLC, SouthFloridaReporter.com, Consumer Investigator, May 11, 2022
Republished with permission [/vc_message]
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