CONN's interest question

[PrinceCorwin]

I have an account with CONN's currently at @$2700. No problems paying but I have a rediculous interest rate @30%. I now have good credit and a card I use to transfer balance with 12 months no APR.

I have tried in vain to contact a live rep by calling them to find out what kind of interest I'm paying each month and what my balance is. This information is not shown when you log into their site. That should be against the law. The problem I have is that when I add up all the payment book receipts that I have left to pay, it comes out to less than what the CRAs are showing as my total balance each month. I know they may be a month or so behind but even taking that into consideration, the numbers don't add up.

Does anyone know how to get in touch with a live rep with CONNs so I can find out my actual balance and how much interest I'm paying per month currently

[tcbofade]

30% interest on a $2700 balance is roughly $66 per month.

Do you not get a statement every month?  Your statement should have the information that you're looking for.

[PrinceCorwin]

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@tcbofade wrote:

30% interest on a $2700 balance is roughly $66 per month.

Do you not get a statement every month?  Your statement should have the information that you're looking for.

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No I do not get a statement. They gave us a payment book. They are very shady about letting you access your balance. People in the store can't do it. The website doesn't show it, and I can't get a live person on the phone.

The reason I'm wondering is because I messed myself over before when it comes to interest. Some creditors get their interest up front by applying most of your early payments to the total interest owed. This happened with my car. When I refinanced to get a much better APR, I had already paid off most of the interest and only owed princeple. Refinancing added a whole new set of interest payments. I lost on that battle. I'm trying to find out if CONNs does this

[marty56]

Wow, they still use coupon books.  Yuk.  I would go into a Conns store and see if they can pull up your account.  I know that have access to former account holders but not sure if they will provide it to you.  As much as I hate BT, If you can, I would BT the remaining balance.

[tcbofade]

I'm not very familiar with Conns, but some online research leads me to believe that perhaps you signed a "retail lease contract"?

If I'm correct, then your balance is the amount of your monthly payment times the number of remaining payments.

[CreditCuriosity]

Something is just wrong with an electronics store named "Conn's".. Like con-artist .  That is whatever I think when I here this stores name.  They got in all kinda of trouble awhile back I believe in TX for something or another.  Anyways sorry to side track this, just love/hate the name.

[PrinceCorwin]

Finally got ahold of somebody. Balance was less than remaining payment book stubs (?!). So I just BT it to my 0APR NFCU card. Should be paid off in a year with no interest.

[Anonymous]

Conn's finances through a partnership with Rent-A-Center. Each payment you make will consist of the base payment amount, a mandatory payment processing fee (added into and disguised within the baseline pmt), taxes, and mandatory insurance. Even though the contract was signed at Conn's it's called "RAC" financing.

Worked at RAC for several years and worked in the industry for a decade. The business model is actually more predatory than any other lending.

On new merchandise (or anything that can be made to look new.. wink, wink) was calculated at 'base cost x 4.5". Take that number and see which is more efficient 6, 12, 18, or 24 months. We rented so many computers back then that I still remember the actual agreement. It was 24.99 per week for a year. That in itself was just under 1300. There was a $1 per week payment processing fee along with $3 for insurance, both pre-tax. That computer we were paying just shy of $325 for ended up costing the end consumer: $31.67 x 52= $1646.84.

They will not reduce financing rates or fees as they make too much of it. Conn's was respectable until the RAC partnership.

[Anonymous]

Just bought a washer/dryer they begged me to finance. No way sir how about my 6.9% Platinum? BOOM thanks NFCU 

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@Anonymous wrote:
Conn's finances through a partnership with Rent-A-Center. Each payment you make will consist of the base payment amount, a mandatory payment processing fee (added into and disguised within the baseline pmt), taxes, and mandatory insurance. Even though the contract was signed at Conn's it's called "RAC" financing.

Worked at RAC for several years and worked in the industry for a decade. The business model is actually more predatory than any other lending.

On new merchandise (or anything that can be made to look new.. wink, wink) was calculated at 'base cost x 4.5". Take that number and see which is more efficient 6, 12, 18, or 24 months. We rented so many computers back then that I still remember the actual agreement. It was 24.99 per week for a year. That in itself was just under 1300. There was a $1 per week payment processing fee along with $3 for insurance, both pre-tax. That computer we were paying just shy of $325 for ended up costing the end consumer: $31.67 x 52= $1646.84.

They will not reduce financing rates or fees as they make too much of it. Conn's was respectable until the RAC partnership.

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[arkane]

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@Anonymous wrote:
Conn's finances through a partnership with Rent-A-Center. Each payment you make will consist of the base payment amount, a mandatory payment processing fee (added into and disguised within the baseline pmt), taxes, and mandatory insurance. Even though the contract was signed at Conn's it's called "RAC" financing.

Worked at RAC for several years and worked in the industry for a decade. The business model is actually more predatory than any other lending.

On new merchandise (or anything that can be made to look new.. wink, wink) was calculated at 'base cost x 4.5". Take that number and see which is more efficient 6, 12, 18, or 24 months. We rented so many computers back then that I still remember the actual agreement. It was 24.99 per week for a year. That in itself was just under 1300. There was a $1 per week payment processing fee along with $3 for insurance, both pre-tax. That computer we were paying just shy of $325 for ended up costing the end consumer: $31.67 x 52= $1646.84.

They will not reduce financing rates or fees as they make too much of it. Conn's was respectable until the RAC partnership.

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Can't spell RACket without RAC.