New Tires!

I bought new tires for the first time in my life. So here’s the deal. $600 upfront paid in cash would buy yourself the 4 tires. Or you could finance it for same as cash for 6 months but the price went up to $916 and came with 2 free tire alignments and roadside protection for a year. I went with the payment plan. I set it up so $100 would come out every two weeks. I missed my first payment because my card was lost so it was cancelled but they called me immediately and I paid them $200 over the phone and gave them my new card number to continue the bi weekly payments. After that my payments were $64.20. Not $100 that I had set up. I was thinking it was because I paid the $200 upfront and it must have dropped my bi-weekly payments down to $64.20. Here we are 7 months later and they are still charging my card. Turns out the $64.20 is just the minimum payment of the Lease Purchase Agreement. And if you pay just the minimum it doesn’t pay the $916.00 same as cash in 6 months. So now I owe a total of 39 Bi-weekly payments of $64.20 for a grand total $1716.00…. Lol… I bought these tires and set it up so I didn’t have to worry about and in 6 months everything would be paid off and done. I guess I should of paid attention!! I looked up the price of the tires online. The tires are $85 from Walmart. $340 for 4 tires retail. And I’m paying $1716 I will be buying $30 used tires for the rest of my life


The content was posted by Mykeymyk on 2021-10-07 19:57:25 via reddit

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2 Comments

  1. PleasantAmphibian101 says:

    Good lord that’s terrible. You can post the business name so that if anyone buying new tires googles the business name, they’ll hopefully stumble on this thread.

  2. THE CONTRACT
    Benefits are explained in the attached brochure.
    or if you request that we collect a lease payment, you agree to pay a $25.00 TRIP CHARGE. If your check is returned
    to us for any reason, you agree to pay a RETURNED CHECK CHARGE equal to $25.00 plus any charges that we are
    charged by any financial institution resulting from your check being returned to us. A PROCESSING FEE in the
    amount of $10.00 will be charged to cover the costs associated with a background check and document preparation.
    Accepted (initials):
    6. Agreement/Purchase Options:
    Total Cost: If you decide to acquire ownership of the Property, you must renew this Agreement for the number of
    months/weeks below.
    17 Months @ $95.44 for a total cost of $1.622.48

    39 Bi-Weeks @ $44.00 Bi-/wk. for a total cost of $1,716.00
    Bi-Weekly payment with tax and fees = $64.20
    Cash Price: Our cash price for the Property is
    $916.00
    180 Days Same As Cash: During the first 180 days, if you elect to purchase the property, 100% of the lease
    payments (not including taxes and fees) will be applied towards your purchase.
    Early Purchase Option: If you decide to buy the Property after the first 180 days of this Agreement, your early
    purchase option price will be the Cash Price, above, less 50% of all lease payments made (not including any taxes or
    fees), plus tax and any past due amounts that you still owe. If you choose to exercise this option, the Property will be
    sold to you “As Is – Where Is,” provided that any manufacturer warranties will be transferred to you.
    7. Ownership Taxes and Maintenance: We own and retain title to the Property at all times and we will pay any taxes
    which might be levied upon the Property. You do not own the Property or have an interest in the Property unless you
    buy it or acquire ownership as provide by this Agreement. We will maintain the Property in good working order as long
    as you lease it. Upon receipt of all payments or lump sum price set forth herein and other charges, if any, we will
    transfer ownership of the Property to you.
    8. Right of Reinstatement:
    If you fail to make a timely lease renewal payment, this Agreement will expire. You can reinstate it without losing any
    rights or options previously acquired by making all payments due or by returning the Property to us as soon as we ask
    you to. If you return the Property to us promptly, you will have three lease terms (3 months, 3 weeks, etc.) to reinstate
    by making all payments due. If you reinstate, we will furnish you with the same Property or property of comparable
    quality and condition.

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