About Monterey Financial Services
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I was reading the reviews for MFS and though since I have completed 3 contracts and about to do a 4th with them via Credova, that I would give my two cents. First of all, Yes the agreed upon interest rate is very high but if our credit was sparkling we would put the purchase on that platinum MasterCard right?! All of my contracts have been under the premise of 90 days same as cash. I have had every intention of paying before day 90 and have done so each time with the exception of contract #3 which was canceled due to shipper issues. I have found Monterey Financial Services to be upfront and forthright on every occasion. So to summarize, if you don't want to pay a lot of interest - pay within the 90 day window if it's offered. If not, expect to pay what you agreed to.
Do not finance anything merchandise through this company! Loan Sharks that will double the finance charge on your purchase! Read their loan agreement paperwork thoroughly! I originally bought a product through Credova, somehow Monterey slipped through the cracks and purchased the loan. Then put the item I purchased as double the price on my credit report. They will only give you 30 days to pay in full.
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Well from experience that Credova is a lying company that sells accounts and when it states what the monthly payment be and then afterwards it balloons twice or triple an interest goes up. Im saying never use Credova or Monterey as these companies shouldn't be into financial on guns at all or say put not in business. I still have 3 checks out to Monterey Financial as they gave me a address to Seattle, as my bank put a stop hold on them checks and also in there for Monterey to contact my bank. Have they yet done so. No. But hell no.
PLEASE! Do yourself a favor and NEVER use Credova Financing. I used them once to buy a $460,00 shot gun and paid about $100 for them letting me borrow the money. So after it was paid I decided to buy a Remington 308 bolt action rifle. So I used them again and I was charged over double the price with a balloon payment at the end. WTF? Is this even legal? I always try and read their terms. but when it comes to your phone it is kind of hard to read everything. I guess I will blame myself for that but them charging me over double the price is downright a snake move. I'M here to just let you know and learn from my mistakes. They deserve NO stars. I would get better rates from the Mafia.... Please BOYCOTT this Company.
So husband bought a gun and used Credova but then loan was sold to Monterey Financial Services. I manage our bills so one night I checked the payment history to see the remaining balance only to find out that I have been only paying for the interest for $122/month and the loan outstanding balance is $941. I paid over $800 now not knowing it wasn't reducing the principal at all. This is the only company I've known that they will charge you 3 times the initial loan amount for the interest rate and of course won't let you go easy by making a lump sum payment on the outstanding balance because they charge you like years worth of interest plus a lot of whatsoever fees. DEFINITELY AVOID USING CREDOVA.
I took a loan from Credova and was sold to Monterey Financial and was going to almost double of what took as a loan. Also had 90 days same as cash from credova until wanted to pay off early and only had 30 days with monterey financial, good thing I was going to pay within 30 days. Would never do business with either company again.
I started out with a company called Credova and they sold my contract these people! I told the finance 90 days same as cash! They said ok! Now at the end of 90 days this company wants me to pay over a 1000$ more! Take a warning. Be careful using this company!!
I have a similar problem to others who have posted their customer service experienceS with Monterey Financial. I called on my husband's behalf to pay his bill for items purchased through a CREDOVA application that was less than 60 days after the items were purchased. The debt was bought out by Monterey Financial. My husband was told that financing with them would not “affect his credit score”. It states this on the website. He is 100% disabled with Soc Sec and 100% disabled Veteran. First of all this is unclear and misleading advertising. He did not comprehend what he was signing due to his disabilities. He financed the items to be paid out of my bank account. I knew nothing about this. Then it shows up on his credit report, hit three times and dropped his score by 100 points! We’re in the process of getting a mortgage! Then they falsely report a delinquent account.
I called right away when I found out he had been duped and taken advantage of. I was trying to pay off the account. We were told he financed about $1500 and would make payments on the items each month. They told me he signed a “lease agreement” and didn’t even own the items. He was told he’d only pay them the remainder for its original price, $1500. Well, when I called them to pay it I spoke with a rep who tells me that to settle the account for 75% of what is owed I have to pay them $2700 dollars. I told the rep this is not what my husband was told and she proceeded to inform me that it was in the contract signed. This was supposed to be financed not a lease agreement.I explained that I am not going to pay that astronomical amount and we are on a fixed DISABILITY income. The rep on the phone says, "Well you have to pay that amount but it goes down each time you make a payment but the fact remains you owe about $3500 in total but we will settle the account for $2700 today only." After that we are stuck paying $3500. The rep then goes on to threaten to send it to collections and take legal action against us! I told them we don’t have it in our budget to pay off $3500. I hoped they would be somewhat understanding and empathetic but they were nothing but rude, mean and nasty. Very disappointed.
Sincerely, Taken Advantage Of.
Well, I decided to purchase a gun. I found a site that would let me finance and it was "good old Credova". Cool I thought. When I applied it said, "You have a loan, pay it off first." I said "cool" so I searched my email to get my account info, and I thought I'd review my contract because it was strange I had to pay it off before I could get another one. I've been paying steady and I figured I'd be done with my loan in a few months. WELL, I looked at the contract and saw, OMG, I'm paying more than double for this gun. I thought I'd agreed to a 12 month LOAN, not a lease. This isn't something I'd actually sign up for. The gun was 1400, my total LEASE payments were 3400. I could easily pay cash for that gun, but I prefer tickling payments to large lump sums. But I said, "What's done is done, I need to get out of this mess, let me see the payoff." 2k. So I said, "I'll never do this again. I WILL be done in a few months, and get rid of them."
I'm not paying for 24 months. and yes there is a 240 fee, so I don't have to return the gun, I paid 3400 for. So all in all over 3600 for a 1400 gun. The advertising is deceptive. "Financing" indicates you OWN at the end of the loan, like car financing, mortgage financing. They're trying to make money. When you do that the wrong way, you end up out of business. So I'm here to turn people away and to expose how my attempt at a 12 month LOAN, turned into a 24 month lease in which I pay well over double the cost of the gun. They're like a payday loan but worse. NEVER AGAIN Credova/Monterey. NEVER AGAIN.
I'm over the top with their extra hidden fees and charges. Trying to pay it off ASAP. My next payment was $101, with $68 in late fees and interest for their errors. So I made two payments on the same day. I "authorized" a $600 payment from one account and a $400 payment from another account. When I got my statements, it showed that they charge my accounts an extra $10 each. Can they do that? Is that legal to charge more than was authorized?
When you sign a contractual agreement, you are agreeing to the terms of that contract period. You need to thoroughly review the entire document and comprehend what you are reading before signing. If you do not like the terms than simply do not sign it. Stop and think for a day or two about what you are doing and look over the "FEDERAL TRUTH IN LENDING DISCLOSURES". Everything is there in plain view from percentage rate to total sale price. Take advantage of same as cash options before the interest kicks in but If you can't, be prepared to pay the "Total Sale Price." You can't get angry after you get the money and have trouble paying it back. There are legal processes to help you when things go bad and they do sometimes. I was ecstatic they gave me a loan and I was also cognizant of the terms including the lofty annual percentage rate. Would I use their service again? Maybe, but for others my recommendation is that I would recommend that you read and understand what you're about to get into.
Monterey Financial Services Company Information
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- Monterey Financial Services
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