Austin, Texas
1.8K views 3 comments
Not resolved

This company hides behind a no-credit financing label, but misleads people to signing a year-long contract where they will charge you FOUR-TIMES the cost of what you are buying. In my case I was buying a discontinued mattress from Mattress Firm for $400 that ended up costing $1,600 (FOR A MATTRESS ONLY) by the time I paid out the contract. You are NOT financing with Progressive Financial, you are leasing. BIG DIFFERENCE. By leasing, they get around maximum interest rates because they are not loaning you money. That wasn't explained at all to me before I signed the 10-page contract electronically. I was mislead into signing by the sales associate at Mattress Firm, who told me that Progressive pays them for it and I am paying Progressive back, Progressive reports to all three credit bureaus so it helps my credit to pay on time and that it's interest free for 90 days, which is the biggest lie they tell you.

First, Progressive DOES NOT report to credit bureaus at all. Remember, this isn't credit, it's a lease so they do not have to report to credit bureaus.

The 90 day option is also not interest free. They tell you you can buy it for sale price, which is true, as long as you do so in 90 days. If you don't, then you will be responsible for the entire lease with only an early buyout option at double the sale price. That doesn't go down the more you pay on it. Also, if you pay more, it does not lessen the amount of payments. You sign a lease contract, not a credit agreement.

My biggest issue, however, is their collection practices. They screwed up my payment dates, making it two days before my payday (which they tell you that your payment dates will run parallel with your pay days). So it never got paid on the date they set for my payments being due. I emailed them three times about this and they refused to change it. However, they would call me on the FIRST DAY it was late repeatedly. I deliberately failed to pay my bi-weekly payment for three days once to see how many times they would call - 15 times in three days. My credit card doesn't even call me 1 time if my bill payment is three days late.

Review about: Progressive Financial Lease.

Review #823282 is a subjective opinion of a user.

1.6
Staff
Billing Practices
Reliability
Privacy and Data Security
Customer service
Discounts and Special Offers
Diversity of Products or Services
PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss I was mislead / $1000
Preferred solution Price reduction

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Anonymous
Cape Coral, Florida, United States #1341722

So what happens if you stop paying them altogether. .does that negative balance go on the credit?

Anonymous
Salisbury, North Carolina, United States #1240031

I had a differnt experience.I have leased three times and activated the 90 day option as soon as u set up the account.

Paid them all off in 90 days interest fee plus the $49 service charge (they have to make money some kinda way). All three purchases areeeflectingon my bureaus as paid as agreed. I have actually seen about a 70 point increase in my scores.

However, i did have one issue with pay date error once but I called and got it resolved with one phone call.

Anonymous
#1143735

Thank you for this info :)

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