2.2K views
Not resolved
1.6
Details
Billing Practices
Customer service
Discounts and Special Offers
Diversity of Products or Services
Privacy and Data Security
Reliability
Staff
5 comments

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.

This person wrote the review because of "i was mislead" of progressive financial lease from Progressive Financial. Reviewer claimed that he or she lost $1000 and wants Progressive Financial to issue a partial refund.

The author asks this business to immediately contact him/ her to briefly discuss his/ her negative experience with the company.

We collected other reviews about products and/or services offered by Progressive Financial for you to read. This information may help you with your purchase decision.

Had an Experience with Progressive Financial?

Write a review

Comments

Terms of Service
Post Comment
Cancel
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
to Anonymous #1351379

Yes

Resource: Spoke with a rep over the phone regarding this

Anonymous
to Anonymous #1351381

They collect your SSN on the spot. If you do not pay, they will not hesitate to report

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 :)

You May Also Like

World Financial Group - Big Class-Action Lawsuit against Transamerica’s FFIUL? Can You Join? World Financial Group "Transamerica’s Financial Foundation Indexed Universal Life (FFIUL) policy is WFG’s top life insurance product. It’s the fat-commission policy my upline always pushed me to sell. I worked for WFG..." Read more WHO IS ON THE TAKE HERE WHEN IT COMES TO GE CAPITAL RETAIL & PAYPAL Paypal "These Crooks can use a money figure & call it a "Debt Cancellation Fee" & when that backfires they call it a "Card Security Fee". They can tell you..." Read more World Financial Group - Read This to Learn How WFGers RIP YOU OFF! World Financial Group "In his “review” last week San Diego Anon oozes about “...a beautiful lifelong career…” It’s “beautiful” all right. IF you love to recruit everybody in sight and personally..." Read more World Financial Group - Transamerica *KEEPS* Your FFIUL Money When You Die World Financial Group "A shocking dirty little secret of Universal Life policies: you LOSE all your policy's cash value when you croak. This is true of Transamerica’s Financial Foundation Indexed Universal Life (FFIUL)..." Read more GlassesUSA - Sent me broken glasses, with wrong prescription. GlassesUSA "The Progressive Lens sunglasses I ordered from Glasses USA arrived broken. One lens was completely out of the frame, rendering them unwearable. When I called to report this problem, I..." Read more Brent Guild / iGalen Victoria was the victim of a scam, now being harrassed Igalen Victoria "I am Brent Guild, and as you can see I am not afraid to show my name as was this poster. victimofbrentguild is actually the company iCloudUK.com that runs under..." Read more Discount Tire Store Txh56 On 2927 Southwest Fwy 77098 - Took almost 3 hours to service a tire. Discount Tire Store Txh56 On 2927 Southwest Fwy 77098 "I arrive at 11:15 AM. They let me know my truck is ready at 1:50 PM and told me I have to pay for a new warranty. They replace the..." Read more DiggyPOD - Formatting Errors in Edgar's Handbook DiggyPOD "End of January 2017 I wrote my 3rd book. Felt I was being sold revisions for $40 each time by Valerie. My book started out an 8 X 11 and..." Read more