Beware of Summit Racing Equip/ GE Capital Bank offers of free interest

[WIDESIDE72]

Back in December 2012 I purchased a hooker dual exhaust system, mufflers and a few other things in order to meet the $250 minimum to qualify for the 0% interest for six months.

My wife pays the bills but today I got the statement and decided to open it to check out how much I still owed. There are no other purchases on the account, and it shows that I had been charged $13 in interest in 2013. I called Summit Racing and they said I would have to call GE Capital. I called GE and they said there was nothing they could do. They showed two purchases, one for $199, one for $79.

I called Summit Racing again and spoke to a different, obviously more knowledgeable rep and she showed that the $199 exhaust system was back ordered when I ordered it, so it showed up as two purchases. She said she would combine them so that the interest wouldn't apply.

She called back a few minutes later and said that GE told her that the promotional offer at the time was for $299 or more, not $250. (This was not the case, but I have no recourse, as I didn't hang on to the flyer they sent me.)

Be wary of companies that do business this way. I have purchased a lot of items from Summit, and this is the first time that they have pulled this scam, but I won't be buing from them on credit any more, if at all.

I was already privy to the practice of companies offering promotional APR's like this, then half way through saying that they got my payment one day late, and charging the interest from day one, but this is a new one.

[Lattimer]

Originally Posted by WIDESIDE72

Back in December 2012 I purchased a hooker dual exhaust system, mufflers and a few other things in order to meet the $250 minimum to qualify for the 0% interest for six months.

My wife pays the bills but today I got the statement and decided to open it to check out how much I still owed. There are no other purchases on the account, and it shows that I had been charged $13 in interest in 2013. I called Summit Racing and they said I would have to call GE Capital. I called GE and they said there was nothing they could do. They showed two purchases, one for $199, one for $79.

I called Summit Racing again and spoke to a different, obviously more knowledgeable rep and she showed that the $199 exhaust system was back ordered when I ordered it, so it showed up as two purchases. She said she would combine them so that the interest wouldn't apply.

She called back a few minutes later and said that GE told her that the promotional offer at the time was for $299 or more, not $250. (This was not the case, but I have no recourse, as I didn't hang on to the flyer they sent me.)

Be wary of companies that do business this way. I have purchased a lot of items from Summit, and this is the first time that they have pulled this scam, but I won't be buing from them on credit any more, if at all.

I was already privy to the practice of companies offering promotional APR's like this, then half way through saying that they got my payment one day late, and charging the interest from day one, but this is a new one.

Never had a real reason, but somehow I have never liked Summit.

I buy a lot of stuff through Jegs, and they just seem easier to deal with. This is just confirmation of my gut feel for Summit.

[cdowns]

if you cant afford the toys dont buy on time usin somebody elses money

[srvivor71]

They probably didn't try to scam you on purpose - but if they are decent, they should step up and reimburse you for the interest.

[WIDESIDE72]

Originally Posted by cdowns

if you cant afford the toys dont buy on time usin somebody elses money

Thanks for the salt in the wound. I was t asking for sympathy or advice, just trying to make people aware.
Posted via Mobile Device

[doubleb's69]

Originally Posted by cdowns

if you cant afford the toys dont buy on time usin somebody elses money

Sorry to hi-jack wideside. I was just wondering if cdowns ever posts anything that doesn't make him sound like a miserable old man. I don't want the thread shut down but everything he says seems negative.

Anyways. My 2 cents is that I have used similar promotions to buy furniture. I do have to money up front to buy it but why use it when you can do it over 12 months or whatever. I have always done it this way. Only concerns to have are make sure it is paid in full a month before it expires to ensure that they don't say you were late with a payment and they go back over the course of the loan to collect interest at 24% on the full amount (never happend to me but that will happen if you read the fine print) Also it is the lowest tier of credit so it looks worse on a credit report until you pay it off but it doesn't kill your credit. It sucks your on the hook for their mistake.

[LEEVON]

Pay the $13 and move on, and don't buy parts on credit anymore if you're taking advice.

These 3rd party financing people are the worst. When my wife and I first got married, we needed to build our credit and bought a furniture set on 0%, same as cash, 6 months but paid it off immediately. They never got our names and address right, after two years of trying to fix it we gave up and never got the positive account on record because of it.

[GoaterAz]

Sounds like the left hand wasn't talking to the right hand, you're dealing with two different companies and I can see how the backordered parts could throw it off. At least you caught it early; just pay it off so that you don't pay any additional interest.

Keep that girl as a contact and speak to her supervisor, calmly explain the situation and ask for a $50 Summit Gift Card. If they aren't willing to budge or offer any credit, let them know you will be going to the Better Business Bureau (don’t actually do this, complete waste of time over $13)…but it’ll perk their ears and you may get something for nothing…or should I say…something for $13 haha.

[69GWC]

Sorry to hear about your problem, I have been buying from Summit for atleast 20yrs and have never had one problem from them.

[68 short step]

summit has always took care of me, and every issue ive ever had they resolved it to my satifation... i gota agree with previous comments, if you dont have the dough to buy the 250$ exhaust, then dont get a credit card, so you can have exhaust.

[WIDESIDE72]

Originally Posted by 68 short step

summit has always took care of me, and every issue ive ever had they resolved it to my satifation... i gota agree with previous comments, if you dont have the dough to buy the 250$ exhaust, then dont get a credit card, so you can have exhaust.

I have the money but figured instead of using it all at once I would pay it off. I have done it before with them. If anyone else has "I told you so" advice, you can keep it to yourself.
Posted via Mobile Device

[WIDESIDE72]

Summit recently sent me a $50 summit bucks flyer in the mail. The catch is I have to spend $250. They usually do this right after I make a big purchase, but make the expiration date very short.
Posted via Mobile Device

[terry b]

Right on.

[Lee H]

Most large companies that are internet clearing houses don't charge you for back orders until they are fulfilled, and that's been Summits policy for many, many years. They do this mainly to protect you so they don't get into a refund boondoggle if the part does not come in to the purchasers time expectations or never. This is not a failure on Summit's part, this is a good policy. Your third party financing did nothing wrong either.

[TBONE1964]

I am at the point where I pay cash for everything now. I have had one late payment with GE Capitol (3 days) and called to ask if they could work with me on the late charge. They said they would waive it. I said thank you that is great. It got waived alright, right on to the next months statement.

I know banks are in the business to make money and they do a great job at it. If you are late, you are late, no mercy.

PAY CASH!!!!

[buckskins4ever]

Sorry to hear you had a bad experience with Summit. Between Summit and Jegs, I have literally spent over $15 grand in the past 3 years and had nothing but superior service. didnt matter if was for support on returns or technical advice for parts or installations.
Try contacting them and be sure to ask for a Supervisor. Explain your dis-satisfaction and the worthless attempt to satisfy with a coupon. Ask (I do mean ask politely) for them to reimburse the $13 fee you had to pay due to their negligence. They will work with you if you are persistent and polite.
Good Luck.

[sKnNyPpY]

That's all GE Money for ya. I have an HHGregg electronics , Lowes, and Discount Tire CC through them and they will charge you that interest after any slip. All mine are paid off but it was a real slap when I needed tires and wheels and didn't have enough on the tire CC. I called for an increase and they said no way when I had 3 times the available credit on the Lowes card and 10 times on the HHgregg one!

[54belair]

Pay the interest--consider it a cheap price for education---but, also do whatever you have to do to cancel whatever account they have set up for you. You may wake up one day and find "non use fees" or "yearly fees". Once the finance/credit card companies get a hold of/on you--Its tough to get loose. Check into it even if you feel there is no continueing account to worry about.

[70cst]

Sorry to hear of this.

I use credit Cards all the time as for me... I look at it as free $$$ for 30 days.

I guess I would look at this as a $13 lesson. To bad you don't have a flyer as this would have solved your issue.