Consumer complaint received 2024-03-13 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Time Investment Company, Inc.
State: MO

Complaint narrative:
On XX/XX/2024, I purchased a XXXX XXXX XXXX system and XXXX XXXX called XXXX XXXX XXXX XXXX for $ XXXX system was purchased through a XXXX-recommended company called XXXX XXXX XXXX XXXX, which is located in XXXX, Missouri. 

The XXXX XXXX XXXX Representative who provided an in-house presentation of this system was XXXX XXXX XXXX The Representative advised us that they had financing for this amount at 13.99 %. I questioned the Representative a couple of times regarding the interest rate and was assured that the financing was no more than 13.99 % interest. 

Based upon this understanding, I agreed to auto pay through my XXXX XXXX checking account. The payment was agreed upon at {$110.00}, and I presumed the financing was made through XXXX XXXX XXXX XXXX XXXX. The system was installed on or about XX/XX/2024. The first payment will be withdrawn on XX/XX/2024. After the system was installed, I was notified that the finance was made through Time Investment in XXXX XXXX, Wisconsin. The first payment of {$110.00} was automatically withdrawn from my checking account on XX/XX/2024. 

On or about XX/XX/2024, I received a statement on this account advising me that the next payment would be on XX/XX/2024. Reviewing my statement, I noticed that this was the first time Time Investment had shown a breakdown of my first payment on XX/XX/2024. The breakdown shows a payment of {$110.00} and an interest charge of {$100.00}. In other words, the amount applied to the principal was {$16.00}. This is based on an agreed-upon interest rate of 13.99 %. I figured this was a mistake as 13.99 % of {$110.00} is {$16.00}. This is what was explained to us when we made this purchase. Not only was my wife present, but my son and granddaughter were also present and heard and observed the entire presentation, including the discussion involving the interest rate. 

When I saw the interest being charged on XX/XX/2024, I mailed a letter to Time Investment with copies to XXXX XXXX XXXX and XXXX XXXX XXXX  XXXX. On XX/XX/2024, I received a telephone call from a representative at Time Investment, who informed me that this interest amount was correct and wanted to explain how it was figured out. I advised that I knew what 13.99 % of XXXX was and did not need her to explain it. She advised that if I wanted a larger amount going to the principal, I should pay more monthly. I closed our conversation by advising the Representative that this was a scam and fraud. Had I initially been informed that this was the way both XXXX XXXX XXXX XXXX XXXX and Time Investment operated, I would have never agreed upon this purchase! Their Representative continually assured us that the interest rate would be no more than 13.99 % when, based upon the latest statement from Time Investment, the real interest rate is 86.5 %! 

I am attaching copies of the original Agreement showing the interest rate at 13.99 %, a copy of my letter dated XX/XX/2024, addressed to Time Investment with copies to XXXX XXXX XXXX XXXX XXXX and XXXX XXXX XXXX, and finally, a copy of my Statement from Time Investment dated XX/XX/2024, showing the interest of {$100.00} on a payment of {$110.00}. 

Thank you in advance for your attention to this matter ; I remain. 

Sincerely yours, XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation