Submitted by Spongeboy-Me_Bob t3_10cxbi5 in personalfinance
My parents just signed up to have their roof done but I wasn't there for the pitch they say through.
I read their contract and it says it's an APR of 9.49% the finance charge is $33,752.00 and the amount financed is $37,195.00 so there's a total of payments at 70,947.00.
It says 180 payments at $394.15 each payment. There's also a security interest and it says that no matter what happens they have to pay the interest and the interest can change as the loan matures.
Did they get taken for a ride here? Seems high for a fiberglass roof and I've never heard of Medallion bank so om not very trusting of this whole deal.
Update:
My brother who is a carpenter asked a friend of his for a roofing quote for a metal roof for my parents and recieved a quote of $12,000.
I convinced my dad to cancel the contract. The salesmen was upset and is charging my parents a restocking fee which is in the contract. The fee is $5,000 and the guy was attempting to collect it tomorrow. After threatening him with legal action he decided he could wait a few weeks for them to get the money together.
I really hate people that prey on the elderly like this.