MDG Is The Devil!
Tuesday, September 16, 2008 18:50 | 320 views
Just the other day I called MDG, the Computer Company I purchased my computer from, to have them change the date they take their payment out of my bank account this month because it was empty and the date was before payday. So that was no problem really. I do it all the time without any trouble.
This time I was just curious on how much time I had left on the lease to buy the computer. The telephone agent said there wasn’t a way for him to look that info up because the systems were down, BUT he could mail the payment history that has the balances.
Now that I have it in my hands, I now understand why he did what he did. He did it to avoid me freaking out at him.
I signed a contract made by the devil!!!
The contract lease is for four years. No biggie. Then when I look randomly at the following lines;
- 26-Jun-2008—– 44562$$#@# —–$56.13 —– Pre-Authorized payment
- 26-Jun-2008—– 44562$$#@# —–$43.37 —– INTEREST
Meaning that for every $56 I sent them only about $12 average actually went to paying the damn computer off.
I’m on year 2 of the contract and still have a big balance left over which will take 2 more years to pay off.
I don’t know, but for some reason I didn’t look at the big picture when I saw the total cost when I first got the computer. All that was going through my head was that they were the only company who would sell one to me under a lease. (My credit sucks)
But now that I actually see how much they’re taking for interest, it’s shocks me. The best thing for me to do would be to try and double my monthly payments since the first half goes to interest, then at least the other half will actually go on the remaining balance, reducing the interest over time as the remaining balance gets smaller.
I tell ya one thing. If you really have to go through MDG for a new PC because nobody else will take a look at you, then don’t allow the sales rep throw everything AND the kitchen sink at you. Because once he’s through, you’ll have a tally more than what you expected, but the deal sounded so good at the time. But when you are still paying for something that is obsolete and is double the cost of something better down the road, it will be cheaper to upgrade as it gets older.
I went for the power house, which is not so much as a power house compared to today’s PC’s.
I may as well say I signed a contract with the Devil. He saw me coming a mile away.
Bending over to give my next payment!
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September 16th, 2008 at 8:16 pm
Hi John, I bought my computer through the Buck a Day company in 2001, which I think is now the MDG, and they were very deceiving. I asked about interest rates and was told there was none that everything was in the price. I had a 30 day guarantee. Interesting thing was the bill came after the 30 day guarantee. This is when I learned there was 29 per cent interest on the computer. The financing was through Citibank if I remember correctly. When I called she told me that it would take me 9 years to pay off my computer at the minimum payment. Most of the payment would go to interest. Shortly after that I received an offer for a new credit card with a very very low interest rate on balance transfers and paid it off in 6 months. I will never go through a Buck a Day company or any one like it again.
September 16th, 2008 at 8:49 pm
@Edna – I was desperate for a new PC and they were the only one that wold offer me one.
September 16th, 2008 at 9:37 pm
Oh, I definitely hear you. That is why I had to purchase one through the Buck of Day company. I knew there was no other way I could get one. I was angry when I realized the young woman had misled me about the interest. I should have known better. Like you, I really wanted a computer, or should I say I wanted a teenager at the time to be quiet about wanting a computer. At that time there were lots of commercials on TV about the Buck of Day company and Jeff kept on me until I caved and said yes. I think these companies should be upfront with the financing charge and then let people make up their minds. I think if you make larger payments you will pay it off sooner and save on the financing charges.
September 17th, 2008 at 8:58 am
hahaha you are going to end up paying almost 3000 bucks for your computer!
must be one helluva system.
September 17th, 2008 at 1:33 pm
So the devil certainly -is- in the details!
September 17th, 2008 at 3:18 pm
@Uhh Yeah – Yea, I know. But I needed it at the time. It was a power horse in it’s days though.
September 17th, 2008 at 3:22 pm
@theenglishguy – Yup. The proof is here folks.
September 17th, 2008 at 5:19 pm
I went through Aliant $22 a month, 36 months. That 36 month’s has now ended.
Work out great add 3.00 a month for taxes and I payed 900.00 And since I’m a valued costomer, Thats what the letter said..lol They are offering another batch of computers to choose from.. Looks like I’ll just add 10.00 dollars to bill, rather then have 25.00 dollar less phone bill. And get a new computer…
September 17th, 2008 at 5:21 pm
I wrote above message.. Looks like scamp has been on here agin putting John in his place. What did you write this time John…lol
September 17th, 2008 at 7:37 pm
@Scamp – Yea, but I don’t use Aliant
September 17th, 2008 at 7:38 pm
Wow – that totally sucks. Well hopefully you can make the double payments and get that loan overwith – maybe by doing that it will help your credit score too, huh?
September 17th, 2008 at 7:41 pm
@teeni – LOL! I’ll never have any credit. I’m been in the hole for too damn long. LOL @ Credit. that’s a funny word to me now.
September 19th, 2008 at 8:05 pm
YIKES!
September 20th, 2008 at 2:30 pm
@DragonLady – That’s what I said when I reviewed the payment history.
September 20th, 2008 at 8:59 pm
Explian your hole..Johnny boy.. How Capital One gave him 7,000 and you went wild . You and many fools made that company. Now they have the lowest rates…lol
September 20th, 2008 at 9:09 pm
@Other Mac – Capital One is good about digging holes for their customers. I’m climbing out of one myself right now…
September 21st, 2008 at 12:07 pm
@Other Mac – 7,000 !!! Not!