I was blown away just now when I received my settlement amount on my account just now. My settlement amount is higher than the balance on my account. When I approached them their answer is that they have the right to a 3 months interest charge when I settle my account. This is the first I ever heard of something like this. I then went through my 19 pages contract signed with them to find the following clause - "3. Early Settlement of the Agreement You may only settle this Agreement early if the Lessor agrees to this and any reduction of finance charges will be at the sole discretion of the Lessor." JUST THAT nothing else! This is NOT acceptable as this clause never mention anything of 3 months penalty interest charges or whatever they wish to call it. Why only explain this clause now that I want to settle it - and not the day when I purchased the boat??!!! I would have never accept this 3 months penalty interest as it was my intentions to settle this account earlier as discussed with the finance lady where I purchased the boat. Having a couple of accounts with them I would at least expect them to consider giving me a discount settlement! :-(
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