I’m afraid I made a bad financial decision. What are my options?

Get a consult from a contract attorney.

What’s “swim spa”, precious? What’s “swim spa”?

Or weekends as a Walmart Greeter is an option.

Seriously, call the finance company and hint at bankruptcy…they’ll work with you.

Or get a new credit card with an intro 0% rate and pay that fucker off…

You might find that the lender will lower your monthly charge if you ask. But be careful because that will extend the time and interest it takes to pay off the loan. How much is the loan?

Yeah, how much is the total loan. Did you discuss, with the salesperson, how many years (?) it would take to pay off the loan?

I'm not trying to blame you here, but I find that people only pay attention to the monthly amount. They don't pay attention to the monthly amount X the number of months and what the total is.

And what the hell is a swim spa?

I would try to negotiate with the loan company.

It’s like an infinite pool with jets that you swim laps in against the current. Total loan was $30,000 for 10 years

Bottom drama. 🎭

My God, OP. 10-year loan for this? And now you want to send it back? What were you thinking?

How the hell is the monthly payment 2X as much as represented? If you multiply your monthly payment by 120 (months), what's the total?

You might be able to report the situation to your state's department of commerce. Ask them for help.

This sounds like basic financial (il)literacy.

Talk to the lender. I’m not judging you but don’t ever make a purchase like this again. It’s an albatross for 10 years and my hunch is the interest rate is high,

OP, if you can find a source of cash, or can qualify for a low-interest loan in that amount…go for it.

If the interest rate is super-high, it might be a usury or an unconscionable contract.

I doubt OP has money to hire an attorney. That's why I said to consult the state's department of commerce. They might have had other complaints regarding this same vendor / lender.

Anything that stinks of chlorine is a poor investment, just my view on the matter.

This will have to be paid off if you ever decide to sell.

How old are you OP? Those are the kind of mistakes I made in my 20's and 30's. I couldn't imagine buying something I can't afford or need and being saddled with such debt nowadays. Try and get out of the deal and learn to live within your means, best of luck to you.

Yeah I’ve made a stupid mistake I’m in my 30s and love to swim and was tired of driving an hour to the nearest public pool. For those asking at the current monthly payment over 10 years it comes to just over $60,000 total paid. I was told by the salesman my total expense would be $36,000 which I didnt think was too terrible at the time but $60,000 is usury

R15 = OP

Get out of the deal and join a gym with a pool.

Ask for a refund. Tell them the salesman misled you.

OP, have you taken delivery of the spa? if not, refuse delivery, do not sign and let it into your house.

It’s been delivered for a few weeks now but only just got the first loan statement. The sales invoice says all sales are final after 3 business days and any returns are subject to a 20% restocking fee.

Bad decision. Huge.

Seek legal counsel, you're not in the best position.

You must have signed something. Did you review what you signed? If you ask for an attorney consult it could be around $350, depending where you live.

Ugh, OP. I'm sorry. I hate hearing about stuff like this happening to people. I hope you can find an attorney or a state agency to help you.

OP some of what you have quoted might be illegal in your state.

Best of luck.

Find out what the payoff is. Then, try to secure a low-interest loan, or get a home equity loan and pay off the balance.

Tell them it is broken and you need to return it. Get a lawyer to write it up. They would rather write off the the initial loss to you, resell it themselves than have a lawsuit.

Were you intimidated or sexually pursued during the buying process? if so, inform your attorney.

You can't even turn it into a clothes rack. Like my treadmill. Maybe a giant washing machine? 👔

OP, why didn't you read the contract before signing it? Why do you want or need this "swim spa"? It seems very unnecessary.

Call the retailer and tell them the spa is outgassing...even worse than Ina Garten, it's a biohazard.

If the price was $30,000 and it was a 10-year loan, for a total of $60,000. Then the interest rate is 16%, according to this calculator.

Usury? Depends on state, apparently. I'll post that in my next post.

Usury rates by state.

I don't know if you have the strongest case, since the salesman told you the cost of the principal, which is $36,000. You should have asked him how much is it when you add in interest over 10 years. It sounds like you are being expected to pay $24,000 in interest over the principal over10 years, which is criminal but you may have signed a document that agreed to this. If you did not sign anything, you may have a stronger case. But if you signed the agreement and it says this, then I don't know how many options you have. The lending company will likely sue you if you don't pay, but you should at least call the company and ask for your options, and then call the lending company and ask for your options. Good luck.

BTW, looks like OP's monthly payment is $502.54.

Shoot, it's $36,000, not $30K. So, to bring you to $60K in 10 years, that is around 11% interest.

The $36,000 was the total after interest. The principal was $30,000. Payments were said to be $~300 but instead are $~500 instead

But $500 a month over 10 years is $60,000.

Where does the $60,000 come in, then? What does your signed contract say, as far as monthly payments?

10 year loan!? That thing will die in 3 years & need replacement, then they will scam you out of another $5K to get a replacement....... Our neighbor went through a similar deal over a spa. Oh & they replaced it with a "refurbished" model that couldnt be returned/replaced if it was defective..... It's how they cycle through their broken spa's..... She signed for it in the contract, she learned an expensive lesson. We liked going over & using their spa when they were out of town......

I know this isn't a helpful thing to say but you're an absolute fool for financing something that frivolous. It's like financing a diamond-encrusted butt plug. Suze Orman would beat you to death.

It's a spa that you swim in, R2!

The deal is done so there is no reason to dwell on the fact that you didn't full investigate the financing terms before you signed. If the agent mislead you, you might have a possible cause of action against the seller but, frankly, I'm not sure it would be worth the cost of litigating the claim. There is a good likelihood you won't win the suit and would be wasting even more money. If the documents clearly stated what the terms are, you likely won't prevail. The law is pretty direct: Those who can read, must read. The law would charge you with knowledge about what the documents state even if you didn't carefully review them before signing.

I think you're stuck with the purchase. My advice would be to minimize the financing costs. If you own the house, do you have enough equity for a home equity line of credit? If the interest rate provided by the seller is higher (or even equal to) the interest rate for a home equity loan, I would refinance and pay off the original loan. You'll pay less in interest and the interest payments on the HELOC would be tax deductible. If a HELOC isn't an option, I'd investigate other lending options that might have a lower rate than what you have from the seller.

My God! If you took that 30,000 at your age and put it into the stock market it would mature to over 1 Million dollars by the time you retire.

A swim spa? This has to be a parody post.

OP = Lucy Ricardo

Let’s be kind to OP, please. We all make mistakes. He’s come here seeking advice which, luckily, has been provided. But don’t compound this by making fun of him. (Though the Suze Orman line was funny.) Karma is a thing.

This situation sounds painful.

So the salesperson said that the total amount you would end up paying would be $36,000 at $300/month? And the all-in price (ignoring financing) was definitely $30,000, not $36,000?

I’m wondering exactly what was said. Because anyone can misspeak, but if he really emphasized it then he lied and he’s probably done it to others.

Here is what I don’t understand - if you are buying a swim spa, you must own a home to put it in. So, presumably, you’d have some experience with interest rates and mortgages. I’m curious as to why $36,000 over ten years to pay off a $30,000 loan didn’t seem unrealistically low. But maybe you purchased a car in 2020 or 2021 when rates were super low and that’s your point of reference?

If this is the biggest financial mistake you ever make, you are way ahead of the game. It sucks, though.

I’m hoping you didn’t install this in a rental property. Consider moving this over to a home equity line of credit, which will at the very least improve the interest rate.

OP/R20, the sale is final, but you can return it for a 20% “restocking” fee ? Sounds strange.

Immediately talk to an attorney (perhaps you can take ALL your paperwork to your office of consumer affairs or legal aid) to confirm. If they confirm you can do that, return the unit and pay the $6,000 restocking fee.

(You’ll probably have to max out your credit card(s) to do it - but if you pay them that $300 per month - you’ll be debt free - at roughly 1/2 the monthly cost - in about two years.)

Consider it the cost of your degree in financial education; and don’t ever buy [italic] anything [/italic] except a house (and [italic] maybe [/italic] an inexpensive car) on credit again.

Couldn't you have gotten a full sized in ground pool for that money?

I own my home. I probably could have done an in ground for that price but my house is on a hill and doing a traditional pool would require major earthworks. Plus this thing is heated so I could use it year round unlike a regular pool. The $36,000 didn’t seem that drastically low but then I haven’t financed anything since before Covid so my frame of reference on interest rates is not that great.

The loan is through Green Sky and is more a line of credit than a loan. I was approved for $50,000 and all my loan documents show that amount and what my payments would be if I used that entire amount which was like $650/month. The salesman was like you’re going to see these big numbers but what will actually be charged will be $30,000 with payments at $300/month.

R52 = OP

Big mistake. Huge.

Do you really are that stupid R52…

[quote] Do you really are that stupid

[quote]A swim spa? This has to be a parody post.

They're popular with a certain type of frau, particularly financially-challenged single moms who daydream about well-deserved 'me time' in their own backyards. But the cost, coupled with maintenance and repairs and their kids immediately trashing it, turns it into one more albatross. The name is also odd; you can practically hear Anna Nicole Smith shouting "It's swim spa, baby!"

OP, is anything besides principal and interest reflected on the statement? Were you enrolled in any additional services you didn't want? As others have asked, where's your copy of the signed contract? There's a paper trail somewhere that you'll need to consult to plot your next move.

I can just imagine OP being suckered into this like the citizens of Springfield were with the monorail.

You caught my typo. The shame! Shame!

OP, it seems to me that you don't even know the basics regarding the loan or line of credit you signed, or even how much you owe. Why haven't you called the lending company to ask why the payment is more than you expected? Also, why haven't you called the spa company to let them know that the salesperson misled you? You seem paralyzed with fear and confusion, much of your own making!

That salesman saw you coming.

The fumes from the “swim spa” have clearly slowed your mind, OP.

OP, maybe you can start a home based business and use the swim spa as a tax write off. I'm thinking maybe massage therapy, body work?

Swim-spa is the new Nigerian prince scam.

Was the salesperson's last name "Trump"?

First of all, if this is one of those "swim against the current" pools, you must have gone for the cheapest and least effective one. IMO, Swim-X is best, and that's about $100 K, hire your own electrician, architect, plumber, etc. That's why I have none.

Besides, my local public pool is massive. Yours?

In any event, you signed, you bought. You have zero legal leg to swim with, as it were, if the signing date is beyond the "allowed to change your mind" date, if there was one.

As for exorbitant interest, you DO have a credit-card, no? And it DOES provide a monthly statement that details its interest rates, no?

Yeah, sorry. "Buyer's Remorse" and "Caveat Emptor" apply here.

OP, you need to look at what you’re signing, especially the numbers part. Look at the interest rate. Use a calculator, do some basic math, like multiplication. You cant just listen to a salesman and blindly sign.

This is an above ground thing in your back yard.

There are so many forms of exercise.

And even a fake waves pool thread turns into a Trump thread.

If you have no options, return it immediately and pay the 20% and turn the page.

The Janis Paige?

Man, in my day, if we wanted waves in the pool, we had to invite fat girls over.

Yeah, if returning is still an option, I would return and pay the 20% restocking fee.

1. Ask a lawyer. Will your need good credit in the next few years? You may have time to fuck it up a bit and take a few years to repair it. Does the company have a reputation for sleazy sales people? Do you have any mental problems that a doctor can confirm? There still may be a way if you act quickly.

First and foremost, and for the long term. There are only 2 things you should ever finance. A house or a new car, and only if you can't afford it any other way. Everything else you should pay cash for. If you don't have the cash, start saving for it and buy it when you have the money.

Credit for sharing your fuck up with these sharks . Beg for mercy or say you were off your meds.

How much water does this thing take? And how much electricity to power those fake waves?

Prepare for your utility bills to take a nice jump too.

Consider contacting your local news station. Most of them have feature segments on people who got screwed over in some fashion. Yourstory is pretty dramatic.

[quote]I made a bad financial decision. What are my options?

Make better ones.

[quote] Yourstory

Herstory!

Threaten to expose them on social media...no one wants that bad publicity. Fingers crossed. As u Can't afford it, it must be OBVIOUS that u were told it wud be cheaper...u wouldnt, couldn't have bought it at this rate.

You didn't get a receipt with the amount of the pool, the amount of the interest to be paid, and the monthly payments? You just took the salesperson's word? Not very bright. I once joined a gym and went through their sales "process". The salesman repeated over and over, $52 per month, two year contract. I signed a four page, fine print contract. I was transferred out of town at 18 months but kept paying, knowing the contract was up in 6 months. Imagine my surprise when I went to cancel and the contract was for 36 months! I found the contract and sure enough, it was for 3 years, not 2. I told the salesman "liar liar pants on fire" Always check what you're signing.

You haven't mentioned the paperwork they gave you. You signed something and it should have stated the terms--state law probably regulates the specifics, but surprises should have been minimized. Without knowing what's in your paperwork, we really can't help you.

Judge Judy is still around

Can you blow it up "accidentally"?

Most consumer finance agreements are required to have monthly payments and P&I expressly spelled out.

You said you're 30ish? Are you hung? Hot?

Find a sugar daddy.

OP I feel your pain. Back in the 1990s I had an aftermarket sunroof installed in my Camry sedan because I was jealous of everyone else whose cars had one. Over $1,000 but to me that was a hell of a lot of money. A credit union loan I really couldn't afford. And probably 6 months after I paid it off, I traded the car for a real convertible.

Let me offer you these tips:

Start your social security benefits the very second you turn age 62. No sense waiting!

At that same time, if you still own your home, get a reverse mortgage. You'll be on easy street!

OP, I can't offer you any financial advice, but I will tell you what I've told many others who discuss various home related purchases, etc.

Almost certainly you are NOT the first person to be taken advantage of by (1) the salesman and (2) and company who sells the spa and (3) the lender.

You want to do some online research to check on any other such victims.

Look up both companies on the Better Business website and check to see how many complaints have been lodged against them, what type and how they were resolved.

Google search for the salesman's name together with his company name. Same with the lender.

Someone else fell for the same scheme. Look for any postings from people who've already been down your road.

Others might have a solution or information that might help you.

Perhaps do not use your own computer or login. Use the computers at local libraries.

Good Luck.

Use the computers at local libraries.

^^ too funny….they’re watching you! Be careful.

Your giving advice to a guy that apparently can’t read a finance agreement, for god’s sakes.

^^ Should be "Better Business Bureau".

This is a troll thread, isn’t it?

I believe so, yes

I agree, R92 -- and they're getting more elaborate and ridiculous all the time.

Even if it's a troll / EST thread, it's one of the better ones. AND this is something that a younger DLer might do. I.e., too lazy to drive to the pool, so MUST have an above-ground "swim spa" even if it takes ten years to pay it off.

Yes, but who spends $30,000 on a dubious toy when they can’t afford 2x the monthly payment?

[quote]It’s like an infinite pool with jets that you swim laps in against the current.

Honey, those jets won't clean our your hole any better than a $15 douche nozzle attachment for your shower.

In most states with any kind of loan you are required to be given a piece of paper that lists all your future payment dates, the amount due on each date, and the total in principle and interest you will end up paying at the end of the loan period. It may be an attachment or it may have been a chart within the loan contract. You likely signed something like this saying you understood it and received a copy. Now if they misled you in some way verbally you might have a case but even in some states that's not enough if you signed the papers I described. You could default and at some point you MIGHT be offered a deal to settle for a percentage of what you owe but that's still going to go on your credit report as a loan you only partially paid back. This seems to be first year law school contracts. This is too small a case for most lawyers to even bother with probably. Maybe you can monetize the pool somehow? DLers might have some ideas.

[quote]My loan documents only show a total borrowed amount and the interest rate and I don’t have anything in writing where he told me what my payments would be. I just took him at his word.

If this is really a "loan," then Fair Lending Act and Truth in Lending Act should require that the loan documents include the monthly payments.

Check the loan documents and see what they say regarding payment amount.

If the payment amount they're quoting and the loan documents say that same thing, you have no recourse. It doesn't matter what he might have told you regarding payment amount unless you have a recording or documentation that proves you were mislead.

[quote] The loan is through Green Sky and is more a line of credit than a loan. I was approved for $50,000 and all my loan documents show that amount and what my payments would be if I used that entire amount which was like $650/month. The salesman was like you’re going to see these big numbers but what will actually be charged will be $30,000 with payments at $300/month.

If it would have been $650/month for $50k, then it should be $390/month for $30k.

Always. Invest. In. Jackets. 🧥

[quote]and the total in principle and interest

Why is it always people who think they know about finance that spell "principal" wrong?

Not looking good OP

[quote]Total loan was $30,000 for 10 years

Hold me David, I'm scared.

R101 it's a word I've struggled with all my life so please excuse me - but my general advice and that of the post after mine - is good - R97

OP get a lawyer. No matter how expensive, this will be money well invested.

All of this for a small, above-ground, rectangular pool and hot tub combo.

How can an above-ground pool be an infinity pool?

How much would a YMCA membership or a private club with a pool cost in your area? Some are open 24 hours. My YMCA charges $50 a month, which includes the use of all facilities and is open 24 hours. The pool is always clean and some guys swim naked (including me) when no one else is around.

Sell your house and all of your possessions to pay off your debt, then move into your spa pool, OP.

[quote spa pool

Swim spa!

OP here. I would like to clarify some things. I live in the middle of rural piece of shit BFE the gyms in the nearest town that’s 30 minutes away have no pools. The closest year round pool is an hour away across state lines. Long story shorts it’s a PITA to go to a pool.

Anyway I did receive loan documents. Those documents said I had $50,000 credit line which would cost $671/month for 10 years IF I utilized the entire $50,000. I only utilized $30,000 so none of my documents give me an EXACT breakdown of what I would pay. I asked the salesman what my payments would be only using $30,000 and he said “about $300” I don’t have any official documents that reflect the ACTUAL amount borrowed only the total approved amount which was more than I needed.

OP, give it up. The fault for this financial fiasco lies wholly with you for failing to understand the terms of the loan and your monetary obligations before you decided to buy the monstrosity. No one swindled or defrauded you into this situation.

The vast majority of the 100 comments above are stating a similar opinion. There are no facts you can allege in your later responses that will alter the obvious conclusion ---- You used poor financial judgment.

OP knows he used poor financial judgement, R112. That’s why the subject line says “I made a bad financial decision.”

He’s accepted responsibility for not doing adequate due diligence. But he probably didn’t imagine the salesman saying “about $300” and it seems like the documentation may be inconsistent with what he is being charged. He failed to do a thorough investigation initially, but now he’s gathering opinions and information to evaluate his options - get a lawyer, try to negotiate something, pay the restocking fee, etc.

[quote] so none of my documents give me an EXACT breakdown of what I would pay.... I don’t have any official documents that reflect the ACTUAL amount borrowed only the total approved amount which was more than I needed.

Sigh. 😥

Hey, Greg! Good job creating a thread that you keep responding to in order to keep everyone coming back.

Swim Spa Attention Whore might be a new pen name for you.

OP, assuming you are in the US, I don’t understand how you don’t know the total amount. Immediately go to the lender and get a complete understanding of the total you have taken out, the interest rate, the monthly payment, the payoff period and amount, and the amortization schedule.

If you cannot receive this, or it was not as described to you, go to your state attorney general and their consumer protection department. If you took the loan through a bank/ national lender, go to the Consumer Financial Protection Bureau. But you need to know the breakdown of this and the lender should have to provide it.

Why are y’all still giving “advice” to this EST moron?

Is this the Sea Cow? Why doesn't he open up his own adults only private sea world in his back yard? That'll pay it off quick.

[quote]Those documents said I had $50,000 credit line which would cost $671/month for 10 years IF I utilized the entire $50,000. I only utilized $30,000 so none of my documents give me an EXACT breakdown of what I would pay.

There is something wrong with this. Why would they give a $50K line of credit if the pool only cost $30K.

Also, disclosure documents have much more stringent requirements.

Can you still access the line of credit for the remaining $20K available credit? If not, there might be an avenue worth pursuing since there is a seemingly intentional misinformation - did they purposely open a larger than necessary line of credit in order to generate disclosure documents with one set of numbers, but provide VERBAL (and non-binding) misleading information? That would be worth investigating.

Finally, if you can access the remaining credit line, what is the interest rate? Can you consolidate other debt so that you can get your overall monthly payments back into a manageable range?

He’s probably getting slapped with a monthly finance charge for the additional 20K too.

R119 no my monthly statement says credit line is $50,000 available to spend is $0.00 and current balance is $30,000

Are you sleeping at night?

I think the swim spa is actually the "rescue" bengal cats and automated litter box.

I smell chlorine and regret.

[quote]I live in the middle of rural piece of shit BFE the gyms in the nearest town that’s 30 minutes away have no pools.

OP? Do you live in Connecticut? That's the only place I've ever lived where people think a half hour drive to go somewhere is horribly onerous.

I swear, when I lived in CT, every town with four houses and a blinking yellow light had its own name and section in the phone book (yeah, I'm old) and people thought if they had to drive more than 15 minutes to their job, it was too far away.

Sounds like they were selling you the credit/financing and the “swim spa” was just the bait. The same way some companies will see you windows but the real moneymaker is their financing - they don’t want you to use cash.

You can always drown yourself in the swim spa-convienient!

let this thread die. Greg needs to be left alone.

[quote] AND this is something that a younger DLer might do

A younger person (i.e. between 20-30 years old — you said YOUNGer) who can afford to buy a house at this point in time wouldn’t need financing for a $30,000 purchase.

Would one of those inflatable ones be good purchase? I know it sounds low rent, but you might be able to be the cool friend and take it your friend’s backyard party?

Will this thing even be operational in 5 years? Sorry OP