1/5

posted Sep-16-2011
On 9/15, I sought to purchase a Perterson Stroboclip from this store. Having had a good experience with the "Easy Pay" plans offered by American Musical and Zzounds, I opted for the "3 Easy Payments" option at checkout. Minutes later, I was contacted by a "Sales Engineer" and informed that they were declining my request for "3 Easy Payments" on a $70 item. Keep in kind that this is essentially a request for $46 and change in credit. Did they REALLY pull my credit report for $46 dollars, and if so, what did they find that discouraged them so? Worse, after calling and e-mailing, I was unable to get anyone from their credit dept. to contact me with an explanation.
Mystified, I did some research into Sweetwater and found that their financing is arranged through a company callled GE Money. Despite what it's name suggests, GE Money is wholly owned by a European multinational conglomerate called Santander. Further research reveals that Santander is widely considered an abusive and predatory lender. The BBB has assigned them a grade of "F", and has logged over 2100 complaints on Santander in the previous 12 months.
While this info does little to explain why I was not approved for a $46 dollar line of credit, I may have dodged a bullet by avoiding contact with this company.
Deal with Sweetwater and Santander at your own risk, or better yet, shop with AMS or Zzounds.