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I cannot even begin to describe how upset I am.

I was looking into purchasing a new mattress and after shopping around for some time, I stopped into Sleepy's. I was finally convinced to buy my Tempur-Pedic from my local Shirley store after the salesman kept insisting on "24 month 0% financing" through GE Money. He told me, "it's practically free money! No interest for two years!" So I went with it. I when I called GE to change some personal information, they convinced me to sign for automatic payments so I wouldn't need to worry about my account, which I did and I've had my payments made every month since.

I recently looked at my account and I was shocked to see that I had been charged $1,200 in interest charges!! That's on a $2,300 mattress! And I'm getting hit with another $40 in interest charges every month, more than half of my automatic payments. Apparently, because I still had a small balance after two years, they charged me 25% APR interest since the day I purchased the mattress. SO MUCH FOR FREE MONEY. Now, at this rate, it will take me eight years to pay it off, and it will wind up costing me THREE TIMES THE ORIGINAL PRICE.

DO NOT FINANCE THROUGH SLEEPY'S.

In fact, DO NOT PURCHASE THROUGH SLEEPY'S. They are dishonest, misleading and do not care.

I am currently in the process of pursuing a law suit against them.

Monetary Loss: $2.

Location: Yonkers, New York

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Guest

If u took you more than 2 years to pay off $2300. You got mental issues. Their 0% apr is at most for 12 months.

Guest

Thanks for the warning. We went into Sleepy's today thinking about making a purchase.

I literally came home to research the mattress and saw your review! Thanks for posting!

Guest

You should've payed attention to your statements its your own fault

Guest

This happened to me on another credit card so I learned the hard way also. You have to read the fine print and just because they send you a bill with an amount due it is not what you should be paying. So yes it is the consumers fault just like mine that we didn't read the fine print.

Guest

This is all true, and while they do attempt to trick you into this deal, the facts are also ALL stated in the finance agreement and on every single monthly invoice you receive. You have to read things not take a salesman's word for it.

Guest

That's the way it works... Your suppose to pay it off within the promotional period...

The finance company has to eat too, there kind enough to give u the 0%, just bc you were to dumb to read the contract don't blame them. They give u two years to pay it off!! If u can't pay a mattress off in 2 years, you should be looking for a new job. Welcome to the 0% interest world...

I can't even believe you complained about this situation, everyone knows nothing is free... Everyone knows if it's 0% for 24 months, don't have any balance at all on the 23rd month...

The American way "buy now, pay later, then *** about the price..."

Guest

This is your fault for not understanding the terms of the agreement. Nobody lied to you.

You just didn't know what you were doing. If you'd paid the bed off in time, you wouldn't have been charged any interest.

Guest

I don't understand how this is Sleepy's fault? This seems to be the fault of the uneducated consumer.

It is VERY simple. If you pay for something with the understanding it must be paid in full within 24 months, you simply divide your total in 24 payments. How is that the salesman's fault?

I am very happy with my Sleepy's mattress purchase and will be utilizing the same financing option for my next purchase. You will just be making a fool of yourself by trying to pursue legal action.

Guest

Get them good I agree with you one hundred percent they are totally dishonest.

I hope you win. I am now paying for a mistress which I hope to pay off ahead of time

so I do not have to go through what you are going through.

Guest

I have a sleepys credit card as well. The man that sold me my mattress and gave me the 24 months no interest made it very clear that I must pay it off before the 2 years was up or I would be hit with all of that deferred interest. That's horrible that the person that sold you your mattress wasn't as kind.

Cathy S Oul
reply icon Replying to comment of Guest-898459

Dear Anonymous of Downington, Pennsylvania,

Thank you for sharing your concern. Please contact us at csable@mattress.com and include your Invoice Number or Customer Code, your telephone number and the best time of day to be reached. We welcome the opportunity to speak with you.

Guest

Same thing happened to me.

Guest

I completely disagree with you about this. I bought my mattress at 0% interest for 48 months and have been making equal payments (above the minimum required) for the past two years.

Due to this, I have one more payment to make and I have paid $0 in interest!

WE are in charge of staying on top of our finances, not Sleepy's.

Guest

People never read the fine print. All GE store cards work this way.

If u don't pay off the entire balance after promotional period has ended they charge u full interest on entire purchase. U also can't just pay the mininum payment as u won't pay off the debt in time and they charge u full interest. This is all in the fine print.

I hate GE for other reasons, but I am well aware of the fine print, because I educated myself and keep track of my finances. Good luck in court with that.

Guest

I've had nothing but positive experience. It's your fault for not checking your balance at the end of the promotional period.

Guest

No offense but it is kind of your fault for not reading the "fine print". It says right on their website for the credit card: *Equal monthly payments required throughout promo period.

No interest will be assessed if all min. monthly payments on account, including debt cancellation, are paid when due. If account goes 60 days past due, promo may be terminated early and standard account terms will apply.*

So basically, if you financed for 24 months, you had to have equal payments for all of the months. If you did this, you would've paid it off in the appropriate amount of time.

It's not so much of a scam as it is a "come on" for people... and then when you don't follow the rules of the fine print, they ***.

Guest

SLEEPYS DID SAME SCAM TO ME GREAT JOB SLEEPYS

Cathy S Oul

Sleepy's number one goal is customer satisfaction. Please reach out to me at csable@mattress.com and include your invoice number and/or customer code and a telephone number with the best date and time to reach you. We look forward to working with you and resolving your complaint

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