23/01/2025
I was asked today for my opinion on a quote that was given to an elderly single woman to replace her oil furnace with an electric furnace.
-The company quoted her 17,000$ !!!!!!!
- I went ahead and priced her out a comparable unit through my suppliers.
-my quote came out to 4500$……. Why ?
- these companies prey on those who don’t have upfront “cash” by making monthly payments seem manageable. You see they didn’t tell her it cost 17,000$ , they told her it’s 0$ and “only” 185$/month ….. for 92 months ! They also didn’t mention that a lien would be placed on her home. But they did throw in a new thermostat …. For FREE!!!
BUYER BEWARE
These companies sign you under contract then they sell that contract to a financier , the financier pays the company 30% then collects the other 70% over the course of your contract. HVAC company gets payed. The financier earns a 70% return on investment which is garunteed by the lien on the home , and the homeowner pays 350% more than they ever should. If you can’t afford to replace your equipment out of pocket I’d suggest borrowing through a LOC.
