How do I know if I received an automatic amortization refund and what do I need to do?
All customers who purchased any units at unit prices of $163 and/or $172 should have received an automatic amortization refund in February or March 2016. These automatic refunds came in the form of a check to the GET Account Owner, sent to the mailing address that we have on file for the account. The refund amount was based on the year the units were purchased and the total number of units purchased at $163 or $172.
Note that several adjustments were made to Custom Monthly Plans that were locked in at a purchase price of $163 per unit or greater. Here is an overview of how these accounts were adjusted:
- Refinanced Custom Monthly Plan contracts based on an adjusted unit price (the original unit price paid minus the amortization amount). The reduced principal and total finance charges that customers pay over the life of the Custom Monthly contract results in a lower monthly payment amount.
- Calculated each customer's refund amount based on the difference between the original monthly payment and the new, lower monthly payment. This difference was multiplied by the number of payments made to date on the Custom Monthly contract to determine the total refund amount.
- Sent a refund check for this amount to customers, as well as information on how to view their revised monthly payment amount. Customers who used coupons with their former payments were also sent new coupon books with the updated monthly payment amount indicated.
The refund amount per unit is listed below, which is directly correlated to the original amortization amount paid per unit:
|
Year Units Purchased |
Refund Amount Per Unit |
|
2011-2012 |
$18.70 |
|
2012-2013 |
$19.73 |
|
2013-2014 |
$20.82 |
|
2014-2015 |
$20.82 |
Note: Customers who fully refunded their accounts before the automated amortization refunds were processed received their amortization refund as part of their total refund. They did not receive a separate amortization refund check later on. However, any account refunds processed after the amortization refunds have been sent out should have received two separate checks: one for the amortization amount, and one for their remaining account balance, minus the amortization refund amount.