ST. LOUIS (KMOV.com) - A Missouri woman thought she was buying something nice for her family, but instead she ended up underwater on an overpriced pool.
In 2013, Blanch Taylor of St. Louis County purchased an above ground pool from a company called Blue World Pools based in Nevada. It’s a decision she regrets.
Taylor inquired about an ad for a $299 swimming pool, but ultimately Taylor says she was convinced to purchase an upgraded version.
She said, “They told me $229 a month for 33 month and it would be paid for, so I went for it. I put $1,000 down.”
Taylor initialed several documents, including a financing agreement provided to KMOV from the company.
After putting $1,000 down, the purchase price was a little more than $14,000. According to Taylor’s financing agreement, the loan was financed at a 15.9 percent interest rate.
Ultimately, Taylor will pay more than $16,000 in financing charges bringing her total payments to over $30,000.
“I feel the pool is way overpriced for what she got. It’s not worth it," Linda Williams, Taylor's daughter, said.
Williams told KMOV her mother only has a seventh-grade education and was confused by the financing agreement. She added, “I don’t understand it, she doesn’t understand it.”
A local above ground pool dealer told KMOV similar above ground pools cost approximately $4,000 in the St. Louis market.
In an email, Blue World Pools stated, “Our pools are manufactured specifically for Blue World Pools, so they are not easily compared to.”
According to the Missouri Attorney General’s Office, there have been four complaints about Blue World Pools since 2017. In three of those cases, the complaints involved financing. The Missouri Attorney General’s Office told News 4 the company responded, and those complaints are considered closed.
Until the pool is paid off, there’s a lien on Taylor’s St. Louis County home.
Six years into her financing agreement, Taylor still pays more interest than principal each month. The pool won’t be paid off for another five years.
Williams hopes her mother’s story encourages more people to get involved with the finances of aging parents.