Payday loan, title loan, or personal loan -- Problem with the payoff process at the end of the loan -- Complaint #7321032
Complaint Overview
Complaint ID: 7321032
Company: Solar Mosaic LLC
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Problem with the payoff process at the end of the loan
State: Arkansas
ZIP Code: 723XX
Date Received: 2023-07-28T12:00:00-05:00
Date Sent to Company: 2023-07-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I financed my solar panels through Mosaic. At the time, XXXX XXXX, now XXXX XXXX, offered the financing through Mosaic. I was told by the representatives that I would receive a tax credit and that tax credit could be used to maintain the initial monthly payments. I later found out that I would not receive any money back from the panels, instead there would be credits issued over a number of years when I file my taxes. On the mosaic contract, it stated that if I paid roughly {$20000.00} on the loan, I could keep the payments of XXXX monthly. If not, the monthly payments would go up to roughly {$500.00} per month. I had no idea that I would not receive actual money from the tax rebates. I contacted mosaic on several occasions and asked them to keep my payments at {$350.00} since there was no way possible I could just pay the money from the tax rebates. I was told that the payments would remain the same. Let me first state that I wanted the panels and did not have a problem making the monthly payments. My concern are the deceptive practices. They tell customers that they will receive a tax credit as if there is actual money coming from the irs when that is not true. I was thinking that I was going to receive money to be applied to the loan to keep my payments low and thats not what happened. I am complaining to this agency so that something can be done to warn companies of their deceptive practices and predatory lending practices.
Frequently Asked Questions
What is Complaint #7321032 about?
Complaint #7321032 was filed against Solar Mosaic LLC regarding Payday loan, title loan, or personal loan specifically about Problem with the payoff process at the end of the loan. It was received by the CFPB on 2023-07-28T12:00:00-05:00.
How did Solar Mosaic LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Solar Mosaic LLC?
Yes, visit the Solar Mosaic LLC company profile at readthecomplaint.com/company/solar-mosaic-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.