Referred to Lyon Financial by pool builder Sandcastle Pools LHC, AZ. 1/16/22 I go online and applied they offered low veterans as low as 4.9 rates. I received conditional approval email 1/18/2022. I uploaded docs and it was
confirmed 1/21/2022. Which I cannot access this info on the site haven’t been since beginning. Lots of various emails showing attachments but there weren’t any attached. When I do get info of terms etc, it was in correct and or I could never get a straight answer. I asked numerous times what the interest rate was going to be. Finally I receive an email 1/27/22 stating AQUA FINANCE issued final approval but no loan docs attached. 1/31/22 I receive email from Jesenia Cespedes no attachment a pasted doc to confirm info, it’s incorrect also there’s a $750 fee and interest rate at 13.99% at 240 months. I contact about the interest rate and that I’m not signing until things are agreeable. 3/3/22 rec email from jesenia with different figures, TERM IS NOW 180 MONTHS. (240 MONTH OR MORE IF LOAN WAS OVER $50,000) still 13.99% which on Lyon finance site showed as low as 4.9% veterans rate. But I see that the loan company says AQUA FINANCE. I call, I email etc leave messages and no response many times. Also I had numerous inquiries done by this company YESENIA the rep when I asked why I was not given the 4.9% she said my FICO was not high enough I have the document my they ran twice in one day score 700 one day and 699 the other day. Needed 700 for the lower rate. They just screw people over, I had no debt, money in the bank etc., current princ bal $52,669.32 total outstanding bal $52,891.33 I have been paying $728.94 since may 15, 22 total payments $19681.38 original loan amount $54,000 + $750 fee to LYON = $54,750 at 13.99% 180 month = $131,209.20
I have voicemails, doc, emails if you need more
Claimed loss: Lower interest rate, $750 fee charged/financed
Desired outcome: to adjust interest rate VETERANS! terms as it was 240 months or 360 months as they claimed. ETHICAL AT ALL! complete review of my loan, payments etc.
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AQUA FINANCE RESPONSE
Aqua Finance, Inc. (“AFI”) appreciates the concerns that Ms. Cutino has brought to our attention and the opportunity to address them. Upon receipt of Ms. Cutino’s complaint, AFI contacted Lyon Financial, the forwarder/intermediary that worked with Sandcastle Pools and AFI to manage the financing and completion of Ms. Cutino’s inground pool, decking, and fence (the “Project”). Lyon Financial provided AFI with emails that were sent to and received from Ms. Cutino from January 31, 2022, through April 5, 2022. The emails that Lyon Financial sent Ms. Cutino requested a response acknowledging that all information was correct before Lyon Financial could proceed with ordering loan documents. Our review of the emails confirms that Ms. Cutino replied to each email and confirmed acceptance of the terms therein, including the 13.99% Annual Percentage Rate (“APR”) and the change in the financing term from 240 months to 180 months. On March 11, 2022, Ms. Cutino signed and entered into a Retail Installment Contract & Security Agreement (the “Agreement”) with Sandcastle Pools for the purchase and financing of the Project. The Agreement that Ms. Cutino signed included a Truth-in-Lending disclosure. The Truth-in-Lending disclosure provided that Ms. Cutino financed $54,750.00, with a 13.99% APR, with 180 monthly payments of $728.94. Sandcastle Pools assigned the Agreement and associated rights to AFI. Ms. Cutino alleges that her credit score was sufficient to obtain the lowest APR available at the time she applied for financing. There are over 50 different versions of FICO scores and the scores that are available to consumers are not the scores that financing companies use to make offers of credit. The offer made to Ms. Cutino was the lowest she was eligible for at the time she applied. AFI pulled Ms. Cutino’s credit report once in January 2022, not twice as Ms. Cutino indicated. Based on Ms. Cutino’s FICO score at that time, 13.99% was the lowest available APR for Ms. Cutino. Our records further confirm that the lowest available APR for any customer at that time was 6.9%, not 4.9% as Ms. Cutino claims. We have spoken to Ms. Cutino several times since account origination and Ms. Cutino did not raise concerns with the terms of the Agreement until the filing of this complaint, more than two years after agreeing to the terms and signing the Agreement. Because Ms. Cutino agreed to the terms of the Agreement, and AFI accepted assignment of the Agreement based on terms acceptable to Ms. Cutino, we are unable to amend the terms of Ms. Cutino’s Agreement. Should Ms. Cutino have additional questions or concerns, we encourage her to contact us directly at [protected] extension 6091. Regards, Aqua Finance, Inc.
You need to contact your State attorney generals consumer protection division.