Financing contract not explained in full. I was told it was a 5 year loan. Not really. I was surprised to find out is 10 years.
On September 14, 2010, my wife and I entered into an agreement with Landmark Home Solutions to install 8 windows in our home. We had to finance this and the sales person worked at finding us an affordable solution. We were advised that we could have these windows on a 5 year loan for $106.25 per month. Never was it explained that at the end of 5 years we would still owe well over half of the loan amount and have to negotiate new financing. We never got to speak to the finance company directly, only the Landmark representative. We have been paying for 4 years and thought we would pay out the load. The balance came as a complete surprise as it is almost the price of the windows before taxes. Had we know or were explained the true conditions of the financing, we would have definitely done things differently. Too bad for you when the 5 years are up. I have had loans for cars, furniture, heating and air conditioning and other renovations. I have never had to renegotiate at the end of a loan. When the 5 years were up, so was the loan. I am not a financial wizard and need this stuff explained in detail. It also turns out this loan is not fully open as I thought. You cannot make any lump some payments unless you pay it off completely! Just as another note, the interest is compounded daily. that was also not mentioned.
Being the the financing was misrepresented, I would like this "loan" re-negotiated on my behalf to a lower interest rate as well as arranged so that I can make accelerated payments when I have the funds available. Landmark might also consider not having their regular sales people handle financial matters and have a proper financial representative, who understands the ins and outs of the financial business, talk to the customer.
In 2009 this customer was denied financing due to past credit issues and we could not get them approved through our traditional lenders. In 2010 however through a different lender we were then able to help them secure financing but unfortunately due to this customer's credit history it was at a slightly higher interest rate than normal. This however is clearly not the fault of Landmark Home Solutions.
In addition, in front of me with the signature of this customer on it is the terms and conditions of the loan agreement which CLEARLY lists in large, bold, font the terms of the loan including the cost of borrowing, amortization period, interest, etc.
To say we "misrepresented" the loan or that they were not aware of its terms is 100% not true! In addition, the customer was also given a copy of this document at the time of signing and should it be requested, I would be more than happy to forward another copy of it to them.
With respect to the request made by this customer to have Landmark Home Solutions re-negotiate their loan to a lower interest rate...
This would literally be impossible as that is between the customer and the financial institution that gave them the loan. Therefore it would be my advice for the customer to contact the financial lender to see if this is possible as Landmark Home Solutions has zero to do with this loan whatsoever and could not possibly be of any help in trying to help them achieve the desired outcome that they are looking for.
Landmark Home Solutions