Product: Payday loan, title loan, personal loan, or advance loan

Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX Subject : Formal Complaint Against GoodLeap , LLC for Misleading Consumer Practices in Solar Panel Financing Dear Sir or Madam, I am writing to file a formal complaint against GoodLeap , LLC regarding what I believe to be deceptive and misleading practices in the marketing and financing of solar panel systems. As a consumer, I am deeply concerned about the lack of transparency and the tactics used by the company, which have the potential to mislead many individuals into financial agreements that may not align with their understanding or expectations.

The primary issue revolves around GoodLeaps presentation of the federal tax credit associated with solar panel installations. Representatives from the company lead consumers to believe that the tax credit can be directly applied to their loan balance to maintain the initial lower payment amount. This representation is incomplete and misleading for several reasons : Misrepresentation of Tax Credit : Consumers are made to believe that the tax credit is a guaranteed refund or cash benefit they will automatically receive and can apply to their loan. In reality, GoodLeap has no way of knowing how an individual consumer files their taxes or whether they will qualify for the tax credit at all. This critical information is omitted in marketing materials and discussions.

Hidden Down Payment Requirement : Consumers are not clearly informed that they will need to provide a down payment from their own liquid funds to maintain the lower initial payment amount. The lower payment is presented as permanent, rather than as an introductory amount contingent on additional payment.

Reliance on Consumer Confusion : GoodLeap appears to rely on the likelihood that consumers may not fully read or understand the lengthy and complex financing contracts. This practice exploits the average consumers lack of financial expertise, leaving them unaware of the true terms and conditions of their loan.

Omission of Clear Payment Details : The company fails to adequately disclose the true payment amount alongside the introductory payment, creating a false perception of affordability and financial ease.

These practices are unfair, deceptive, and undermine the integrity of consumer protection standards. Many consumers are misled into believing they are entering into an agreement based on terms that are not clearly or accurately presented, leading to financial strain and unexpected obligations.

To address this issue, I respectfully request that the Consumer Financial Protection Bureau investigate GoodLeaps practices and take appropriate action to : Ensure GoodLeap provides transparent and accurate disclosures regarding the true nature of its loan terms, including the tax credit and down payment requirements.

Mandate simplified and consumer-friendly contracts that clearly outline key terms and conditions.

Prevent GoodLeap from using deceptive language or tactics that misrepresent financial obligations to consumers. 
This matter has caused significant concern for me as a consumer, and I believe it is crucial to address these practices to protect others from similar experiences. I trust that the CFPB will take the necessary steps to investigate and ensure accountability. 

Thank you for your time and attention.