Consumer complaint received 2019-03-22
Company: CNG HOLDINGS INC
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
I contact the company via their online portal XX/XX/XXXX I was wanting to make a payoff. 

I purchase the item in store total price paid {$2100.00}. 

AMOUNT DUE AT LEASE SIGNING A. Initial payment {$60.00} B. Additional Payment {$340.00} XXXX XXXX {$400.00} MONTHLY/PERIODIC PAYMENTS Next payment of {$170.00} is due on XX/XX/XXXX followed by 8 payments of {$170.00} as outlined below on Lease Payment Schedule. The total of initial XXXX -Period Term, is {$1600.00} OTHER CHARGES ( Not part of your periodic payment ) Returned payment fee {$25.00} Late payment fee {$15.00} Cimicid Fee {$50.00} TOTAL OF PAYMENTS The amount you will have paid by the end of the initial XXXX -Period Term {$1600.00} ***No one will accept my call XX/XX/XXXX and their is no option to make a payment online. 

XXXX I also returned the initial products purchased because they did not work at all. I was without the equipment for 84 days. I then purchased new equipment. 

PAYMENTS MADE TO DATE : INSTORE_PAYMENT {$400.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$170.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$170.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$170.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$170.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$170.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$170.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$170.00} XX/XX/XXXX XX/XX/XXXX CREDITCARD_PAYMENT {$190.00} XX/XX/XXXX XX/XX/XXXX LATE_FEE {$15.00} XX/XX/XXXX XX/XX/XXXX LEASE TERM AND OPTIONS. You promise to make lease payments for a XXXX Term. Payments made under this lease will be applied first to any fees or other charges due to XXXX and then to lease amounts due. No late charges will be applied to your account where the only delinquent amounts are a result of prior applied but unpaid late fees. After the initial term, you have 3 options : ( 1 ) Purchase the Property by exercising your purchase option, ( 2 ) continue the lease on a month-to-month basis by retaining possession of the Property, in which case additional periodic payment ( s ) must be made in the same frequency and amount as during your initial term, ( 3 ) Terminate this Agreement by returning the Property to us in good condition, fair wear and tear excepted. If you have not purchased the property after XXXX XXXX Periods this lease will terminate and you must a ) return the Property to us, or b ) purchase the Property from us. Continuation : If you continue this Agreement beyond your initial term your next lease payment will be due on XX/XX/XXXX and every 14 Days thereafter for subsequent renewals. No refunds will be issued should you choose to return the Property before any lease period expires.

PURCHASING.You may purchase the leased Property upon completion of your initial term and at any time thereafter. The purchase price at particular points in time ( and the formula for calculation at other points in time ) can be calculated in the following manner or by visiting www.whynotleaseit.com. Periodic Depreciation : Divide the cash price of your item ( s ) by 60 ( or, divide by 120 for biweekly payments ). Total Depreciation : Multiply that quotient by the number of periods that you have leased your item ( s ).  Residual Value : Subtract that product from your cash price to obtain your depreciated value. Discounted Value : Multiply the depreciated value of your item ( s ) by XXXX to obtain your purchase option price. 

Example after XXXX periods : Periodic Depreciation : $ XXXX = {$30.00} Total Depreciation : {$30.00} x XXXX = {$150.00} Residual Value : {$1800.00} - {$150.00} = {$1600.00} Discounted Value : {$1600.00} x XXXX = {$1000.00} GoSELECT! - EARLY PURCHASE OPTION. You may terminate your lease before the end of your Initial Term by exercising your Early Purchase Option. In addition to paying the cash value of your leased items, exercising your Early Purchase Option requires you to pay an Early Purchase Option Fee. This amount is calculated as a percentage of the cash value of your leased items. 

30 day option : Requires a 5.00 % Early Purchase Option Fee. Once added to the cash value of your leased items, you must pay {$2200.00} ( plus any additional incurred fees ) in total by XX/XX/XXXX to own your leased items. 

60 day option : Requires a 8.00 % Early Purchase Option Fee. Once added to the cash value of your leased items, you must pay {$2300.00} ( plus any additional incurred fees ) in total by XX/XX/XXXX to own your leased items. 

90 day option : Requires a 10.00 % Early PurchasXXXX Option Fee. Once added to the cash value of your leased items, you must pay {$2300.00} ( plus any additional incurred fees ) in total by XX/XX/XXXX to own your leased items. 


NOTE : Time is of the Essence for this provision. Your ability to exercise your EARLY PURCHASE OPTION depends on you contacting WhyNotLeaseIt and making your Early Purchase Option payment in a timely manner. If you do not exercise your Early Purchase Option by the required dates your lease continues on your regular lease schedule.

EARLY TERMINATION AND DEFAULT. You may terminate this Agreement without additional  obligation at the end of the initial term under the following conditions : you have made all payments due and have returned the Property to us in good condition, fair wear and tear excepted. We can terminate this Agreement without notice if you are in default under this Agreement by failing to make a lease payment within ten ( 10 ) days of the renewal date, or if you fail to keep any other terms in this Agreement. All lease payments are due in advance, should you fail to make your scheduled payments you understand we will attempt to contact you. If you default, and after we give you any notice required by law, we will be entitled to all legal remedies, including repossession of the Property and our damages, which may include past due lease payments, attorney 's fees and court costs, if incurred, and if permitted by applicable law. 

RIGHTS TO POSSESSION : If you do not renew this Agreement or if you breach any of its terms, we have the right to recover the Property. If you do not return the Property to us or allow us to recover the Property, you agree to pay all our costs to recover the Property including reasonable attorney 's fees and court costs, if permitted by applicable law. 

SECURITY INTEREST. We own the property until you purchase it from us. You have no ownership rights until you comply fully with the Ownership provisions in the Agreement. In the event that we shall determine to file a financing statement or other documentation evidencing our ownership in the property for notice purposes, or for any other reason, you consent to our filing such financing statement or documentation in any public record. You may NOT sell, assign, sub-lease, pawn, pledge or otherwise transfer your rights in this Agreement or in the Property without our prior written consent. We can sell, transfer, or assign this Agreement without restriction. NOTE : THIS AGREEMENT IS NOT AN INSTALLMENT LOAN OR A DEBT BUT MEMORIALIZES A TRUE LEASE. You owe the minimum term because you requested XXXX to purchase this property for your possession and use which would not have occurred without you making said request. If you file for bankruptcy protection you must choose to assume or reject your lease. If you assume your lease you must continue to make all lease payments including any in arrears, if you reject the lease you must return the property. If you file for bankruptcy protection under any chapter of the United States Bankruptcy Code, notice of such filing must be delivered to the following address : WhyNot Leasing, LLC, XXXX XXXX XXXX, Suite XXXX, XXXX, NH XXXX. 

LOCATION OF PROPERTY : You agree to keep the Property in your possession at the address above. You agree not to move the Property without our prior written consent. 

INSTALLATION OF PROPERTY : Unless installation is specifically included as part of your leased Property you are fully responsible for the cost of installing the Property in your home. Depending upon the type of Property you are leasing, you may have to hire professionals, electricians, plumbers, etc. in order to install the Property safely and properly STANDARDS FOR WEAR AND TEAR AND MAINTENANCE. Fair wear and tear means normal wear and tear sustained under normal use conditions. You must protect the Property from unusual or abnormal wear and tear. We reserve the right to determine fair wear and tear. You are responsible for maintaining the Property in good working order during the term of this agreement. We will not pay for repairs made on the Property. You agree to quit using the Property if it becomes unsafe or in a state of disrepair. You agree to all steps necessary to prevent injuries to anyone or Property which might be caused by the Property. You must return the Property to us in good working order, allowing for fair wear and tear, when this Agreement terminates for any reason.

WARRANTIES. We do not offer any express warranties on the Property. To the extent allowed by applicable law, we disclaim all implied warranties, including the IMPLIED WARRANTY OF MERCHANTABILITY AND THE IMPLIED WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. If you obtain ownership of the Property, we will transfer any unexpired manufacturers or supplemental warranties to you, if permitted to do so. 

LIABILITY FOR DAMAGE OR LOSS. We do not carry insurance on the Property. If the Property is damaged or partly destroyed, you must pay for all repairs. If the Property disappears, or is stolen or destroyed, you must pay us the fair market value of the Property as of the date of loss. You understand that we will not be liable for any loss or damage to any Property arising out of the use of the Property. 

RETURNED ITEM FEE. You must pay this amount if your ACH payment is returned by your bank or if your card payment is rejected by your bank. 

LATE PAYMENT FEE. If your payment is late, you must pay us this fee. 

CIMICID FEE : Upholstered goods including sewn furniture and mattresses returned after 30 days but prior to expiry of the initial term are subject to a {$50.00} fee due to Cimicids ( aka Bed Bugs ) handling and disposal issues. 

CONFIRMATION OF EXPRESS CONSENT FOR US TO CONTACT YOU. You agree that we may contact you regarding any issue pertaining to the  lease at any telephone number ( s ) you provide to us, including, but not limited to, any telephone number assigned to a cellular telephone service that may or may not charge you on a per-call basis. You further agree that we may contact you related to your lease using an automatic telephone dialing system ( XXXX ) and/or artificial or prerecorded voice system at any number you provide us, including, but not limited to, any number assigned to a cellular telephone service. Your consent to being contacted using an XXXX   and/or artificial or prerecorded voice system on any cellular telephone number you provide us may only be revoked in writing as set forth below. 

In the event you desire to revoke your consent, you must send a written " Notice of Revocation of Consent '' to the following address : WhyNot Leasing, LLC XXXX XXXX XXXX, Suite XXXX XXXX, NH XXXX The Notice of Revocation of Consent must identify your full name, the cellular telephone number for which you are revoking your consent, and the last four digits of your social security number. You agree that revocation is effective 10 days following our receipt of any properly submitted notice.

MISCELLANEOUS : This Lease Agreement and any attachments we will deliver upon consummation represent the entire Agreement between us. There are no other understandings or agreements between us other than those in this written document and any attachments. You may retrieve your lease documents or request paper documents by contacting us using the information provided in this Agreement or obtain them  yourself by logging into our Customer Service Center at www.whynotleaseit.com and creating an account. Any statements made by personnel in any retail store where you selected the goods leased under this agreement are NOT a part of this Agreement. This Agreement can not be modified except in writing and signed by you and us. Although we do not require a minimum credit score, we reserve the right to verify any and all information provided with your application for this lease and to perform a risk assessment, for which we may access one or several consumer reporting agencies. We reserve the right to deny you future leases. 

ELECTRONIC RECORDS, ELECTRONIC FUNDS TRANSFER AND BANK CARD AUTHORIZATION : We can give you the benefits of our remote service only if you consent to use and accept electronic signatures, electronic records and electronic disclosures in connection with this transaction even if you are provided with paper copies of your documents at a retail merchant. By your electronic signature below, you acknowledge and consent to the use of electronic records, signatures and disclosures in connection with this transaction. 

You authorize us to initiate debit entries to your bank account for all or any specific payments on your account with us as they may become due. Your authorization also includes any returned item fees or late fees that may become due. Any authorization for payment processing via electronic transfer that has been made and that you have not withdrawn in a timely fashion will be final. You also authorize electronic check creation in the event that one must be used. If we receive notification from you of termination of this authorization in such time and in such manner as to afford WhyNotLeaseIt a reasonable opportunity to act on it, we will not use said authorization. You understand that you may cancel this authorization by providing reasonable notice to WhyNotLeaseIt, XXXX XXXX XXXX, XXXX XXXX, XXXX NH XXXX, XXXX. You understand that cancelling your authorization does not relieve you of the responsibility of paying your account in full when due. 

You authorize us to bill your credit card or withdraw from your debit card each payment you owe us. You agree we can bill your credit card or withdraw from your debit card for each lease payment and fees due under this agreement. You authorize us to bill or withdraw partial amounts due and to bill or withdraw past due amounts on dates other than your customary due date. The right to bill your credit card or withdraw from your debit card will remain in full force until a ) you pay us everything that you owe under this Agreement or b ) you or the institution issuing your credit card or debit card informs us that we can no longer bill your credit card or withdraw from your debit card.

ARBITRATION. You and we agree that any claim or dispute arising from or in any way related to the Agreement must be resolved by binding arbitration in the state where you live instead of a lawsuit. If you want to opt out of arbitration with us you must notify us in writing of your decision within ten days of executing a lease Agreement. Our Agreement to  arbitrate will be governed by the federal arbitration Act, XXXX U.S.C. Sections 1-16 and the substantive law of your state. You and we agree to use either the XXXX XXXX XXXX XXXX XXXX XXXX or XXXX, the XXXX XXXX   ( XXXX ). If a dispute arises, you or we can file a claim with either organization in the office of the selected organization nearest to your residence. If you file a claim against us, we will pay the initial filing fee but we each must pay our own attorney 's fees and other costs. Arbitrators can award reasonable attorney 's fees and costs to the prevailing party but neither party shall be permitted to recover punitive, exemplary or multiple damages from the other party. Nothing in our agreement to arbitrate is intended to prevent either of us from filing a lawsuit in an appropriate small claims court for an amount that does not exceed that courts jurisdictional limit however all other disputes must be arbitrated. If either party attempts to remove a lawsuit initially filed in small claims court to another court, the other party can compel arbitration. Our agreement to arbitrate will survive termination of the Agreement and continue in effect to resolve any disputes between us. Agreeing to arbitration means that you are waiving your right to a trial by jury and your right to have a court resolve your dispute. You are waiving your right to participate in a class action lawsuit and to certain discovery rules that apply in lawsuits. We both agree that neither you nor we will request the arbitration to be conducted as a class-wide arbitration. We both agree that no arbitrator will have authority to certify a class in the arbitration or to conduct class-wide arbitration and that she can only decide disputes between you and us. If any part of this arbitration agreement is ruled invalid, then any underlying dispute must be resolved by a judge, sitting without a jury, in a court of competent jurisdiction, and not as a class action lawsuit.

Company response to consumer: Closed with explanation