Consumer complaint received 2023-04-26
Company: COLUMBIA BANKING SYSTEM, INC.
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
In XXXX XXXX, I received an equipment loan through Financial Pacific Leasing Inc for a semi-tractor truck ( XXXX XXXX XXXX ). The truck was XXXX, after taxes and fees, it totaled around XXXX. I had to put down XXXX because Financial Pacific Leasing only committed to covering XXXX of the XXXX loan. In addition, I had to put down {$2800.00} on the XXXX loan. At this point, I had invested {$20000.00}. But unbeknown to me, the contract did not acknowledge the total amount, interest or percentage paid toward the loan or any verbal expression of it. This whole process started when XXXX XXXX XXXX had a special offer if you get financing through them. This special offer was first payment would be in 60 days. You were required to place at least 10 % down. However, when I started the process, I was referred to deal with XXXX XXXX XXXX XXXX, which is a finance brokerage company. The broker, XXXX XXXX, got all my information, and then told me that Financial Pacific Leasing Inc will finance my truck. When I went through the process, no one explained anything to me about the total amount. On the contract, it states how many months and the amount but failed to explicitly express the total amount or if it can be paid off early. How I found out? I recently called to inquire about my balance, and when I was told that it was XXXX, I was in total shock. In confusion, I asked, " '' How much was my total loan, '' she said XXXX. I became emotional and asked, " Why is my loan so high when it was XXXX? '' She responded by saying, " We don't do percentages or interest but amounts. '' I was in awe. The conversation rumbled on but to no avail. She sent me the contracts and agreements which I had. Nonetheless, she failed to explain to me why I wasn't advised of the total amount and the entire process of their calculation. When I reflected on the entire episode, there was permanent information that was not shared with me. On the agreement, the total price is not shown. I believed I was taken advantage of because I was not told of the total amount and/or if I can pay it off early ( without having to pay the entire XXXX loan ). I believe this was all intentional to mislead and deceive. If I didn't call in and inquire, I'll be in the dark about their practices. Their communication is horrible. I called 3 times to report hardship, and each time I spoke to a representative about my hardship, I was put on hold and then the phone will hung up.Their website doesn't disclose any information about your loan. You have to call and request any documents. When I requested balance information, I was given a monthly payment sheet. My answers were never answered properly or I was given the cold shoulder. They have not been of any real help. I filed a complaint with the XXXX, Federal Trade Commission, and Georgia Attorney General for help. This agency was referred to me by the AG. There are many complaints similar like mines on XXXX  and XXXX about Financial Pacific Leasing. This experience has not been a good one and I just want resolve and fairness.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation