Consumer complaint received 2020-05-07
Company: SYNCHRONY FINANCIAL
State: GA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
This letter is to notify Lowes XXXX XXXX about a dispute regarding a sales agreement for a fence installation with Lowes Store Number XXXX ( XXXX, GA ). 

On XX/XX/XXXX we ( XXXX XXXX and XXXX XXXX ) received an installation proposal from Lowes XXXX ( # XXXX ) written by XXXX XXXX ( Lowes sales representative ). The proposal was for the demolition and removal of an existing chain link fence and the installation of a 6 privacy style wood fence. The sales proposal advertised ( 3 ) options for financing. Option 1 3.99 % for 36 months with a monthly payment of {$190.00}, Option 2 5.99 % for 60 months with a monthly payment of {$120.00} and Option 3 7.99 % for 84 months with a monthly payment of {$100.00}. 

On XX/XX/XXXX we sat down with the Lowes sales representative and agreed on financing via the 3.99 % for 36 months with a monthly payment of {$190.00}. From there it was communicated to us that we would be receiving the contract shortly after. 

On XX/XX/XXXX we received the sales agreement. During this time the Lowes sales representative communicated to us that the price had increased by {$460.00} due to additional material required. This additional amount revised the total price to {$6900.00}. On XX/XX/XXXX we signed after receiving in an effort to release materials as communicated by our sales representative. 

On XX/XX/XXXX we received an invoice from Lowes with a total balance of {$10000.00} at an interest rate of 26.99 %. 

From XX/XX/XXXX to XX/XX/XXXX we have paid an estimated {$4300.00} of which has not been applied to the principal or interest. 

Based on the new terms we will have to pay roughly {$14000.00} for a fence that was advertised at {$6900.00} plus interest as communicated within the sales proposal. Reference below to illustrate the total amounts ( principal + interest ) as advertised and communicated : 1. Option 1 ( 3.99 % for 36 months with monthly payment of {$200.00} ) a. Principal : {$6900.00} b. Interest : {$430.00} c. Total Sum : {$7300.00} 2. Option 2 ( 5.99 % for 60 months with monthly payments of {$130.00} ) a. Principal : {$6900.00} b. Interest : {$1100.00} c. Total Sum : {$8000.00} 3. Option 3 ( 7.99 % for 84 months with monthly payments of {$100.00} ) a. Principal : {$6900.00} b. Interest : {$2100.00} c. Total Sum : {$9000.00} Clearly there has been an error as the amount invoiced doesnt reflect the rates and/or terms as advertised and agreed upon. 
From XX/XX/XXXX XX/XX/XXXX we have been in direct contact with the local branch manager. While he has understood and communicated to us that this isnt correct and not how Lowes typically conducts business ; he has not been able to provide a resolution. 

In addition to the above we were notified by the lender that a store associate signed us up at a 27 % rate with a security fee/Insurance. To date the money that has been paid ( {$4300.00} ) has only been applied to a " security fee ''. We did not agree to a 27 % interest rate, we did not enroll in the voluntary " security fee '', and we did not fill out an online application. From what we have been told by the lender ( Synchrony bank ) - the Lowe 's store associate filled out the online application without our consent.

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 monetary relief