Consumer complaint received 2017-02-09
Product: Consumer Loan — Vehicle loan
Issue: Taking out the loan or lease — 
Company: UMPQUA HOLDINGS CORPORATION (IL)

Dear Sir or Madame, In XX/XX/XXXX I spoke with XXXX [ Address : XXXX XXXX, NY XXXX, Phone XXXX, XXXX, Agent : XXXX ] and expressed the interest in buying the truck and I stated that I am looking for the loan. The agent advised me that he will find the best commercial load for me. In short time he called me and said that they have affordable loan to finance purchase of commercial truck ( XXXX XXXX XXXX ) via XXXX, XXXX. [ Address:XXXX # XXXX WA.XXXX Phone : XXXX, XXXX XXXX. In numerous discussions with broker ( XXXX ), the loan amount is set to total {$20000.00}, pay-off in XXXX months, plus admin. Fee of {$1000.00} and XXXX prepayments of {$1900.00}! I signed the contract having these terms in mind. When they cut check to equipment seller, they changed the contract and the monthly payment amount to $ XXXX month. However, they changed the terms of loan from XXXX to XXXX months. I was not aware of this fact at the time. I was making the payments in this amount on the regular basis, sometimes I was even making higher payments in order to pay off my XXXX faster. 

In XXXX, I called XXXX, to ask for pay-off ( this was my first inquiry about the payoff ), since monthly statements do not have that information listed on the statement .... The response I got was very shocking- the payoff amount was around {$34000.00}!!! 

Following are the present facts : I already sent close to {$15000.00} in monthly payments. I borrowed {$20000.00} for a commercial loan ( to purchase my truck ). It appears that overall interest on the loan is over XXXX %, with final payoff amount of {$49000.00}. I spoke with Financial Pacific Leasing numerous times requesting the explanation and stating the misleading facts but I received no explanation from them. The only thing they can say is : YOU SIGNED THE CONTRACT AND YOU ARE LIABLE FOR IT, AS STATED IN THE CONTRACT. I asked about option of offer in compromise and would I have an Equipment Title after I pay that off ... The answer was : You should read what you signed, it is NON TRADITIONAL LOAN, you signed it!!!! My question after then was, " Is this a Loan or a Lease, and what does Non-traditional Loan means? " - the answer was " Read the whole Contract '', no further explanation whatsoever ... 

My only source, to solve current situation and try to bring my life back to track, is to ask You for your legal help. I believe there are lending standards in this industry ( standards for interests, for loan conditions ... ) and other lending regulations/ terms to protect customers from such predatory lending practices. I understand that many lending institutions are regulated and held to certain standards. I honestly believed that I was dealing with legitimate entities, and that they are bounded by industry regulations. But this contract seems to be against all regulations and standards. 
At XX/XX/XXXX, I reported my complain to XXXX State Office of the XXXX, phone : XXXX, web : XXXX # : XXXX Please help me legally make reasonable loan conditions in accordance with legal standards. 
Thank You in advance. 
Regards, XXXX