Consumer complaint received 2025-03-20 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Westcreek Financial
State: TX

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am filing a formal complaint against Exclusive Furniture and its financing partner, Koalifi, for predatory lending practices, misleading financing terms, and deceptive sales tactics. I was pressured into financing nearly {$6000.00} worth of furniture through Koalifi, and now face an outrageous repayment obligation due to unfair loan terms and Exclusive Furnitures refusal to cancel undelivered items. 

Details of the Complaint On Presidents Day, I financed {$5800.00} worth of furniture at XXXX XXXX. I initially planned to stay within the budget of my pre-approved financing of {$4400.00} with XXXX XXXX, but the salesperson, XXXX, convinced me to apply with XXXX, claiming they were a better lender. Without my consent, XXXX team called Koalifi and increased my financing limit, locking me into a larger financial commitment than I originally agreed to. 

It was never explained to me that Koalifis financing terms are structured as a lease-to-own agreement, and that unless I pay off the balance under their same as cash terms by XX/XX/year>, I will be forced to pay a total of {$18000.00} over 24 months. This means I would be paying more than three times the original price of my purchase. These terms were not properly disclosed at the time of financing. 

Additionally, XXXX XXXX has failed to deliver parts of my order and refuses to cancel them, even though they had not shipped when I first requested cancellation. XXXXoalifi charges interest on the total financed amount, not the balance owed, meaning I am being charged interest on furniture that I do not have and may never receive. 

Predatory & Deceptive Practices Undisclosed loan structure : XXXX XXXX failed to inform me that Koalifis financing is a lease-to-own agreement rather than a standard installment loan. 
Excessive total repayment costs : Unless I pay the balance by XX/XX/year>, my total repayment will be {$18000.00}, more than three times the cost of the furniture. 
No way to adjust financing : XXXX XXXX enforces a strict all sales are final policy and refuses to cancel undelivered furniture, trapping customers in an inflated loan they can not modify. 
Interest on non-received goods : Koalifis structure forces customers to pay interest on the full amount financed, even if the retailer fails to deliver the purchased items. 

Desired Resolution 1. Cancellation of financing charges for undelivered furniture and a review of Exclusive Furnitures refusal to cancel orders despite non-delivery. 
2. Investigation into Koalifis lease-to-own terms and whether they were properly disclosed at the time of financing. 
3. Regulatory action against XXXX XXXX & Koalifi to ensure customers are not forced into deceptive, high-cost financing agreements. 

I request the CFPB to review this complaint and take action to prevent XXXX XXXX and XXXX from misleading consumers into excessive debt for basic furniture purchases. Please confirm receipt of this complaint and inform me of the next steps. 

Thank you for your time and assistance. 

Sincerely, XXXX XXXX XXXX XXXX

Company response to consumer: Closed with non-monetary relief