Consumer complaint received 2025-06-20 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: Solar Mosaic LLC
State: TX

Complaint narrative:
The below is a story detailing gross incompetence of the loan servicer mosaic. While they have exact numbers this is the overall summery of the complaint which has been unfolding for 2 years. 

I started a loan through mosaic to finance solar panels through my solar panel installer ( XXXX XXXX ). I own the panels outright but owe mosaic for the funding. About 10 months after I got the loan I entered active duty military title 10 status under SCRA protections. Every creditor I have EXCEPT mosaic immediately honored the 6 % interest rate cap.

After ~5 months of dozens of emails of phone calls mosaic honored the 6 % limit and did NOT back date it or reimburse me for overpayment of interest during those ~5 months. They initially had labeled it at 6 % in their system and refused to touch a calculator and see that if the interest rate drops from 11 % to 6 % then my payment should drop. I was told my payment would not drop with a lower interest rate for 4 months.

Additionally, the first year of Solar loans, and explicitly laid out in the contract and per federal requirements, the interest would be based on 66 % of the total amount due. At the ~4-5 month mark- instead of charging 6 % of the XXXX until I reach 1 year and then reamoritize on the full XXXX, mosaic immediately amortized the loan under the full amount at 6 % which was the XXXX total not the XXXX first year incentive balance. 

This inability to follow federal regulations or understand loan amortization led me to paying ~7-8 months of principle and interest on XXXX instead of the federal incentive and contract requirement of XXXX. Payments should have been ~ {$180.00} until the 1 year mark but instead have been {$240.00} since month ~5. This means mosaic should owe me several hundred dollars of overpaid interest and principle.

Mosaic realized this and sent automated emails that they would re amortize at the 1 year mark. After no less than 20 emails mosaic ghosted me and claimed my payment would go to {$350.00} which would have been 11 % ( total of XXXX over 20 years ). They ignored that it was already amortized under XXXX at 6 % /20 years =XXXX and stated that 6 % is $ XXXX ( its actually 11 % per a calculator ) After a dozen more emails and 5 months of waiting and ghosting, 2 mosaic supervisors reached out earlier this year and for the first time mosaic employees touched a calculator and realized that 6 % of XXXX is $ XXXX over 20 years NOT $ XXXX. They finally realized that I had already had my loan amortized ahead of schedule by their mistake. They canceled the automated amortization emails at this time. I was then told they would follow up about 2 months ago. Now that mosaic has filed for bankruptcy I have no word of the extra money I paid for the 8 month early amortization at the XXXX total. 

The mystery supervisors that ghosted me never reached out about this despite saying they would. Emails are ghosted as well for over a year now. 

My rough math has them owing me ~ {$800.00}

Company response to consumer: Closed with explanation