Consumer complaint received 2025-01-01 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: MD

Complaint narrative:
Dear CFPB, I am writing to formally file a complaint against Solar Mosaic LLC regarding the terms of my solar loan and the lack of clarity and transparency surrounding the agreement. My concern stems from the fact that I was misled about the structure of the loan payments and the associated promotional terms, which were not fully or adequately disclosed to me at the time of signing. 

Key Issues : Misrepresentation of Loan Terms : During the signing process on XX/XX/year>, I was informed by the sales representative and subsequent communications with Solar Mosaic LLC that the loan would include an interest-free period of 18 months. However, upon reviewing my account and making payments, I was informed that my payments were being applied exclusively toward interest and not principal, even within this promotional period. This was not what I was led to believe. 

Inadequate Disclosure : The terms provided in the contract did not explicitly clarify that payments would initially be interest-only. Furthermore, this was not emphasized during the welcome call, nor is it explicitly outlined in the signed agreement. I have reviewed my documentation and noted inconsistencies between the verbal explanation and the written terms. The TILA does not state that it is an interest-only loan.

Request for Welcome Call Recording : I have requested a copy of the welcome call recording, during which mandatory disclosures were purportedly provided. This recording is critical to confirming whether the interest-only terms and promotional period were appropriately disclosed. However, Solar Mosaic has yet to provide this recording, leaving me unable to validate their claims or understand why the actual terms differ from my understanding. 

Miscommunication Regarding Payments : My understanding was that the interest-free promotional period would allow me to reduce my principal balance within the first 18 months of the loan. However, Solar Mosaic representatives have since confirmed that this is not the case, and my payments during this period would only go toward interest. This significantly affects my ability to manage and repay the loan effectively, as I had planned for a different financial structure. 

Inconsistent and Confusing Responses : I have contacted Solar Mosaic several times, only to receive conflicting information from various representatives. This inconsistency has added to my frustration and confusion. Representatives have failed to provide clear guidance or confirm why these terms differ from the initial explanation provided at the time of signing. 

Impact on Me as a Borrower : I made this financial decision based on the understanding that I would have 18 months to pay down my principal without accruing interest. This misrepresentation has led to financial strain and uncertainty about how I will manage this loan in the future.

Resolution Requested : I respectfully request the CFPB to investigate Solar Mosaic LLC for : Potential deceptive practices related to the communication and disclosure of loan terms.

Failure to provide clear, written documentation that aligns with verbal explanations provided during the loan signing process. 
Noncompliance with mandatory disclosure requirements during the welcome call.

Company response to consumer: Closed with explanation