Crest Financial Services, LLC

We have contacted Mr*** with a resolution

The agreement Mr*** entered into on 3/11/was a Rental Purchase Agreement (copy attached)He reviewed and signed it electronically via the email noted in this complaint (***), and received a copy at that email address as well (3/11/at 8:41am MT)The term of the agreement
is months and the total purchase price, cost of lease services, and cash price of the merchandise are clearly stated redundantly on the first three pages of the agreementEarly ownership options are also detailed on those pagesMr*** received a live welcome call from us on 3/11/at 8:45am MT during which the terms of the agreement were described to him by one of our support representativesAccording to the notes by that representative in our system, Mr*** acknowledged his understanding of the information at that timeOn 11/14/17, we received a call from Mr***During this call he became irate with our representative and the call was escalated to a supervisorAt that time our supervisor apologized for the frustration Mr*** was experiencing, corrected his misunderstanding of the terms of his agreement, and attempted to further explain the options available to him for early ownershipMr*** was combative and used foul language, so our supervisor requested that he remain professional and respectful in order to continue the conversationAt that time, he turned the call over to his wife, who continued the pattern of abusive languageOur supervisor informed Mrs*** that the call would be ended and then disconnected at that timeMr*** has two options at this pointHe can take advantage of the lump sum early buyout amount we quoted him yesterday, which is $(a 20% discount off the remaining balance of $1,002.30)Or he can continue to make the remaining bi-weekly payments of $and a final ninth payment of $to own his merchandise as of the date of that payment (3/9/18)

No future payments will be made.
Sincerely,
*** ***

The agreement states that it may be terminated when certain conditions are met, including any past due lease payments and fees being paid prior to terminationThere are currently three past due lease payments and associated fees that must be paid prior to the agreement being terminated and merchandise returned to usAs stated previously, we will be contacting Ms*** via phone to discuss options

We've been in touch with Ms*** (***) and she has signed the corrected lease agreement (attached)We've covered the details of the agreement and payoff dates with her, and hope we've clarified all the terms she's requestedWe apologize for the confusion on the revision, and look forward to
working with her throughout this lease and beyond

The customer paid off their account to take advantage of our
day buyout optionThe customer did this by making one large final paymentThat
payment did not process the first time it was drafted due to insufficient
fundsThis resulted in a $insufficient funds feeA week later,
the
customer made that payment again and that time the payment went through
The customer had paid the amount necessary to take advantage
of our day buyout option, so we didn’t process any more payments and the
account never entered a past due status, but the $fee kept the account from
being closed as paid in full
When the customer called in to complain (in June), about our
credit reporting, we corrected the issue by waiving the fee and marking the
account as paid in fullWe have reported as such to the credit bureau Equifax
We report on the 5th of each month for the two
months previouslyWe reported on August to Equifax for payments and status
changes made in JuneIt may take a few months after that for any changes to be
reflected in Equifax’s report and we cannot guarantee that it will show up at all
That is entirely up to EquifaxWe report the information and they determine
what they will do with it
We encourage the customer to be patient and to continue to
check her credit reportIf she feels that Equifax is not accurately reflecting
her credit situation, we encourage her to contact them directly

Again, we are aware of Mr***'s frustrationWe don't have an exact date to offer, otherwise we would readily provide that date. We have been in frequent contact with Mr*** and will continue to keep him apprised of the progress being made

In our previous response, we were not attempting to claim
that the customer was not paid offWe were merely trying to explain what
happenedOne of our agents made a small error and did not mark the $fee as
waived in our systemThis meant that our automatic credit reporting system did
not accurately report the changed status
We assure the
customer that we have reported a correction to the credit bureauIn that
correction, we reported that the customer was never past due and that the
account was paid in full in MarchThat correction may take some time to show
up in the customer’s credit reportWe are not certified financial advisors and
we cannot guarantee that the information will affect the customer’s credit
report or score nor can we say when that information will appear
Additionally, the customer keeps mentioning ExperianWe DO NOT
report payments to ExperianWe report payments to EquifaxThese are two
separate credit reporting companiesThey may share information, but we not
influence Experian’s credit report in any direct wayAny changes may take
longer to show up on Experian’s report (if at all)
Again, we apologize for our agent’s mistakeWe have done everything
in our power to fix this mistakeWe encourage the customer to be patient in
seeing changes to her credit reportWe do not know how long it takes Equifax
to process changes/correctionsWe will send the customer a printed, physical
letter stating her account is paid in full, at her request

Complaint: ***
I am rejecting this response because: when I called in March no on stated that I had a fee balance remaining at that timeI was informed at that time because I called back in and made the payment the paymentThe person whom I spoke with that the time informed me that usually they charge a return check fee but because I was paying the account off they will honor the amountThat was in MarWhen I called in June which was months later, I was informed that the system didn't recognize the account being paid off and that's why it had not been reported that it had beenI was advised that I would get a letter in the mail stating suchHowever I have not received a letter since that time but I received an email the same day of the conversation stating that the account was paid off in MARI have attached a print screen of this email.When I reviewed my credit bureau report in July I discovered that this was not updated so I waited until the middle of the monthI work for a bank and I know that whenever the billing cycle date is, there's supposed to be an update to the credit bureau reporting suchSo I have no due date but giving the company almost a month to do so I thought would be fair enoughWhen I called in July, I was informed that I would receive a letter in the mail stating that the account was paid as agreed but that's not what I was asking for however that's what I received, again via emailAfter receiving the email I called back into the office the same day and that's when I spoke with Alex the supervisor there who said if I wanted to dispute it I would need submit my credit bureau report and then they will review my report and make the changesI submitted a copy of my credit bureau with just their account information to so as suchI have also disputed this with Experian several times and each time this company has failed to update the accuracy of their reportThe first time I disputed it was in May when they updated the information in JuneI then called in June because it was wrongI have disputed this again and I'm still awaiting a responseI should not have to continue to do this every month because they failed to acknowledge that this account was paid off in MarchTo now state that it wasn't paid off is in contradictory of everything that I have received because I've attached the report that shows that they are still reporting a balance owed on this accountIf I had owed from March to June this should have reflected on my credit bureau report if they were updated it accordingly every month on the 5th as they've statedI would like to have this matter resolved because right now its showing that I have an outside debt that I don't have and that I've been disputing since May with Experian and with the company since June that I paid off in MARThis is from the credit bureau agency: CREST FINANCIAL SERV Other Dec 17, Open - Current No Missed Payments $758Account Details Last Reported Jun 05, 2015Creditor Name CREST FINANCIAL SERVAccount Type LeaseAccount Status OpenOpened Date Dec 17, 2014Closed Date --Limit --Term MonthsMonthly Payment $132Responsibility Individual Account.Balance $758Highest Balance $776Payment Status CurrentWorst Payment Status --Date of Last Payment Mar 01, 2015Amount Past Due --Times 30/60/Days Late 0/0/Remarks Fixed rate
Sincerely,
Dashinka B***

We appreciate Mr***'s repeat business and value him as a customerSince he is a repeat customer, he understands that the lease agreement includes an early ownership option which allows him to pay off the lease within days if he choosesSection of the lease agreement signed by Mr
*** (attached for reference) states that the customer "will own the Property if within months of the Lease Date you have paid us the total of the Initial Payment plus the Cash Price, plus any fees or costs that may have accrued." In the case of Mr***'s transaction, the Initial Payment is stated as being $(box titled "Amount of Each Payment") and the Cash Price is stated as being $(box titled "Cash Price")Regardless of any misunderstanding by Mr*** at the point of the transaction, the written agreement clearly states the amounts and how they are applied to the leased amountMr*** received a copy of this lease agreement via email on October 17, (***) for his files.When Mr*** spoke to our supervisor Nicole this afternoon, she explained this to him and indicated he will be able to exercise his early ownership option by paying the remaining lease amount of $plus applicable sales tax no later than January 15, We have not been charging Mr*** extra sales tax; what Nicole explained is that the payment history screen she was reviewing with him was calculating the sales tax incorrectly so she had to manually calculate his early ownership paymentNicole also scheduled our manager, Charles, to call Mr*** no later than December 23, to discuss his concernsWe hope this effort goes beyond the apologies Mr*** has already received from us

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Sincerely,
*** ***

Revdex.com:
We have received all money due to us and our issue has been resolved. Thank you for your assistance in this matter
Sincerely,
*** ***

It sounds like Mr*** is confused as to the terms and amounts in the agreement he signedOn October 29, he signed a rental purchase agreement with a total note value of $3,(please refer to attached documents)He agreed to make monthly payments of $plus tax ($total), he
has made these on time as agreed, and his final payment in that amount is due October 28, He had the option to buy out his lease within the initial day period, which ended January 27, Had he taken advantage of that day buyout, his total paid would have been $1,plus taxUnfortunately, there is no portion of the cash price or associated rental payments that are refundableUpon making his final payment on October 28, 2017, he will own his merchandise and no further payments are due

According to our records, we didn’t have any problems with
payments processing until a payment returned on March 22, We don’t have
any record of the customer making any changes to her bank informationOur
online system automatically records any changes to payment information made on
our
online customer portalThe customer never updated her banking information
in our systemWe were able to continue drafting automatic payments without
issue until a payment returned on March 22, due to insufficient funds
We called MsD*** several times and were finally able
to speak with her on April At that time, we explained that several payments
had returned and we would need to set up other arrangements to make up those missed
paymentsThe customer indicated that she understood and that she would call
back after work to make those arrangementsShe never called back
We called several times again and left messages asking Ms
D*** to please call us backShe finally called us back on June She
said she would make payment arrangements and give us the correct banking
information, but then hung up
On July 23, a payment attempt returned with the reason that
the banking information did not match an active bank accountAt that time, we
charged off the account
MsD*** is currently past due by $*** and has a
remaining balance of $***We understand that the customer will most
likely not be able to make up this past due amount all at onceOur recovery
team will be best suited to work out a payment plan for the customerIf the
customer can reach an agreeable payment arrangement with our recovery team, we
can update our report to the credit bureau to reflect a settled status
Legally, this is the most we will be able to do regarding the customer’s credit
report
If the customer would like to make payment arrangements she
can reach out to our recovery specialistCall our customer service phone
number, ***, and ask for LuisLuis will also reach out to Ms
D*** to attempt to resolve the account in a mutually beneficial manner

We at Crest Financial appreciate Ms***'s prompt payments as scheduled over the past monthsShe has paid $2,thus far, with $1,(four payments of $276, with the next one due January 7, 2017) still owed on the lease agreement, which totals $3,Ms*** agreed to a lease
purchase, not a loan, which is a transaction that includes the cash price of the merchandise along with the cost of renting to own the merchandiseThe attached agreement, e-signed by Ms***, clearly shows on the first page the total of scheduled payments, cost of rental, cash price, amount of each payment, number of payments, and the rental periodThe section "TOTAL OF SCHEDULED PAYMENTS" indicates that a customer may buy the property for less than the scheduled total of payments using our Early Ownership OptionThis option is further explained in section on page two of the lease agreement.Ms*** called in on August 8, and was quoted an early buyout amount of $1,lump sum at that time (total due was $2,208)She chose not to exercise the option at that timeUnfortunately, we cannot compensate her or forgive the remaining balance as she has requested

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Sincerely,
Chante J***

Ms*** electronically signed a lease purchase agreement on 8/18/17; a copy is attached for referenceThe certification on her electronic signature is also attachedWithin minutes of having signed the agreement on 8/18/17, Ms*** participated in a welcome call with one of our
representativesDuring this call, the agreement and its terms were explained to Ms*** and she acknowledged her understanding of the termsOn 8/22/17, she received a welcome letter via email containing those same detailsAlso on 8/22/17, she received an SMS text with payment amount, due date, frequency, and total note amountOn 10/27/17, Ms*** called us to request a change to semi-monthly from bi-weeklyShe agreed to send in a pay stub to confirm this pay schedule, however we never received itOn 11/14/17, Ms*** called in to check her balanceOn 11/27/17, she called in again to check balance, and during this call she got upset and ended the call abruptlyDespite Ms***’s belief that she’s paid her account in full, that isn’t the caseThe total note for this lease is $2,532.28, the cash price of the merchandise being leased is $1,204.00, and the amount she has paid as of her 12/7/payment is $($in scheduled payments, $in sales tax, and $in lease origination fee)Please refer to attached payment historyThe 90-day buyout date as outlined in the lease agreement expired on 11/20/The early ownership amount available to her at this time is $1,and will decrease with every semi-monthly payment received until it is paidOtherwise, she may continue to make scheduled semi-monthly lease payments through 8/16/when the lease will be paid off and she will own her merchandise

Using the chest delivery date of 7/29/to begin the 90-day period as we believe Ms*** is requesting, the option for a 90-day buyout would’ve expired on 10/29/We didn’t receive a call from her regarding the outstanding payment for 11/3/until 11/14/17, and there is no payment currently scheduled in the system as a result of that callThe cash price of the merchandise Ms*** leased is $1,(per previously attached lease agreement)Thus far we have received $toward that cash price (per previously attached payment history)Sales tax and fees do not apply to the cash priceTherefore, Ms*** has a balance of $left to pay to equal the cash price plus $returned payment fee and $in sales tax for a total of $As detailed in the lease agreement, there is no sales tax included in the cash price of the merchandise because it is collected with each lease payment (refer to breakdown in previously attached payment history)Her state’s sales tax is 10.99%Even using 7/29/as the date to begin the 90-day buyout period, it’s clear it has expired and her agreement dictates that she’s now in the early ownership periodTherefore, the discounted early ownership amount available to her under the terms of her agreement is $1,($1,cash price plus lease fees, $in sales tax, and $in fees)The full balance of the 12- month agreement is $2,Nonetheless, in an act of good faith and customer support, we’re willing to offer Ms*** a lump sum buyout amount of $(90-day amount plus $100) if she makes that payment by 11/20/We’ll note her account as paid in full at that timeIf she chooses not to make that buyout payment, she will need to pay $for the payment that was due 11/3/17, and $for the payment due 11/17/in order to bring her account current and continue to make scheduled bi-weekly paymentsShe can also contact us as time passes for the updated early ownership amount, which will decrease with each scheduled payment she makes

Unfortunately, the company Mr*** refers to is not the one represented by this particular Revdex.com profile so we're unable to address his complaint

We’re sorry for Ms***’s frustrationOn 5/15/17, we provided her with the details she needs in order to process the cancellation of her leaseShe indicated she would need additional time beyond 5/17/to complete the tasks on her endWe’ll wait to hear from her when she’s ready to complete
the cancellation