Crest Financial Services, LLC

Our lease agreement states that we can make changes to
payments, but that we need at least days’ notice to make those changesThis
is explained in item of the lease agreement and by agents any time a customer
calls in requesting changes
According to our records, this customer called in
response
to our welcome call on 6/11/to confirm her payment scheduleAt that time,
she confirmed that she wanted to keep her payments as initially set up and make
additional payments to try to pay off early and take advantage of our day
buyout option
It takes payments several days to process through our system
and the customer’s financial institutionWe begin processing payments early to
ensure payments process through the customer’s bank on the correct dayThis is
why we require at least days’ notice to make changes to a payment, including
changing the date
The customer called in again on 6/17/15, the day before her
first payment was supposed to processAs our representative explained on the
phone, we had already begun processing the payment and this was not sufficient
time to make the requested changes
There seems to be some confusion because the customer doesn’t
understand the difference between semimonthly and biweekly paymentsSemimonthly
payments are taken out twice a month on the same dates every month (for
example: the 1st and the 15th)On this schedule, there
are payments in a yearBiweekly payments are taken out every other week on
the same day of the week (for example: every other Wednesday)This means that
some months will have an additional payment and there are payments in a
year
Because customers are set up on a month lease with all
finance charges added at the beginning of the lease, customers will pay the
same total amount whether they are on semimonthly or biweekly paymentsThis
means the semimonthly payments will be a little higher to absorb the difference
in number of paymentsWe apologize that our representative didn’t properly
explain this distinction on the phone
MsS*** was originally set up with biweekly payments,
with payments coming out every other Thursday, as noted in the attached lease
agreementWhen she first called in to make changes to her payment schedule (on
6/11/15), our representative was going to change the account to semimonthly
payments, but that would slightly increase each payment amountThe
representative didn’t properly explain why the payments would increase so the
customer said she didn’t want to change and the representative left the payment
schedule as originally set up
When the customer called in a second time, she spoke with a
different representativeMsS*** told the representative that she wanted
biweekly payments but wanted the payments pushed back two daysThe rep did as
requested and moved the payments back two days to come out every other Saturday
with the next payment on July 4thThe representative said, “It’s
going to be every other Saturday, is that correct?” MsS*** confirmed that
was what she wanted
We apologize for the confusion with our representatives, we
have waived the fee that was the customer’s bank charged us as a result of the
missed payment on the 18th, and we are also willing to refund any
resultant bank feesTo do this, the customer will need to use the attached “Bank
Fee Correction form.” She will need to take this form to her bank and get it
filled out by a bank representativeThe form also lists the other documents
that need to be submitted with the form to process the refundIf the form is
incorrectly completed or if we don’t receive the necessary documentation, it
will halt the refund process
As MsS*** is still within the first days of her
lease, we are happy to make changes to the payment scheduleWe have switched her
to semimonthly payments with payments coming out on the 4th and the
20th of every monthHowever, because she is switching from biweekly
to semimonthly, the payments will be slightly higher
On the biweekly schedule, each payment was $***On the
semimonthly schedule, payments will increase to $***This means MsS***’s bank account will be
automatically drafted the amount of $*** on the 4th and 20th
of every month with her next payment coming out August 4th and the
final scheduled payment coming out on June 20,
We have already made this change in our systemIf this is
acceptable, the customer does not need to contact us again, although she is welcome
to call and confirmIf the customer would like to revert back to a biweekly
payment schedule or set up any other arrangements, she will need to call to
make that change
If MsS*** would like to pay off early to take advantage
of our day buyout option, she will need to call in and set up additional
paymentsPlease note: MsS***’s day buyout option expires and will no
longer be available after September 4, After that date, the customer will
be responsible for the full lease amount with all finance charges
Additionally, a payment scheduled for today, July 22, 2015,
did not process and returned unpaidThis has put the account in a past due
status for the amount of $*** and the account will remain as such until the
payment is made up
We have attached a screenshot of the customer’s payment
schedule which shows all past and future payments as currently arrangedThe
customer can also view this information in their online customer portal

We’re sorry Mr*** had a difficult time with our online applicationRegardless of the browser a customer uses, the connection is always a secure encrypted one because the integrity of customer data is our highest priorityOur underwriting approval system uses hundreds of points of data to
approve a customer for a lease agreement with Crest FinancialAs our representative explained to him when he was on the phone with us yesterday (3/9/17), he’ll receive a letter with the specific reasons for the non-approvalMr*** is welcome to re-apply in days, and we look forward to the opportunity to work with him

We apologize for the miscommunication on Mr***' accountSales tax was added to his lease amount originally and his payments were configured based on that total amount, but he was not charged additional sales tax on each payment he madeWe contacted him directly yesterday to explain this in
detail and he acknowledged understanding and acceptance of the information

Revdex.com:
Only after I contacted the Revdex.com and filed a complaint with the State of Utah I received my funds.
*** ***

At Crest Financial, we provide families with no creditneeded leasing optionsWe enable customers to lease merchandise from localretailersAll customers sign a lease agreement that explains the lease termsincluding the termination policyThe termination policy is explained in Itemsand of the
lease agreementThere is no minimum lease term, so customers can return themerchandise at any timeThey are not required to keep the merchandise for acertain amount of time, but they are responsible for making payments for theamount of time they have the merchandiseBecause Ms*** entered into a lease agreement, she isresponsible for payments for every day she has had her merchandiseKeeping upwith scheduled payments keeps the customer very close to their daily amountThereis a small additional charge for each day since the last scheduled paymentHowever,Ms*** is nearly $*** past due so her prorated amount, which we refer toas a “return fee” is higher than most.Ms***’s daily pro-rated rent amount is $(per day).As of today (10/16/2015), Ms*** has had the merchandise for daysShehas only made one of her regularly scheduled payments in that timeThe amountof “back rent” owed is $***The customer also had two payments return.Those resulted in “Insufficient Funds Fees” (or NSFs) of $eachThese NSFsare charged by the bank, similar to a bounced check feeThere is also a $15pickup fee charged for all returns (see item of the lease agreement)As of today, the total amount owed by thecustomer to close the account is $***Please be advised: this amountincludes a daily charge so it will increase each day until the full amount ispaid.We have attached a copy of the lease agreement signed by thecustomerPlease let us know if there is any way we can be of further assistancein resolving this matter

We are sorry to hear about such a terrible accidentWe are anxious to help in whatever way we can.We can’t address the claims made against the retailer or the manufacturerWe enter the business relationship only at point of sale and are not responsible for the price or quality of the merchandise
We help customers afford a variety of products, from couches to jewelry and are not involved in the sale or manufacture of the products. However, we are willing to adjust the amount remaining on the account to reflect only one hover boardBecause the customer has already paid us the cost of one full hover board this might mean the customer’s account will be closed as paid in fullWe will need the customer to call us to work out the details of this arrangement and to ensure all of the paperwork is in order. Our customer service agents will reach out to the customer to try to get this finalizedMs*** can also initiate this conversation by calling our customer service line at ###-###-#### and asking to speak to Tiffany in our returns department

Complaint: ***
I am rejecting AND accepting this response because: I was told on the phone by the Crest Rep that I had to make my regular payment plus pay a usage fee, plus a pick up feeWhy am I paying them to come and get their furniture, it's not mine, I am only renting it according to the contractI was charged interest up front for the sofaThe sofa was around $After adding tax, a $fee from Crest, a delivery fee and the interest up front, the total was more than (about $13.00)So the korean sales rep Haivi took off the extra dollar amount so that the total would be exactly because that is what I was approved for through CrestI asked him how did a sofa total up to and that's when he broke the charges down and said that interest was charged up front because I was on a same as cash planI didn't see a full contract until I set up my payments with Crest over the phone and they gave me the internet address to view my account and documentsItem #on the contract states that I can terminate at anytime, but still responsible for any past due payments, unpaid cost, and fees accruedI have made all payments so there should not be any usage fee chargedI'm paying my usage fee from the payments that I currently make twice a month while I have the sofaWhat am I making payments forto use the couch, that's the usage fee i"m payint twice a monthOnline my payment amount says monthly but Crest is taking twice a month, so there are getting double payments according to their websiteIt's not right to charge a customer a usage fee for furniture when they want to terminate their rental agreement for the same furniture they're are already making payments onCrest just needs to come and pick this sofa up and *** Furniture needs to be fined or something for making bogus trumped up furniture loans deceiving and ripping off honest customersI will be contacting the returns department for a pick up date and the next payment that is due on 03/will be the last monies owed on this sofa for using itCome and pick it up.
Sincerely,
*** ***

The information we reported to Equifax was accurate and therefore we have no reason to submit a correction that would result in the item being deleted from Ms***'s credit reportThe account is in her name, the payments were made from her bank account(s), and the payment history and account status were reported according to the documents previously included in this complaint threadAny other disputes regarding what she is liable for on her credit report are between her and Equifax

We apologize for the payment scheduling confusion on Ms***’s accountAccording to the lease agreement Ms*** signed (copies attached), her payments are $monthly, the first of which was due on the first pay date following delivery of the merchandise (see section 2) and monthly on
that date thereafterThe pay date was entered based on the information Ms*** provided on her lease application, and her merchandise was delivered on 6/26/Upon funding the lease on 6/28/16, we left a welcome message on Ms***’s answering machine indicating when her first payment was due (7/22/16) and that subsequent payments would be due on the 22nd of each monthThis message also included our contact information as well as a reminder she would need to contact us if she wished to change her scheduled payment dateShe also received a welcome letter via U.SMail and email that included this same information plus additional detail not covered in the voice messageIn reviewing the contact history on Ms***’s account, we attempted unsuccessfully to reach her over times via phone and sent over a dozen emails (including payment due reminders) and seven letters via first class mail between her first payment being returned to us unpaid on 7/22/and the call she made to us on 11/11/We have no record of her contacting us prior to that dateWhen Ms*** called in on 11/11/to bring her account current (four of her previously scheduled six payments had been returned unpaid by her bank) and change her payment date from the 22nd of the month to the 1st of the month, we scheduled a catpayment of $for 12/1/and cancelled the regularly scheduled payment of $for 11/22/The 12/1/payment was returned to us unpaid by her bank, and therefore her scheduled payment of $for 12/22/was processed per her lease agreementThat payment was also returned unpaid by her bankIn reviewing the account notes from a call we received from Ms*** on 1/10/17, payment arrangements have been made as requested by Ms***To confirm those for mutual understanding, payments of $will be due on 2/1/17, 3/1/17, 4/1/17, 5/1/17, 6/1/17, and 7/1/Upon our receipt of those scheduled payments and with no further returned payment fees, Ms*** will have completed her lease and own her merchandiseAnd, as stated in Ms***’s signed lease agreement, a fee of $will be applied to any scheduled payment date change if the new date is more than days beyond the originally scheduled date (please refer to section 10)That is the case with Ms***’s account in shifting from the 22nd to the 1st, and those fees are included in the payments noted aboveWe appreciate her efforts to keep her account current and will work with her moving forward to ensure her scheduled payments are received

At Crest Financial, we provide families with no credit needed lease options through selected retail partnershipsBecause we offer leases rather than traditional loans, we do not charge interest at any time during the leaseInstead, we charge lease fees which are applied at the beginning of lease
based on the cash price of the merchandise using a proprietary formulaAll lease fees are explained on the first page of the lease agreement in clearly labelled boxes, just above the customer’s digital signatureThe lease agreement explains that Mr***’s total of payments will be $*** and that the cost of services (lease fees) are $***We do offer a discount to customers who pay off their lease within the first daysThis early buyout option offers significantly discounted lease feesMr*** called to try to take advantage of this option on his 90th dayHe called on a busy evening and felt that he was waiting for an agent for too long and hung upWhen he called the next day, our agent offered to work with him and offered his Early Buyout amount plus a $feeThe agent made a mistake in scheduling that payment and flipped the numbers, charging $rather than $Our agents are people and mistakes can happenWe do our best to correct those mistakes when possibleWhen we realized the mistake, we took steps to correct the issueThe customer stopped the payment so the payment was not taken from his accountHad the payment processed, we would have immediately refunded the difference of the erroneous paymentWe understand that the customer may have been paid off if not for this mistake, however, because of the delay in making other payment arrangements, we cannot offer the same discounted amount againAt this time, we can offer the customer a discounted buyout for an additional $*** in paymentsIf the customer makes one final payment of $*** by March 3, 2016, the account will be closed as paid in fullThis represents only $*** in lease feesMr*** will need to contact customer service to finalize those arrangementsAgain, we apologize for the mistake in processing a paymentWe have also attached a copy of Mr***’s lease agreement for reference

Complaint: ***
I am rejecting this response because this furniture wasn't worth what I was charged

We are contacting Mr*** with a resolution today

We appreciate the business relationship we have with this retailer and spoke to them today. We're working toward resolution and will have their funding issues solved shortly.

Complaint: [redacted]
I am rejecting this response because:They are stating that they processed the refund on the 22 of September and it takes 3-5 business days to process , well as of yesterday the 30 of September it was 6 business days and  nothing no refund called my bank today October the 1 and they have absolutely no recollection of any refund from. Crest financial 
Sincerely,
[redacted]

At Crest Financial, we try to provide an option for people who may not have another way to own the things they need for themselves and their family. Because we don’t check a customer’s credit score or report before making an approval decision, we take a greater risk that customers won’t pay us back. To offset those risk, we charge lease fees. We represent ourselves as an option but customers should always seek the best option for their circumstances. All customers must read a sign a lease agreement prior to working with us. Our lease agreements clearly explain the terms of the lease, including the lease fees, in very simple terms and in clearly labelled boxes on the first page of the lease agreement with the customer’s signature. We cannot be responsible for the customer’s decision not to read the lease agreement prior to signing. That is a customer responsibility. We do offer customers an option to pay off their lease in full within 90 days of opening their lease with very minimal lease fees. This customer admits in her original complaint that she elected not to utilize this option. Because the customer is now nearly 2 months outside of her 90 day window, she doesn’t have that option available to her anymore. We have already offered this customer more than $1,200 off her lease fees. This is more than a 40% discount and the most we can offer the customer. The customer can take the previously offered early buyout option or she can continue to make her scheduled payments in accordance with the legally binding lease agreement. If the customer does not continue to make her payments her account will fall into a past due status, which will affect her standing with Crest Financial and our ability to help her and will also be reported to the credit bureau Equifax.

According to the customer’s lease agreement, she is scheduled for bi-weekly payments, every other Saturday. On August 31st, the customer asked to switch to monthly payments, so her first scheduled monthly payment was on September 3rd. Those payments need to be made to keep the account current. All...

of our collections procedures are in line with industry standards. We did not call the customer excessively and we only called when the account was past due. We have included a chart that shows the payments that were scheduled and the payments that were made. The customer missed a payment in July and since then the amounts of payments have not been uniform so it can be confusing to keep track. Sometimes it helps to be able to see all the payments and their effect on the status of the lease. We apologize that our agents couldn’t explain the payment schedule more effectively for the customer. There is also a $5 convenience fee assessed for the payment made on 8/31 for a credit card payment over the phone. This means the customer is past due a total of $52.93. She also has another payment scheduled on December 3rd (and on the third of every month until June) for $82.87. Hopefully this helps clear up any confusion.

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

Ms. [redacted] spoke to our customer service agents the same day she filed this complaint. As they explained, we did make a mistake in processing this additional payment and we have already initiated a refund for the additional payment. The customer should also have received a copy of our bank fee...

refund form. If Ms. [redacted] works with her bank to fill out the form, we will expeditiously refund any bank fess directly caused by the payment as well. We had to wait until the customer’s payment fully processed so that we could ensure the payment wouldn’t return unpaid. This policy is intended to protect customers from accidentally extending their lease. If we issued a refund before the payment fully processed, and then the payment returned, the customer would, in essence, have not made their last payment. Now that the payment has fully cleared, we have issued a refund. The refund may take several days to process through the customer’s bank and into her account. We apologize for the delay.

According to our records, this customer financed two iPad
Air tablets for a total of $[redacted]. This is the amount that we paid the retailer
for the merchandise and this is the amount that the customer financed. This
customer has already admitted that he gave us incorrect bank information...

that
won’t ever have money for his automatic scheduled payments.
We do offer a return policy which is explained in our lease
agreement. Items 7 and 8 of the lease agreement explain the minimum lease term
and our termination policy. It says: “there is no minimum lease term, however,
you are responsible for all fees and charges incurred to date plus a one-time
payoff equal to the number of days you have maintained possession of the
property multiplied by an equation equal to the amount of the next regularly
scheduled payment divided by the number of days during that payment period…you
may end this lease any time without penalty by returning the property to us in
accordance with the directions we give you and
paying us past due payments, minimum lease term payments, unpaid costs,
fees, or charges, and any damage to the…property.”
This means that the customer needs to pay for every day that
they have the merchandise. The difference between that pro-rated daily amount
and the payments already made, becomes the returns fee. This is the only return
policy in our lease agreement. This customer has not made any payments since they
entered into their lease on June 22. This has made the returns fee higher than
normal.
Returning the merchandise without paying the returns fee
will not complete the returns process so we will continue to attempt collection
on that return fee. Currently, (7/17/15) that fee is $[redacted], but that fee
would increase about $[redacted] per day until the return fee is processed and the
merchandise is sent.
We are willing to make
an exception for this customer. We are willing to accept a return without a
returns fee. If we receive the merchandise in acceptable condition, we will list
the account as charged off and report as such to the credit bureau. We will not
attempt any further collection on the account, including the returns fee. The
customer would be responsible for the shipping costs of the return.
We strongly encourage the customer to ship the merchandise
via first class insured mail to
ensure that it arrives in good condition. If the merchandise does not arrive,
even if it is sent, or if it is received in unacceptable condition, we will not
be able to process the account as charged off and we will have to continue to
collect on the account.

We’ve set the 90 day buyout date on Ms. [redacted]’s ([redacted]’s) agreement for 3/6/18. She’s had the furniture in her possession since October 7, 2017 so this extension represents a generous accommodation. Early ownership options are covered in section 6 of the attached (corrected) lease agreement, and we are happy to explain anything further to her via phone, chat, or email.