Foundation Finance Company Reviews (21)
View Photos
Foundation Finance Company Rating
Description: Financing, Consumer Finance & Loan Companies, Financial Services, Secondary Market Financing (NAICS: 522294)
Address: 7802 Meadow Rock Dr, Weston, Wisconsin, United States, 54476
Phone: |
Show more...
|
Web: |
|
Add contact information for Foundation Finance Company
Add new contacts
They provide financing with Anderson Windows and which between the 2 companies I was told to sign my contract before the work was completed and because they said my interest rate would go up, the work was never completed, $37K.
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below [To assist us in bringing this matter to a close, we would like to know your view on the matter.] Regards, [redacted]
In response to the points in this complaint:
Foundation Finance Company (FFC) does not sell any products
We are a third party sales finance company that takes assignment of finance
contracts generated by dealers of various types of products, including water
treatment systems
Anything related to the product and/or soap to be included
would have been negotiated between this customer and the originating dealer
(E&R Healthy Products)
However, before we pay any dealership for a loan, we make a
phone call to the customer to confirm all terms of the loan (including interest
rate and monthly payments, as those are agreed upon between the dealer and the
customer, not FFC and the customer) as well as to confirm that the customer received
everything that was promised in the saleThis customer confirmed all items
satisfactorily in our phone call on 5/6/so we paid the dealership for the
contract and this customer has been paying on the loan since with no complaints
until more than a year after the loan had been funded
In regards to the principal balance, the loan is a simple
interest loanLike any simple interest loan, the interest is calculated based
on the outstanding principal balanceAs the principal balance drops, the
portion of the payment that goes to interest will drop as wellThis information
was all included in the loan documents provided to the customer at the time of
the saleBeing late on payments will extend the amount of time to repay the
loan
We had been unable to reach this customer by phone at the home number (we do not use any automated calling)When we were advised not to call at the place of employment, we
immediately ceased that phone number in our system and will not contact it
again
We purchased this contract from the dealership at the terms
agreed upon between the dealership and the customerThe customer confirmed
those items and her satisfaction in May of No concerns were raised at
that timeThough we are under no obligation to do so, we DID offer this
customer a reduced interest rate and/or a settlement and she hung up the phone
on usWe feel we have done what we can to address her concernsIf she would
like to contact our customer service department to discuss this situation, she
can reach us at ###-###-####
Revdex.com Response – Foundation Finance Company
"margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal">Customer Info:
[redacted]
We are in receipt of Mr[redacted]'s complaint dated 10/24/Our
response follows:
1) We have sent Mr[redacted] a copy of his statement of account, showing
all posted transactions, including the application of payments to both
principal and interestWe have also sent him a copy of his original retail
installment contract which shows an amount financed of $
His current payoff balance is not more than his financed balance (which
was $at the time the contract was signed in June of 2013)We believe
he means that his current payoff balance is more than his principal balance,
which is correctMr[redacted] has a simple interest account at 13.50% APR. Based on his current principal balance of
$1452.49, this APR results in a daily interest charge of approximately
From the time his statement was printed (showing the $principal
balance) to the time he called for his payoff, $in additional interest
had accruedThis is how a simple interest loan worksAs of 10/27/2014, the
payoff balance is $1,
2) We do not accept credit card payments as a means to pay debts owed
We do accept ACH payments by phone or online free of charge (using a routing
and account number from a checking account)This is the service we were
offering Mr[redacted] and it is a common payment method used by customers dailyAlternately,
Mr[redacted] may mail a check from his credit card company to our payment
processing address
At this time, we believe no further response is necessaryMr[redacted]
may contact our Customer Service department at ###-###-#### to arrange
a check by phone or may mail a check to our payment processing address as shown
on his billing statementPer the terms of his contract, interest will continue
to accrue daily on the principal balance owed
[redacted]
###-###-####
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.
[To assist us in bringing this matter to a close, we would like to know your view on the matter.]
Regards,
[redacted]
Review: I recently checked my credit score and found that there was a hard inquiry performed February 17, 2015 without my permission or knowledge. It was around this time that I had paid a bill late and came across a rude customer service agent who after I stated that I would pay the bill with my tax return, he actually said to me, "don't act like its such an inconvenience we are calling you when you know you've been late." I called back immediately after to speak with someone which was absolutely no help as they wouldn't transfer me to a supervisor, then sent them an email regarding the experience and no follow up was heard from the company since that time.Desired Settlement: I want my hard inquiry gone - the apology for the horrible customer service agent is no longer necessary but should be noted by this company.
Business
Response:
In response to this customer’s complaint received 10/13/15:The credit application signed by this customer on 9/24/12 contained thefollowing notice: CREDIT REPORT NOTICE: We may request a credit report for anylegitimate purpose associated with your application for credit, extendingcredit, modifying the terms of your credit agreement, or collection on youraccount. On your request, we will inform you if such a report was orderedand will give you the name and address of the credit reporting agency thatfurnished the report. Any credit reports obtained were in accordance with the permissiongiven by the customer when applying for credit and in compliance withpermissible purposes allowed under the law. However, as a one-time courtesy to this customer, we will remove therequested inquiry.
Review: I purchased a new water system for my home and took out a loan through this company. When the system was first installed it was not working properly. I stopped payments and spoke to the finance company advising them I am not comfortable making payments on something that does not work. They helped me get in touch with the dealer to send someone out to look at it and fix the issue. A couple months went by and the system stopped working again. This time however the finance company is not willing to assist, instead they are more worried about getting there money. When I explained to the guy today what the issue was his response was either you pay or they will get an attorney involved. They do not care that the product they represent doesn't work according to them it's not there problem. The guy on the phone today was extremely rude. Now it's to the point where they are calling my place of business and harassing me there.Desired Settlement: Teach your representatives customer service and to care more about the customer and not just the money. I have no problem paying if you guys assist in helping me get a working system, if you guys want your money you need to work with your customer more and assisting them. Not just threatening to take them to court.
Business
Response:
We are a third party finance company that purchases retail sales finance contracts originated by dealers of various products, including water systems. We do not sell or service any products, nor are we affiliated with the originating dealers outside of our arrangement to purchase qualifying contracts from them. It is similar to a customer buying a car from a dealership but financing the car through a bank. The bank is a separate entity from the seller. If a customer's car breaks down, he cannot stop making payments to the bank without potential consequences and would have to deal with getting the car repaired. This is no different from our transaction to finance this water system. We simply loaned the customer the funds to make the purchase he desired and, regardless of the functioning status of the item purchased, the customer is obligated to repay the loan. That being said, we like to assist our customers and put them in contact with their dealers if we can assist with any issues, which we did for this client. We did not threaten the customer, and in fact, it appears shortly after this review was posted, our representative completed a 3-way call with this customer, the dealer and ourselves and got the situation resolved to have a service call completed at no charge. If this customer needs additional assistance, he is welcome to call our office and speak to our account servicing department and we will be happy to help.
Review: In 2013 my partner and I purchased our very first home, Oh how exited we were after a very stressful time getting through the loan process. A week later we had a knock on the door from a salesman (Which we learned is typical of a new build community) this salesman was not selling concrete or new back yard but a (Water System) but not only a (Water System) but one that we (New Home Owners) NEEDED!! Our home at the time was a new build meaning the pipes are extremely new and had not been used to clear out building debris i.e. dust etc.. but we invited the "Salesman" in. He then begins to explain his product and what it does and then pulls out his "Water Testing Kit" then tells us we have hard water, it's not clear like it should be, so on and so forth, he then makes ice with our ice maker and shows us "Our Ice" verses "His Ice" in a [Picture] (Dummies We Were). He begins to explain to us again who the company was who makes this water system (Nuevia) and how we would supposedly pay for this system and how it came with so many perks. Being that we just went through a loan process out question to the (Salesman) was "What is the loan amount and the interest?" as that was the part he didn't go over, before I go into that info let me advise consumers that we were new to all of this (Homeowners) (Realestate Virgins) if you rather and were a bit green and NAIVE so he saw (Dummy) written all over our faces, but a typical water softener system cost anywhere from $600 to $1300 on the very (High-end) but he the salesman in a quick spoken sentence rattles out the price of the system is $4,995 (WITH NO INTEREST) And that all payment would be applied to the principle balance which we should have KNOWN (How did they make their money) well I thought it was just off the OVERPRICED system... BOY WERE WE WRONG!! This system turned out to be a HIGH INTEREST LOAN with a third party finance company whom apparently "LOANED" my partner and I $5,000!!! Foundation Finance turned out to be the company and what a rocky path it has been dealing with this company from it's extremely RUDE employees from the call center to the upper management within the call center (if there really is such a thing) and beyond there. I have been treated with the utmost worse customer service, when I explained to them that we didn't have clue what they were, what the "Contract" entailed and had we known we wouldn't have signed up for this "Loan" as we where instructed by our lender do not run our credit for at least 60 - 90 days after purchase of our home... I received rude responses and told "Oh well you signed a contract" as I sit and type this with tears of absolute anger we where sorely taken advantage of.. a few months into having this system and purchasing our home my partner and I were both laid off our jobs meaning we had a substantial drop in income forcing us to live off of what was left of our savings after purchasing a home and waiting the decision of EDD. I reached out Foundation Finance to explain and once again I was treated with horrible unsympathetic rudeness and told that if we didn't pay there would be a lien placed on our brand new home.... we were terrified!! Foundation Finance is a SCAM and a SCHEME to put people in debt, it's a sham of a company since we first initially signed a PARTIAL contract as the (Salesman) didn't give us the full contract with important details of this "Loan" Foundation Finance has been running our credit almost monthly semi-monthly or when you're a day or more late on the payments resulting in tanking credit scores, and your personal information being thrown at you like a weapon once on the phone with them... They feel because we seem to be paying your mortgage and car notes why can't you pay them on time. I have asked several times for the part of the contract were we agreed to allow them to RUN CREDIT CHECKS when we are late on a payment and I have yet to receive that. Please, Please consumer do your homework and if you are not sure about a situation do your own credit check, Revdex.com is always a great place to start or simply google the company and put (Complaints) following their name.Desired Settlement: I would like for Foundation Finance to remove ALL of their (Unauthorized Credit Inquires)
Business
Response:
In response to this customer’s Revdex.comcomplaint received August 7, 2015: · FoundationFinance Company is an indirect lender that takes assignment of sales financecontracts originated by selling dealers (in this case, for a water treatmentsystem). We have nothing to do with the product being sold – all pricing andterms were negotiated between the customer and the selling dealer. This issimilar to a bank financing a purchase of a car for a customer – the bank isnot part of the negotiations of the price of the vehicle. · We received allrequired loan documents signed by this customer. The credit applicationcontains the following notice regarding credit report requests:CREDIT REPORT NOTICE: We may request a credit report for any legitimatepurpose associated with your application for credit, extending credit,modifying the terms of your credit agreement, or collection on youraccount. On your request, we will informyou if such a report was ordered and will give you the name and address of thecredit reporting agency that furnished the report. · Prior to fundingany loan to a selling dealer, Foundation Finance Company makes a recordedverification call with the customer to ensure they understand the terms oftheir loan and that they have received what they were promised from the dealer.We have this recorded call on file dated 12/16/13. In the call, ourrepresentative clearly states the amount being financed, the payment amount anddate, the interest rate on the contract and the promotion on the contract (3months deferred payments). The customer clearly states he understands and agrees,so we funded the loan. · Though we wereunder no obligation to do so, we modified the terms of the loan to reduce theinterest rate and payment for this customer when he was undergoing financialhardship. The agreed upon reduced payments have not consistently been made in atimely manner. Any credit reports requested for collection purposes were incompliance with permissible purposes allowed by law and stated in the creditreport notice on the application signed by this customer.
Consumer
Response:
Review: I got a very rude phone call at work from a [redacted]. I was extremely busy at work and when I answered the phone I asked him not to call me at work and he said... i'm calling you at work because you don't know how to answer your cell phone. I told him not to be rude and he's like i'm not being rude! I told him I would call him back. and he's like well he doesn't believe me cause I never answer my cell phone. I don't even think I've gotten a call from this company, and if I have it's automated and I don't speak to someone and I haven't had time to call back. As soon as I got some free time at work I called back. [redacted] was extremely rude and I told him that I don't think I've ever dealt with someone as rude as him. and hes like well then obviously you have never dealt with anyone before. I told him to stop harassing me and to stop being rude. he then told me, okay i'll sit here and be quiet and you tell me how i'm being rude. go ahead and tell me so I can hear you critique me. he's calling because I need to make a payment. i'm having a financial hardship and I know he wants his money but I don't have money to pay him. I entered debt consolidation because I have no choice but to do that. if I could make a payment I would but I cant. I've always had good credit and pride myself on that but things just happen when you have no control. I asked to speak with a supervisor and he says he didn't have one. I asked to speak with someone else and he says there isn't anyone. I told him that I was willing to discuss my issue...but not with him so then he was like fine then...call back. so when I called back I didn't enter his extention. I simply pressed the option for customer service...and of course [redacted] answered. he said that if I didn't make a payment there would be legal action taken. I understand that...it's my responsibility and i'm suffering because of it. I just found him extremely rude and harassing. I told him not call my work anymore. I do not need someone harassing me and being rude in my work place. I told him I entered debt consolidation and I would figure out why they haven't contacted the company yet. I do not need him calling me and putting me down and insulting me. he also stated that he was going to call my human resource company and ask them personal questions about me. the company that they want a payment for is a soft water company... I was promised free product and 2% interest. I never got that. I have been paying this bill for years now and my principle has only went down 500. this is not what I was promised.Desired Settlement: lower interest rate and my free product I was promised...and stop contacting my work and my employer
Business
Response:
The gentleman in customer service who assisted me over the phone this morning (04/16/2014) was completely unprofessional and rude. I had almost thought that I called the wrong number and had to double check. I intend to pay off the balance on my account and will never be financed through this company again.
Foundation Finance is very good with approving loans for all credit ratings. However, in my case they gave me a an interest rate twice that of my credit cards-in other words, someone whose credit rating was half of mine. Fortunately I'll be paying it off in less than half the loan amount, but there should have been some sort of oversite to prevent this from happening.
Review: On January 6, 2016 my husband & I recieved a loan through Foundation for a purchase we had made from another company. We have made $2,500 in payments thus far (we have proof) and this company has yet to report even one single payment to TransUnion. We called in April about this issue and was told that they have received all the payments and had submitted them to TransUnion as current. We then called TransUnion to follow through with Foundations response only to find out that nothing has been reported or received from Foundation. We decided to give Foundation a chance and wait for the next cycle to show. We hoped Foundation Co would be true to their word and report what was current. Yet after waiting a month and checking our credit profiles again, there is still nothing, no new balance, or payments received. It is very frustrating for this to be happening when it is affecting our credit scores badly. Please help us resolve this issue as we are trying to be as diligent as possible. We really want to just pay it off all together but fear that even that will not show currentDesired Settlement: Please update all the payments we've made to TransUnion on both accounts!
Business
Response:
We have submitted reporting information to TransUnion (a copy of which is attached) and the information appears correct from our end. We also reviewed the 4/30/16 reporting file that we submitted and that also appears correct. If this customer would like to contact us regarding any differences she is seeing, she can reach us at ###-###-####. We apologize for any inconvenience this may be causing and will work to get it resolved with the reporting agency.
In todays home improvement industry its hard to find finance companies to work with to in order to provide our customers with the funding they may need. I co own Keith & David Home Improvement in Fairhaven Ma and we, like most, are small town contractors doing roofing, siding, windows, etc...We are not a big company but we cant be considered small either I guess, in the areas we work about 90% of the customers can afford the projects they want but we still get calls for help, we do a in-house financing program ourselfs but foundation finance was able to get us away from that stuff more and more too. Not only did they grant us dealers but it was easy with no obligations, I simply told them we dont sell $1,000,000 a year in financing and they didnt care, they saw that 1 loan is better then no loans...I couldnt be happier with this company especially given the economic crisis we had, they look past the credit scores and determine the approval based on much more then that, we got a needy family with a [redacted], people should learn to appreciate the fact theres even a offer on the table, instead of complain with [redacted] credit that there interest rate is high...save your money instead if you dont pay your bills, its that easy lol....im greatful for this company today because we havent needed there loans in 4 months or more and yet not 1 person has called to see why or pushed me to
My husband and I applied for a loan at a local hot tub place. We were approved through Foundation Finance with stipulations according to the sales guy at the spa place. One stipulation was something to do with the spa place and Foundation's business agreement which was taken care of. The other stipulation was that they wanted to see proof we owned our home. We live in a mobile home. We sent a copy of the title to them. It wasn't until this point we didn't know that they didn't finance to people who don't own the land they live on. All of our info submitted to them even shown it was a mobile home park we lived in. I'm even the property manager. I just received the denial letters from them. They state they couldn't verify residence! They verified my residence and was turned down because I choose not to purchase land!
Review: I financed a home heating and air-conditioner thru Foundation Finance in January 2015. I have not been late on any payments, in fact, I was ahead on my payments, when on 11/05/2015, I telephoned Foundation Finance and inquired how much my payoff would be if I paid off the remaining balance as of 11/05/15. I was given a figure of $10,455.84. I immediately sent the money to Foundation Finance through my Checking Account ([redacted]). All my payments have been sent through [redacted]. I heard nothing from Foundation Bank. On 11/24/15, I received a statement of account from Foundation Finance, stating that I owed an addition $18.05 additional monies for financing charges. There was no mention of these charges on 11/05. On 11/24, I telephoned Foundation Finance at ###-###-#### and when I stated I was going to contact the Revdex.com a female employee stated she would waive the $18.05 charge. She did not mention to me returning any interest I had paid on the account due to early pay-off. She said it would take six weeks for me to receive a letter showing the account was paid in full. I do not trust these people.Desired Settlement: I want the record to reflect that this $18.05 charge has been waived. I want my interest owed to me due to early payoff of this account (1-137250-1) returned to me and I want a letter from Foundation Finance sent to me immediately stating this account was paid in full on 11/05/2015. Finally, I want you to inquire about the practices of this company as it pertains to final payoffs of accounts. I do not believe my situation was just an accident. Rather, I believe this company is out to cheat me
Business
Response:
This customer had a simple interest loan. A simple interest loan is a very common type of loan whereby interest accrues on a daily basis based on the remaining unpaid principal (the Annual Percentage Rate is broken down into a daily periodic rate). As each monthly installment is paid, the payments will be applied first to any interest that has accrued on the unpaid principal balance and then to the principal balance remaining on the account and/or other fees as applicable. The interest is not "pre-loaded" onto the account; it is applied daily on the unpaid principal balance. Therefore, there is no refund of interest for paying off early as there was no "extra" interest paid. We have mailed this customer a copy of his statement of account so he can see the application of payments and discuss it with a trusted banker, as nothing improper was done and it appears there is just confusion about how a simple interest loan works. This customer called our office on 11/5 stating that he was thinking about paying off and asking for a payoff amount for that day, which was given to him as being good for that day. We did not receive his payment from Wells Fargo until 11/13, so 8 days of additional interest had accrued. When customers use online bill pay services other than ours, there is a lag time from when they schedule the payment until when we receive it from that bank. As a courtesy when this customer called about the additional interest, we waived it and closed out the account, though we were under no obligation to do so as the interest was due under the terms of his simple interest contract. This customer's account has been closed. No additional refunds are due. Once his final payment clears and we process the paperwork, he will receive a copy of his paid in full documents. We believe this matter to be closed.
I received a call today saying that my account had a 10-day past due balance that was less than my monthly installment payment. I asked for more information. The person didn't give any detail about the account balance only that it wasn't a big balance and that I should just take care of it. I pay through my bank. I didn't want to just take care of it. I wanted to know what happened to the payment I submitted.
The person was rather rude and attempted to instruct me on how to organize my finances. I hung up and called back hoping to get a person who could explain to me what was occurring with my account. I was successful and spoke with a person who explained all of the details related to my account. It helped me figure out that the payment I sent from my bank had not arrived. I informed the helpful person that I was going to contact my bank since the money was removed from my account but not received by the company. The helpful person said that he understood and would send me to an account rep. to make a note on my account. The person I spoke to was an underwriter. Very helpful.
He transferred me to the same person who again attempts to collect the payment. I communicated that I had made a payment and would like it noted. He informed me that it was a secured loan and that he would be contacting me on the 5th. I said that I would prefer that we correspond via mail or email.
I will be calling to speak with a manager to issue a complaint. I will also be calling the company that uses Foundation for their financing. The behavior of the person I spoke with made me very unwilling to do business with the original company. It is only fair that they know that and consider an alternate financing company.
I got a courtesy call on 9/18/14 claiming not having received my PMT for September 2014. I immediately called them back and explained it was impossible since I used Bill Pay through my Bank and sent PMT on 9/12/14 days before my due date of 9/15/14. I logged into my bank account it showed it was paid. They said they would investigate and get back to me. Well nobody got back to me and my new bill still showed PMT not received plus a late fee. On 9/30/14 I called Customer Service and the agent would not give me his name but confirmed that my PMT was received on 9/26/14. The agent was very rude and was screaming at me not allowing me to finish making my statement. I was finally able to make my point by asking the agent to please allow me to finish and that there was a gap in their process to their benefit claiming not having received PMT in order to charge the late fee. As soon as I asked to speak to a supervisor the agent terminated the call. I feel that hey may be running a scam in order to justify the late fee's and forcing the consumer into having your PMT automatically deducted from your bank account or pay by phone.
Review: I called this company in regard to a water treatment system I financed through them. At the time I was purchasing a home so I did'nt want to lower my f.i.c.a. score so I used this company that water treatment company ([redacted]) uses. That was 2 1/2 years ago and now I am doing finance consolidation. Since their interest rate was costing me 53 cents a day for every $50 payment $ 20 was going to the priciple and $30 to interest payments, it was time to pay them off on what I owed them. My balance with the finance was $1,4752.53.According to Foundation Finance Company my payoff balance was $1,464.84. How could the payoff balance be more than the financed balance? Just to let you know I don't make the minimum payment and always pay more, and never miss a payment. So I told the people at Foundation Finance that I would like to pay them off on my credit card which has a lower interest charge. They told me they did'nt have the ability to process credit card payments and I could give them my bank account number they would deduct the payment from my bank account. Are they kidding who would do this? My loan account number is [redacted]. I just want to resolve this issue and be finished with this company. I am sure they are taking advantage of many people this way.Desired Settlement: As I indicated previously I wish to pay off this high interest loan with a lower interest rate credit card and not feel I am going to be obligated to finance this loan for the full term with this company. It appears the only way to get out of this loan is with a cash payout and this smells of unethical business practices
Business
Response: