Service Finance Company

Misleading payment processing practices. Consistently paid 4x minimum amount on a deferred interest loan. Service Finance applied each payment to "Principal Reduction" instead of applying it to "Payment Due". Required calls EVERY month to get it corrected. Gut feeling - Service Finance is HOPING that the consumer doesn't catch this and then is able to collect the deferred interest due to late payments.

The service was excellent, they financed the installation, and although the price was high, there was no interest rate charged, it helped me a lot and I will be able to pay it off completely this year.

CAUTION CAUTION CAUTION Service Finance Company (SFC) was recommended by the solar panel contractor. I signed the contract with SFC on July 12, 2016. Be aware, I learned the hard way; SFC is bed with the contractor. My loan with SFC was structured in two parts: Part 1 loan for $9,293 @ 5.99% for 240 months, Part 2 loan for $8,907 for no interest, no payment for 12 months. The physical work was completed on May 26, 2017, and solar panels were operational. I informed the finance company on May 29, 2017 to release the funds for the Part 1 Loan, and at that time I specifically told them NOT TO RELEASE the funds for Part 2 Loan, because I am working out the details for the electric company incentive rebate with the contractor. At that time, I did not know the timing or the amount of the rebate. As I understand now that the contractor had called their contact person at the finance company, who immediately releases the funds for both the loans. When I learned that on June 9, 2017, I wrote a memo to the finance company’s compliance department. The manager from the finance company who is in the bed with the contractor, called me about the memo and basically told me I have no say so in releasing the loan. Once the contractor tells them the project is finished, SFC releases the funds. All said and done, my original rebate amount was supposed to be $4,410, but in reality, it turned out to be $1,421. SFC’s action has cost me $2,989. After my experience, I checked on the finance company rating on BBB, and they have many complaints about the same issue as I mentioned earlier. If you want more control about the release the funds, then DO NOT GO WITH the contractor recommended finance company. At least in my case, I was a customer of SFC, but SFC was working as an agent of the contractor, and protecting the contractor’s interest.