| 07/30/2015 |
Yes |
- Consumer Loan
- Installment loan
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- Managing the loan or lease
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Web |
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Lyon Financial has approved me for a pool loan. However they refuse to follow AZ statute : AZ Rev Stat XXXX. The statute states that the pool contract must have payment provisions outlined in the pool that follow a specific payment schedule. Lyon Financial refuses to follow the payment schedule as required by AZ statute. Lyon Financial states that they do not have to follow the statute because the do no " specialize '' in pool loans. They also state that because the loan is a Unsecured Loan that the state of AZ does not regulate the loan. Lyon Financial is stating that they will not release funds to the pool contractor until pool build is complete.
XXXX. Swimming pool ; spa ; construction contractsA. In addition to the requirements of section XXXX, a licensed contractor who enters into a contract for the construction or installation of a residential in-ground swimming pool or spa with a purchaser who resides in the residence or who intends to reside in the residence after the completion of the contract shall include at least the following provisions:1. A provision providing the purchaser the opportunity to request standard contractor 's payment and performance bonds in a form approved by the registrar, securing the completion of the work and payment for services and materials. The cost of the payment and performance bond shall be paid by the purchaser of the swimming pool or spa and the contractor shall not charge a surcharge or a service charge.
2. The following payment provisions : XXXX a ) A down payment payable on the execution of the contract of not more than XXXX XXXX dollars.
XXXX b ) After the completion of the excavation work on the swimming pool or spa, a payment of not more than thirty per cent of the amount of the original contract price plus any written change orders approved by the purchaser.
XXXX c ) After the installation of steel, plumbing and pneumatically applied concrete materials or the installation of a prefabricated swimming pool or spa, a payment of not more than thirty per cent of the amount of the original contract price plus any written change orders approved by the purchaser.
( d ) After the installation of decking materials, a payment of not more than thirty per cent of the amount of the original contract price plus any written change orders approved by the purchaser.
XXXX e XXXX Before the application of the finishing interior materials or completion of all work on a prefabricated pool or spa, payment of all remaining sums due on the original contract plus any written change orders approved by the purchaser.
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| 02/22/2016 |
Yes |
- Consumer Loan
- Installment loan
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- Shopping for a loan or lease
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Web |
Servicemember |
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I was recently shopping for a pool loan and was referred to Lyon Financial by the pool contractor. I am a mortgage lender so I already knew my credit score and debt ratios before I started to call and get quotes. When I spoke to XXXX XXXX at Lyon I told her my score and was quoted 10.99 % for a 12 year loan and she directed me to the website to apply. After I applied I was notified the next day that I was approved but the rate was 12.99 %. When I asked why I was told due to my credit score. I then asked what my score was and it was exactly what I said when I asked for the quote. All I was told was that she was sorry but there was nothing that could be done. She asked why I was so concerned about a {$37.00} difference in payment. This was a typical bait and switch. I was not quoted a range, I was quoted an EXACT rate with that score. Now I have a credit inquiry that I would have never have done if I was quoted correctly at the beginning. Being that I am a mortgage lender, I just cant stand the fact that unfair lending practices still exist and I would appreciate if the CFBP looked into this.
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| 09/10/2020 |
Yes |
- Payday loan, title loan, or personal loan
- Personal line of credit
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- Charged fees or interest you didn't expect
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Web |
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Applied for pool loan for {$30000.00} through Lyons financial. They distributed {$15000.00} to my contractor. Due to the length of time its taken to complete my pool project I have decided to reduce my loan amount to only half paid to my contractor {$15000.00}. The customer service agent informed me she was unable to cancel the other half of my loan but I could pay off the loan early. The interest accrues daily on this loan and I do not want to pay interest on my money which I explained to her and my payments will be based on the original amount of the loan so they will be much higher than I want. I repeatedly told her that I do not want to extend to the full amount. XXXX XXXX informed me today XX/XX/2020 at XXXX XXXX that she would have to escalate to senior leadership.
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| 07/15/2023 |
Yes |
- Payday loan, title loan, or personal loan
- Installment loan
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Web |
Servicemember |
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This company specializes in home improvement and pool loans, I filled out all information and was approved but now after sending in Id 's and sending in the contracts details everything has stalled and promises fron Lyon Financial to send me the final documents to sign have not been done. For over a week I keep being told they will be sent but nothing has happened, Myself and the contractor is waiting on final documents to begin work.
Their last excuse was they are behind in processing applications.
My loan has been approved since XXXX I believe. Just need help getting the ball rolling. They have discriminatory complaints with the XXXX against them. Thanks.
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| 01/08/2020 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Credit inquiries on your report that you don't recognize
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Web |
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