Migliaccio & Rathod LLP is investigating whether homeowners who financed solar panels or other home improvements were charged substantial financing-related dealer fees that were not adequately disclosed or explained when they entered their agreements.
Homeowners purchasing solar panels, roofing, HVAC systems, windows, or other home improvements may be offered financing directly through the contractor or installation company.
These financing arrangements are sometimes advertised with attractive interest rates, low monthly payments, or promotional financing terms. However, certain contractor-arranged loans may incorporate substantial dealer fees into the amount financed.
The Consumer Financial Protection Bureau has identified solar financing arrangements in which financing-related markups increased loan principal by 30% or more above the cash price.
For example, a homeowner might be offered a solar installation with a cash price of $30,000 but enter into a financing agreement for $42,000 because of charges incorporated into the financed price. Although differences between cash and financed prices are not automatically unlawful, consumers may not understand that selecting a particular financing option substantially increases the amount they must repay.
Migliaccio & Rathod is investigating whether homeowners received accurate information about these price differences and whether charges that legally qualify as finance charges were properly disclosed.
Homeowners May Have Experienced:
- Purchasing solar panels or home improvements through contractor-arranged financing;
- Being offered a promotional interest rate without a clear explanation of financing-related markups;
- Discovering that the financed price was substantially higher than the cash price;
- Having substantial dealer fees incorporated into the loan principal;
- Receiving financing disclosures that did not adequately identify certain charges; or
- Learning that projected energy savings or tax benefits were insufficient to offset financing costs.
Potential Claims May Include:
- Misleading financing-cost representations;
- Inadequate disclosure of dealer fees;
- Inaccurate finance-charge disclosures;
- Unfair or deceptive trade practices;
- Violations of applicable consumer-lending disclosure requirements; or
- Recovery of improperly assessed financing charges.
Signs You May Be Affected:
- You financed solar panels, roofing, HVAC equipment, windows, or other home improvements;
- Your financing was arranged through the contractor or installation company;
- You were offered a promotional or low-interest financing option;
- Your financed purchase price was substantially higher than the cash price;
- Your agreement included dealer fees or financing-related markups that were not adequately explained; or
- You have installation contracts, financing agreements, or cash-price estimates documenting the difference.
If you have encountered these issues, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call.