Complaints

• Initial Complaint

  10/29/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I was going to secure a loan to purchase a motor vehicle and along the line I was told to make a payment of $1095 for the loan to be secured and I made a payment and letter when the loan terms was explained in details it did not suit me so I had to cancel ,and since I have been trying to get my refund all to no avail. And they didn't stimulate to me that the payment of $1095 was a non refundable payment. So pls assist e in getting my refund. Thanks

  Business response

  11/06/2024

  Please see response to customer below.   Executed/Signed contracts attached. 

  Mr. Ikponmwonsa,  we have reviewed the filed correspondence regarding your vehicle financing and am in receipt of your BBB Complaint and request to cancel the process of completing your transaction after you signed/agreed to our "Proposal Fee Agreement"  to move forward. We do take complaints very seriously. We have forwarded applicable email correspondence, signed documentation, executed contract(s), etc. to BBB.  First, I want to address any confusion regarding debiting funds per your signed authorization.  Koala Capital does not/cannot run funds without your signed authorization allowing such debit(s) to take place between our bank and yours. Please re-read the one-page "proposal fee agreement" you signed and executed 9/17/2024 along with the voided business check and your driver's license copy that you forwarded to us in accordance with the proposal fee agreement (attached). Please re-read all areas of the agreement including the "total upfront commitment to be drafted".  As agreed, we debited the applicable documentation & processing fees of $1,095.00 on 9/17/2024. After you've signed a proposal/commitment agreement we communicated we would be moving to the required next steps on your behalf. We coordinated with several departments and applicable third parties, which include (but not limited to) final credit review, ordering applicable personal credit and business credit reports, final underwriting review, vehicle appraisal(s), asset review, ordering and coordinating titling/tax instructions from your local DMV, ordering all applicable documentation, final invoice and payment instructions, funding wires, etc.  We outlined the documentation fee(s) your proposal required to facilitate the required performance and due diligence of $1,095.00. Last, I want to address any confusion you were not understanding our commercial financing was not a consumer loan or an amortized bank loan. The financing was explained to you on the phone, in a "pricing email" dated 9/10/2024 and a third time in the proposal agreement which you signed on 9/17/2024 stating that the contract was going to be an "equipment finance agreement" or a "lease", not a loan. If you are opting at this stage to not complete the funding, as you originally authorized us to proceed on your behalf, our proposal/commitment agreement outlines the processing fees are "non-refundable" (see signed/executed contract agreement attached).  The documentation fee(s) can be applied towards a different vehicle up to $50,000.00 that would require asset approval.  Should you decide to move forward with another vehicle please email your Koala Capital representative. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩