Fifth Third Bank Allegedly Hiding Cost of Solar Panel Loans

Shub & Johns launches investigation into Fifth Third Bank after allegations from some consumers indicate that the company may be misrepresenting the total cost of its solar panel loans which can deceive consumers into believing they are receiving a certain loan amount when they are not.

Consumers who engage in financial relationships with Fifth Third Bank may feel deceived after finding out that the bank may have hidden a sizable portion of their loan without any distinction as to why. Fifth Third markets solar panel loans alongside one of its acquired entities, Dividend Solar Finance LLC, and is potentially incentivizing borrowers by lending to them at low interest rates. Fifth Third, however, fail to disclose that it may be keeping a significant portion of the loan cost from the consumer.

Fifth Third Bank may be in violation of the Truth in Lending Act (“TILA”) by hiding this portion of the loan cost. A provision of the TILA requires creditors to disclose any difference in financial charges that consumers would face for purchasing a loan using credit versus a cash loan purchase. Not only is Third Fifth allegedly retaining a portion of the loan sum and failing to disclose it as a finance charge from the creditor, but it may also be charging consumers interest based on the entirety of the loan rather than on just the portion they received.

Have you purchased a loan from Fifth Third Bank? Did the bank fail to disclose a finance charge with your loan?  Let us know! Fill out the attached form and join the Shub & Johns investigation today.