...
...
...
...
...
...
...
...
...
...
First Monthly Payment due 30 days after In-service date.
Monthly Payments following the first payment will fall on the same day of the month.
Payment Options
o Automatic withdrawal
o Check
EverBright EverOwn RIC 1.0 Only
The first Monthly Payment will be due at least sixty 60 days after the Start Date
Start Date -the date the System has been connected to the electrical grid and approved for operation by the utility or 60 days after installation of the System has been completed.
Subsequent monthly payments will be due on the same day of the following month.
If the due date of the first Monthly Payment is the last day of the month and that
date does not exist for all subsequent months, then the due date will be the last day of
the applicable month
Payment Options
o Automatic withdrawal from a checking account
...
RIC 1.0
EverBright is no longer offering RIC 1.0 products, however, some customers have the older RIC 1.0 products.
Payment Options
o Automatic withdrawal from a checking account
o Check from a U.S. bank account
RIC 2.0
The amount financed will begin to accrue interest after M3 has been approved and the file has been sent to Account Servicing
Finance charges will accrue on the Amount Financed beginning after M3 has been approved. Finance charges will continue to accrue until all amounts owed under this Agreement are paid in full.
Customers who sign up for ACH and electronic statements will receive a 0.5% lower APR (annual percentage rate)
If, after opting in to recurring ACH payments, the customer later elects to opt out and pay via check EverBright reserves the right to increase the applicable APR from the ACH Rate to the Base Rate.
In order to receive the APR discount, the customer will need to elect the pay by ACH option when signing their contract.
If a customer initially declines ACH, but wants to change their election they have 2 options:
If M2 has NOT been approved, the installer can elect an NCCO and the homeowner will have a chance to update their election.
If complete, the customer will receive the APR discount.
If M2 has been approved, the customer will need to wait until the account has been created with Account Servicing to make the update.
If the homeowner opts into ACH after M2 approval, the APR will decrease by 0.5%, but their payment will not change. Once the loan reamoritizes at the 18th month:
If they make the buydown payment before amortization and are in ACH, their payment will be lowered to reflect the discount.
If they do not make the buydown payment before amortization, they will get the ACH discount, however their payment will go up according to the buydown terms.
If the homeowner opts into ACH after the 18th month, they will get the reduction of the APR, but the monthly payments will remain the same. The difference will be applied to the principal.
If a homeowner is questioning the contract only reflecting the 3.49% Base Rate instead of the ACH Rate (2.99%) and has opted for ACH at the time of signing.
“Hello [Homeowner Name],
Per your contract under the Truth-in-Lending Disclosure, it states that the Annual Percentage Rate (“APR”) found in your agreement applies if you do not elect to pay via recurring ACH payments and electronic statements. For further details, you can review your contract and specifically the “Discount for Recurring ACH Payments and Electronic Statements Opt-In; Estimated Disclosures” for further details. In your case, as long as you are opt-in to ACH, which we noticed you have, you will get the 0.5% APR discount as mentioned which brings your APR from 3.49% to 2.99%! Thank you for giving us the opportunity to clarify!
Thanks,
[Agent’s Name]
| Info |
|---|
If the customer has questions regarding non-ACH vs ACH Buy Down payments, Schedule 1 can be found on page 17 of the RIC contract. |
...
Military Lending Act
The Military Lending Act (“MLA”) provides important protections to members of the Armed Forces and their dependents (“Covered Borrowers”) relating to extensions of consumer credit. In general, the cost of consumer credit to a Covered Borrower may not exceed a “Military APR” of 36%. The Military APR must include, as applicable, the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (with certain exceptions); and any participation fee charged (except for a credit card account). EverBright has not charged you any of the aforementioned costs and fees in this Agreement.
The Military Lending Act (“MLA”) FAQ
Q. Who qualifies under the MLA?
A. The MLA applies to active-duty service members (including those on active Guard or active Reserve duty).
Q. Which dependents are protected by MLA?
A. Spouses, children younger than 21 years old, and full-time students younger than 23.
Q. Can my annual percentage rate go over 36%?
A. No
Q. Are there any prepayment penalties?
A. No