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Bulletin Board Complaint: Genesis Commercial Capital, Irvine, California It appears Orange County is getting a rap from vendors and lessees as one of the many remarks Leasing News receives is “to stay away from leasing companies in Orange County.” This comes from customers and vendors. Leasing News may be publishing two more complaints this week about companies located in Irvine, California. This complaint from John Darlington in Jacksonville, North Carolina started out with Nationwide Funding, Illinois, whom we are waiting a statement to learn their side of the story. The advance rental has not been returned here. We await their statement and then will contact Mr. Darlington, although his position is clear in his letter, specifically, they did not provide him with an equipment lease, as he suspects it is his not his credit or financial ability, but the fact the equipment was built in 1982 and is too old for 100% financing. In this complaint, Darlington bounced from Nationwide to Genesis who made promises both in writing, and over the telephone, according to Mr. Darlington. The Genesis Commercial Capital web site http://www.gen-cap.com/services.htm promises: “Financing your equipment shouldn't be a headache. Genesis makes things simple. • $150,000 approval with 1-page credit application • Lease approval within 24-48 hours • "Plain English" documentation” Genesis approved the lease with $5,000 down to keep under $75,000, as that was their funder's requirement, Mr. Darlington was told, but never produced documents or paid the vendor. The funder was allegedly CIT. Again, it was reportedly the age of the equipment. Here is Mr. Darlington's story: http://www.two.leasingnews.org/loose_files/Letter.pdf Mr. Darlington found out his local law enforcement had no jurisdiction in Orange County, California, no receprocation. The FBI told him it was “too small” for them to work on. He did call the Irvine Police Department, which evidently was enough to get back his $5,000 that was to lower the amount to be financed to $75,000, but also put thei matter into the category of a “civil dispute.” http://www.two.leasingnews.org/loose_files/Genesis_cover_letter.pdf The $3,514.80 Genesis does not want to return to Mr. Darlington, stating on the telephone they had approved the lease and according to the document he signed, “In the event a lease is not commenced at the electionof the lessee then the above stated deposit will be retained by Genesis as compensation for expenses incurred in investigating the credit of lessee and for general overhead expenses incurred by Genesis in the proposed tansaction.” http://www.two.leasingnews.org/loose_files/Genesis_Comm_agreemnt.pdf “While there are several e-mails and notes regarding communication on the return of the advance rentals, this is the statement from the president of the company' “While I appreciate your desire to mediate on our behalf, Genesis Capital is not in need of such services. Additionally, as a matter of prudence, we would never share proprietary information concerning our lenders, clients, contracts, or potential clients with a third party. As such, we are not willing to provide a statement for your newsletter on this matter. Nor do you have our permission to print any written correspondences between our companies in your newsletter. “ Mr. Darlington is considering filing a complaint with the California Department of Corporations, which will investigate the complaint whether the party is “in state” or “out of state,” as Genesis Commercial Capital is licensed under the Finance Lender's Law. |
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