Bulletin Board Complaint-Dimensional Funding, Irvine,California

from Yousif Halloum,Flag City ARCO AM/PM:

“I have a dispute with Dimension Funding,LLC., They are refusing to return my deposit of $5,000. I have an agreement with them to perfom withing 20 days to secure funding on a leasing sign.”

The enclosed documents have various parts crossed out and initialed by Mr. Halloum, but not by Dimensional Funding.  There is also a 20 day provision, not intialed by Dimensional Funding; however, they did in tacit accept the agreement by cashing the check along with the agreement.  As important, the expenses and costs in the agreement state $250 in the agreement form, not $5,000 that was kept for this $327,000 84 month lease for a colored LED display sign.

See PDF file:

http://two.leasingnews.org/loose_files/Dim_Funding.pdf

Leasing News attempted to reach both an “understanding” on the “dispute” and a settlement between both parties. This letter from Mr. Halloum sums up his position ( which was also shared with Dimensional Funding:)

“I would like to thank you for trying to resolve the dispute I have with Dimension Funding so we may avoid any litigation. As you know I had entered into agreement with them to secure leasing for my LED sign. Although the agreement called for the funding to be secured within 20 working days, I was assured by Miss Lisa Dietrich that funding would happen within a week from returning the agreement and receiving the deposit for $5,000.00. I called Miss Dietrich at least once or twice a week to follow up on my application. With no indication that the funding would happen, I called Miss Dietrich on March 8, 2004 to request that she return my deposit immediately. Her response was that I had to contact the owner of the company, Mr.Wagner. On March 11, 2004 I wrote Mr. Wagner requesting my deposit to be returned. Mr. Wagner refused to do so.

“Mr. Wagner claimed that the company looked at my credit report on March 8, 2004, and in that report it showed derogatory issues on my credit. Regardless of such a claim, the contract I had signed with Dimension Funding has expired before that date. I have a copy from of my credit report from March 3, 2004 attached that shows no derogatory reporting on my Credit. The derogatory report that he mentioned was a lien from the IRS that I was unaware of. I had earlier arranged to make monthly payments with the IRS, so I was never aware that they would place a lien on my credit. Shortly after finding out that a lien was placed on my credit, I paid off the total amount of the lien.

“I would also like to let you know that 4 days after I signed the contract with Dimension Funding, I had received two phone calls from two different leasing companies following up on previous contact I had with them, prior to my commitment with Dimension Funding. I had told both companies that I had already signed up with Dimension Funding. Ironically, both of these companies advised me that Dimension funding had a reputation not being able to perform, and not returning deposits to their customers.

“Your help would be greatly appreciated.

“Sincerely yours,

“Joe Halloum”

There are several e-mails back and forth, including a copy sent by fax of Mr. Halloum personal credit to provide proof of what he stated in his letter. There were several telephone calls with Michael and Larry Wagner.

This is the statement Dimension Funding would like to give for their side on the “dispute:”

“In an effort to settle this matter Dimension today offered to return
$4,000 to this account.  This offer was made notwithstanding the fact that in Dimension's mind the terms of the commitment agreement were violated with respect to Mr. Halloum not disclosing an IRS tax lien and also that he was seeking other financing at the same time he was applying to Dimension.

“Either of the above issues (let alone both) would entitle Dimension to
contractually keep the entire $5,000 deposit.  The fact of the matter is
that Mr. Halloum found alternative financing through his bank to refinance his entire business and simply wanted to get out of his agreement to go forward with Dimension.  This of course is exactly the reason leasing companies ask customers to commit by signing an agreement and writing a check.  Our debt sources do not appreciate working on transactions that won't fund or as in this case also fail to disclose material facts regarding IRS liens which makes Dimension look like it doesn't know its business. 

“The bottom line is we don't like not being told the truth.  To bring this to a close please be advised that our offer was rejected by Mr. Halloum.”

Michael Wagner
President
Dimension Funding, LLC
949-250-0585 x222
949-250-8042 (fax)
email: mwagner@dimensionfunding.com