Would you Believe?
by Kit Menkin This regards Equipment Finance Group (EFG), Fresno, California, officially EFG Leasing, Inc. Leasing News has been responding to those who say EFG is no longer in business or has not funded a lease and other news brought to our attention that they believe readers should learn, plus they are unable to reach “anyone.” There are other issues, but it should be noted that Leasing News has never had any difficulty in reaching Mr. Wheeler, who has agreed to resolve any legitimate complaint by any vendor or broker sent to Leasing News (and has done so to date.) In a side note, the web site, http://www.efginc.net/index.html, shows EFG as a member of the Equipment Leasing Association, which they are listed at doing $20-$50 Million per year and with the United Association of Equipment Leasing confirms the company is a member. The web site also shows the Inc magazine rating, stating: “48th Fastest Growing 3 Year Growth 1,449% 2004 Revenue $14,988,648.00 Employees 186” ELA does not have the record of employees, and according to several eye-witnesses, the office only has two people plus a part-time receptionist (sometimes full time, she explained to Leasing News. ) Eye-witnesses report there are two offices, but one is empty, but designed for telemarketing. A Mr. Steve Davis, alleged the general manager, has been absent for quite some time, perhaps almost six months, primarily due to illness, Ken Wheeler has explained. Some believe Mr. Davis is his son Sean Wheeler, but both Sean (in telephone conversations from his home) and Ken have denied that. Leasing News has received e-mails from Mr. Davis, but in the last year or longer, has never spoken with him on the telephone. Another issue brought to Leasing News concerns that EFG is suspended from the California Department of Corporation. President Ken Wheeler states for tax purposes the corporation was moved to Nevada in 2004. He was not aware that California had suspended the corporation, nor that money was owed by the Franchise Tax Board. We were not able to find the specific reason from the state for the suspension, but it may involve the minimum California corporate fee of $800 not being paid. Copy of Department of Corporation filing for Nevada: http://leasingnews.org/PDF/EFG_Leasing_NV.PDF Copy of Department of Corporation filing for California: http://leasingnews.org/PDF/EFG_CA.PDF The purported suspension may also have to do with the fact that EFG Leasing, Inc. is registered as a California Finance Lender still under the name Equipment Finance Group, Inc.: http://leasingnews.org/PDF/Escrow.PDF Another issue brought to Leasing News is the Better Business Bureau (BBB) has now rated them "unsatisfactory." President Ken Wheeler says he resigned from BBB over a difference regarding a legal dispute, which was later resolved, and he felt that being a member for so many years that BBB should have waited for resolution, rather than complaints from brokers, sub-brokers, and their vendors. Copy of Better Business Bureau report: http://leasingnews.org/PDF/EFG_BBB.PDF Leasing News recently reported the change in telephones as a reason callers could not reach EFG. http://www.leasingnews.org/Conscious-Top%20Stories/EFG_Rumors2.htm And the theft of 300 laptops that affected their cash flow for a time being. http://www.leasingnews.org/Conscious-Top%20Stories/EFG_Hit_for_300.htm EFG President Ken Wheeler states any current complaints center on several leases sent in by a broker who received them from a sub-broker and when the bank was doing their "due diligence" in funding, discovered other "subjects" that are being, or could not be resolved. Another complaint involves a vendor who was paid by his American Express ( black ) credit card, who used the credit card for a lease that a purchase order was not sent or requested as it had not been approved, but since the vendor delivered and had the American Express ( black ) card number, charged to it. The charge has since been reversed, but a dispute has developed between all the parties stemming from the lessee refusal to supply additional information, it is claimed. Ken Wheeler states he has been in the leasing business for 35 years and has never experienced what is happening today; that the leasing business has certainly changed since he started in it.
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