Nationwide Funding Takes the High Road

In the original complaint by John Darlington of J&E Salvage against GeNESIS Commercial Capital, Irvine, California,  Mr. Darlington mentioned the proposal and money he had sent to Nationwide Funding, Chicago, Illinois.

On July 1, 2003, Mr. Darlington had signed a proposal and sent Nationwide a check for $4,000.  In investigating the complaint, Leasing News learned that Harbor Leasing had an approval for $50,000 and before Nationwide Funding would start to work on the transaction for $75,000, they required a letter from Harbor Leasing withdrawing their the approval. Nationwide received the letter on 7/9/03, they then started work. The last item was  the account number for the comparable credit, which they received on July 18,2004. Their funder approved the transaction on July 21. These statements were backed up with fax copies to Leasing News as evidence of the dates and information.

Unbeknownst to them, Mr. Darlington had signed an agreement and sent a check to GeNESIS on July 15,2003.  Mr. Darlington told Leasing News he could not wait any longer and he claimed GeNESIS told him they could “pay the vendor right away.”

When he received the documents on July 22nd, he was told by GeNESIS they were going to send the money to the vendor (even though he had not signed contracts with them,) he told Leasing News.  To say the least, they did not fund the transaction.

In his complaint to Leasing News, he grouped Nationwide Funding with all leasing companies, which evidently is not true.  In this instance, where Nationwide Funding legally could keep the $4,000 as they had met the approval terms and conditions within the 30 day time frame, they decided to send the deposit back.

“We are in the business of funding leases, not in the business of retaining commitment fees/deposits, “ answered Evan Lang of Nationwide Funding. “ We would be more than happy to apply it to complete a new lease, but in the spirit of what has happened, we have over-nighted the check back”

John Darlington acknowledges receiving the check, and said he now realizes that all leasing companies are not the same.

Congratulations to Nationwide Funding for taking the high road.

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