Vanguard Capital, Orange, California

By Kit Menkin

Still in business, but going through a terrible move, according to a minority principal, Chad Lee. By the way, Mark Johnston has not been with the company for over a year, and should be removed from the Better Business Bureau report ( which he says he will follow-up on.)

Here is their new address:

4540 Campus Drive, Suite 111
Newport Beach, Ca. 92660

They are downsizing, and in the move, found that their digital telephone system did not work at the new location as the telephone wires are too old, can't even take DSL, so they have been without their “published” telephone number for six days. Chad says they did let some people go during this down sizing, ”some very good people, who we hope will find a new job soon.

“I had a funding lady whom I've known since my Saddleback Financial days in 1997 and we had to let her go after 2 1/2 years,” he explains. “ Just 3 months prior, her husband passed away and I attended the funeral.. I was literally sick to my stomach letting her go because of the bad timing.

“She's a great lady and has over 20 years experience in documentation and funding. We gave her a severance package and I wish there was someone hiring here in Orange County. I made calls to some brokers I know that are good friends of mine like Nationwide Funding, Cambridge Capital, etc.  and no one is hiring right now. Down sizing was not something we wanted to do...”

As evidenced by the list, the closing of the GE broker division has affected many brokers and leasing companies, and even large companies, such as American Express Business Finance, have downsized, selling off this division to Key Equipment Finance in Boulder, Colorado. Vanguard Capital is not alone in the smart move of reducing expenses, shoring up their boat for the rough seas ahead of us all.

In reference to the complaint we received, Chad read the papers, wrote a check and put in a Federal Express envelope, faxing a copy to us the same day. In the past, all complaints have been resolved by Chad Lee or his staff, and the unanswered telephone and word of letting some people go, pushed the panic button. Chad Lee says they are smaller, but more efficient, and hopefully will be up to full speed as soon as the telephone situation is corrected. They are presently working out of a executive suite using a dial-up to connect to the internet.