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Weekly Bulletin Board Complaint Report #1 “ I contacted the FBI, and the Irvine Police Department. When the Irvine Police Department went to talk to them, they got scared I guess and sent me back my $5,000 check. They still would not refund my other money and they have called on several occasions asking would I be interested in financing something with them. “I said NO! “The FBI informed me that the amount was too small for them to do anything about and to just write it off. I talked to my local Sheriff (North Carolina )and the local detective and that said it was all fraud but that they could not cross the state lines to do anything. They told me not to cash the $5,000 check and I have not. I tried to contact lawyers to sue and their costs are more than the amount I lost. I was then told about you and that is why I am contact you.” First, cash the check and write above your endorsement, “Accepted without prejudice.” Two, we will contact the leasing broker and learn their side to the story. _____ #2 Broker refused to return $4,000 deposit to applicant, who states he applied for a lease for his twelve year old company without a personal guarantee. Broker states the funder ran a Dun & Bradstreet report that shows the president had a former company that went bankrupt. Applicant states it is not true, but will not supply personal information as original intention was no personal guarantee. Broker claims president was not telling the full truth when he submitted the application to him and therefore he is entitled to keeping the deposit. #3 For the sake of this report, the name of the leasing company is “XYZ Leasing” April 3, 2004 “I am making a formal complaint against an equipment leasing company namely XYZ Leasing that failed to provide the necessary funding for our medical exercise equipment in February 2004. “I was told to write to your news editorial about a recent experience in leasing equipment. I recently got involved with a company out of Southern California called XYZ Leasing. My account rep by the name of ****** approved our company of 18 years and 15 million in annual sales a $160,000 for four restaurant equipment packages. We were sent a lease agreement and told to overnight it back with $9,500 included. The money we sent to them was for first, last, and UCC filings. At the time of the agreement, the agreement stated that they would issue purchase orders to our vendors within two days. With this agreement executed we acted in good faith and had our equipment dealer out of ***** ship our equipment before he received his purchase order. After a month of cashing the check that we sent to XYZ Leasing our equipment vendor has not been paid. Now when I call XYZ Leasing they seldom answer the phone and **** has now told me that the money was not funded as per our lease agreement. When I do reach him, Chad constantly tells me that he is still waiting to hear from underwriting. After researching this company more I have found that ********* have been doing this deceitful and fraudulent act on many other companies before us. I was to report this hideous act to your company. Because of this act, the small vendor, ******** is at the brink of a cash crisis.
( name with held ) Leasing News received all the documentation and spoke to the president of XYZ Leasing, who said he would “take care of it.” He called back and said this was not as simple as it appears, and said he believed they could handle the transactions into four leases. June 23 “I e-mailed you before about a transaction ******* did with XYZ Leasing which we sent them aprox. $9500.00 for deposits for a $160,000.00 equipment package. Aprox. 3 weeks ago you had ******* ******** get involved in this transaction to make sure we weren't getting scammed. He assured me over a phone call that his company would get these deals funded or refund my deposit. It has now been 7 weeks since XYZ Leasing has cashed our deposits and the deals are still not funded. I still am getting the run around as to what exactly is going on with these leases. I would appreciate it if you could look into this matter for me. We have already sent you a copy of our original lease that we signed with XYZ Leasing along with a cancelled check. Thanks for your help. “ (name with held ) The president of XYZ Leasing got back to us, explained some of the difficulties was having and stated: “If we are unable to move --- #4 This has been going on since May 6th, and at last contact, has not been resolved. I tend to believe the president of the leasing company and the head of the broker division, but the broker involved also appears to have a legitimate complaint. There were several suggestions made, and I thought time might heal the wounds, but apparently note. If it is not settled in ten days, we will print both sides and let readers make up their own minds. A leasing broker believes a funder gave his lease to their direct sales force. He submitted a lease, had it approved, but unknown to him, a direct salesman also contacted the same lessee with a lower rate. Somehow, when the broker was away, perhaps at the NAELB conference, the contracts arrived to the lessee, who noted the terms were changed and monthly payment, too. The direct salesman told him to sign “or else,” reportedly using “foul” language and threats to sign the lease or lose it. So the lessee signed the lease, and it was funded as they had the equipment. When the broker found out, he hit the roof, and talked to the lessee, plus learned the rate was much higher than he quoted as the terms had been changed (an old trick.) He wanted the lease “unwound” or his $3,500 commission he would have earned. The president of the company along with the broker manager looked into the complaint. Allegedly the applicant had been on their list of calls since the year 2000, and the person who closed it was a “part-time college student.” He was reportedly “severely reprimanded” for his language and the way the transaction was handled. The funder agreed to unwind the lease However, the broker says the issue has not been resolved. |
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