Weekly Complaint Bulletin Report

Two new complaints were made.

Here is the start on one:

“My husband ********l and myself wanted to purchase an end dump.

We were referred to ******************* California, by the truck lot that had the end dump we wished to purchase. The loan officer by the name of

******* told us that the loan looked good and that we just needed to

send the first and last months payment overnight and they would send the

doc's and we should be able to pick the trailer up the next week. We

mailed the check overnight and they received it June 13, 2003. That same

day they told us that the loan was denied. We said Okay just send our

check back. They said they had already deposited it and that they would

have to issue one out of their escrow account. That was 2 weeks ago and

still no check. What are our options? Thank you, *************”

Leasing News has requested *****(broker) their side of the story, but so far they have yet to respond. We will keep trying.

--

“After doing some research for help I had come across Leasing News.

“Our request for equipment funding had been placed with **********

through another company. We had signed a proposal with Discount and sent

in an advance payment of $2,230.00 to Discount Capital.

We had additional requests from ***********l for financial docs. We

had sent those to them.

“Over time ****** did not finalize any lease so we were able to obtain

financing from our bank. After this ****** called said the lease was

finalized, I told them we had it done through our bank. We never received

or signed any loan/lease docs.”

(This is a doozy. The party the complaint was made to has a legitimate

commitment letter, and approved the lease at the terms and conditions

of the commitment letter, he states.

(In researching this, the applicant said he sent it to one leasing company, who

could not do the lease, so he went to a second, who said the same thing, but

would work on it, and then either that person referred it to ***********.

The applicant signed the commitment letter and sent in the check. Then

the broker who referred it, found another place, and either that new place funded

it or the bank did ( this is not clear at the time.) The first broker filed

a complaint with the National Association of Equipment Leasing Brokers

(or maybe it was the second or third broker, as the applicant appears

confused or perhaps is hesitant in recanting what really happened. He mentioned

a fourth broker, who may be the one who actually got the lease signed.)

(As we try to trace the series of events, it does appear the original party

the complaint was directed to has a right to keep the commitment fee

as it appears the applicant backed out ( with the help of another broker.)

(Stay tuned as we find out what really happen.)

No up-dates to the prior week complaints, but this is common, as sometimes

it takes six weeks to two months to resolve the issue and find out

the many sides of the complaint.