• Report: #1130752

Complaint Review: Cardiff Financial

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  • Submitted: Fri, March 14, 2014
  • Updated: Tue, April 15, 2014

  • Reported By: Super Frustrated — Memphis Tennessee
Cardiff Financial
Del Mar, California USA

Cardiff Financial Leasing Bank of Cardiff They are attempting to loan money at an illegal interest rate. Del Mar California

*Author of original report: Addendum to my report

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Cardiff Finance and leasing Bank of Cardiff representatives are attempting to loan money at rates that are astronomical and probably illegal.  I worked with them on a loan for my company and after paying fees for them to research my background, I was provided a proposal to borrow $25,000 with a 12 month payback.  I was to pay on the loan every working day of the week using 252 weekday payments (Yes, a payment every working day) That totalled a repayment of $35,249.76. That is an interest payment over the term of the loan of $10,249.76 to borrow $25,000.

They were initially discussing a 7% interst rate for 3-5 years, and then explained when they made the proposal that the rate discussion was just an example of the total interst that I would be paying, but i would be paying it back in a shorter period (12 months).  

 


This report was posted on Ripoff Report on 03/14/2014 04:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Cardiff-Financial/Del-Mar-California-92014-2562/Cardiff-Financial-Leasing-Bank-of-Cardiff-They-are-attempting-to-loan-money-at-an-illegal-1130752. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 0Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Addendum to my report

AUTHOR: Super Frustrated (again) - ()

I received a letter from an attorney for Commercial Finance & leasing Bank of Cardiff, Inc, DBA Bank of Cardiff. His name is Christopher G. Parsons and he practices law in Capistrano Beach, California.  He has informed me that my RipOff report "borders on defamatory publication".  

He further informed me that the California code does restrict the amount of interest that can be charged to corporations.  The code only protects consumers from very high interest rates, not corporations. Cardiff can charge as high an interest rate that they want. I stand corrected and freely admit that I was unaware that California code did not limit interest rates that could be charged corporations.  

Prior to signing the loan processing form, I understood them to quote me an interest rate closer to 7%. When the loan proposal came back (within two days), it proposed a $25,000 loan for 12 months and I would pay them back $35,249.76. That would total $10,24976 in interest for 12 months. Regardless of what I heard them say on the phone, I should have been prepared for a much higher rate.  

Further, I freely admit that I signed a "Working Capitol Processing Form" that stated that I would pay a processing fee of $295.00 and a credit report fee of $50.00.  It was my understanding that the processing fee was refundable and that the credit report fee was not refundable.  However, on closer reading of the paperwork, the procesing fee was only refundable if I was turned down for the loan by Cardiff, which I was not.  Since I turned down the loan because the interest rate seemed exorbitant to me, the processing fee was not refundable.  (My bad... and my loss!)  

I have been cautioned by Mr. Parsons with respect to "consequences of making defamatory publications to third parties in violation of law."  This addendum is to set the record straight and to ensure that my third party communications are correct and legal.  If I have not fully and properly fulfulled that requirement, I am sure that I will hear from Mr. Parsons again.  That is all for now.

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