ED Magedson – Founder
DIRECT CAPITAL CORPORATION155 COMMERCE PORTSMOUTH, New Hampshire United States of America
I contacted DirectCapital Corporaton for an equipment lease, on equipment from a specific company. I was approved. A 600.00 deposit was required to proceed for final documentation which we were told in writing that it would be credited towards 1st payment upon closing, which if I chose not to continue with the lease would be forfieted.
My payment was scheduled to be 751.00 after recieving verification that I was approved and to approve the company that I chose to lease my equipment from, that they would need a security deposit, advance payment and processing fee for a total 1344.80, which would not be cashed until the vendor was approved, this was stated twice on the phone, and in the contract that these were upfront fees, that Josh needed this money to continue you with the verification of the vendor I chose to lease from, and that only the $600.00 will be deemed earned in full and retained by DirectCapital. I agreed to this, in my written proposal.
There was no place written that I would not recieve advanced payments back, because as I was told this check was not to be cashed until the vendor was approved. DirectCpital did indeed approve the vendor we were working with but only 50% of the money until the equiptment was sent, that we would have to come up with the rest of the money, which would have been over 13,000.00. We did not have this money. We now did not have the equipment or the vendor of our choice. Because we found DirectCapital on a web page of another vendor they stated that they would hold our money until we decided to buy equipment from their preferred vendor. I have requested in writing and by phone that we want our money refunded that the $1344.80 was suppose to be held until the contact was over they processed it electronically the day they got it! That is when we knew that something was wrong.
We, the vendor and myself have been contiually lied to and no one is now returning calls or emails!
This report was posted on Ripoff Report on 09/17/2009 12:15 PM and is a permanent record located here: http://www.ripoffreport.com/r/DIRECT-CAPITAL-CORPORATION/PORTSMOUTH-New-Hampshire-03801/DIRECT-CAPITAL-CORPORATION-CASHED-1ST-AND-LAST-MONTH-CHECK-DEAL-DID-NOT-GO-THROUGH-WONT-R-496426. 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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