• Report: #796245

Complaint Review: First Capital Financials

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Tue, November 08, 2011
  • Updated: Fri, March 02, 2012

  • Reported By: Alan — Wheeling West Virginia United States of America
First Capital Financials
8275 S. Eastern Avenue, Suite 200 Los Vegas, Nevada United States of America

First Capital Financials First Capital Financial Timeshare Resale Scam Los Vegas, Nevada

*Consumer Comment: First Capital Financial

*Consumer Comment: support of alans complaint

*General Comment: Scam Exposed

*General Comment: Scam Exposed

*Consumer Comment: Scam Exposed

*Consumer Comment: It is a scam!

*REBUTTAL Individual responds: I just had a question

*Consumer Comment: First Cap Financial Timeshare

*Author of original report: Reply to: "Did You Lose Any Money?"

*Consumer Comment: The OP is right on target.

*Consumer Comment: Did you lose any money?

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

The following two items can be easily discovered: (1) names of owners of timeshare units and (2) the date when bills for annual maintenance fees are to be sent out. Possessing this information, First Capital Financials contacts unit owners stating that there is a buyer for their timeshare unit if they wish to sell, thus also relieving them of the obligation to pay the maintenance fees.

The scam worked like this: First Capital Financials stated that they have a willing buyer who will pay for the unit about $5,000 more than the original purchase price. This makes the prospect of a sale all the more attractive especially with the immediate prospect of paying the maintenance fee.

First Capital Financials would handle the sale of the timeshare unit if I advanced them $2,260 for title search and other details relevant to the sale. They stated that this money would be refunded to me at the time of the sale and a letter of intent was sent in convincing legalese specifying this. [continued below]....
.....

This, of course, contrasts with the usual real estate sale methodology in which the buyer pays such up-front costs rather than the seller.

On the advice of my attorney, I contacted the resort and was told that this is a common scam of which they are well aware.

This report was posted on Ripoff Report on 11/08/2011 02:55 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Capital-Financials/Los-Vegas-Nevada-89123/First-Capital-Financials-First-Capital-Financial-Timeshare-Resale-Scam-Los-Vegas-Nevada-796245. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on First Capital Financials

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
1Author 9Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

First Capital Financial

AUTHOR: Dan - (U.S.A.)

Update.  A representative of FCF called yesterday and advised the sale of my timeshare had been completed and a check for $14,476 was ready to be sent to me.  The call came from a Nev. cell phone.  Before the check could be released he wanted me to send FCF a check for $6,756 to pay off the balance I owed on the timeshare.  I told him to deduct it from the $14,476 in the escrow account.  He said that would be OK.  He then told me I would have to remit $1,456 to pay for "document filings and taxes".  I asked him to deduct that also from the escrow account.  He said that could not be done.  I told him I was in no way going to send in anymore money and that my contract said the $2276 I initially paid was all I would have to pay and I would get that back upon sale of the timeshare.  He then said I was forfeiting the sale.  I said OK just send me the $2276 back.  He said 'you'll get it, I have another call" and hung up.  I called the head office number and got a message to leave a call back number.  No call back.  After doing a little checking, the company is no longer at 8275 S. Eastern Ave  Suite 200, Las Vegas, Nev.
Respond to this report!
What's this?

#2 Consumer Comment

support of alans complaint

AUTHOR: alan d - (United States of America)

alans complaint and report is spot on. this fictious company has apparently set up shop in vegas for the time being. preying on unsuspecting individuals, myself included. read the reports and draw your own conclusions. i called the reception office at first capitals adress they have already folded up tents and moved froms. eastern ave. suite 200. you do the math. one can only hope someone catches up with them eventually.
Respond to this report!
What's this?

#3 General Comment

Scam Exposed

AUTHOR: scam buster - (United States of America)

You are so welcome :) 

We had an attorney look at the paper work before we even agreed to this contract and even did reasearch with the BBB and Here. That was back at end of October .That time they had no complaints on either site. Now they have one on BBB,but has been resolved.


UPDATE: We have recieved more emails from this Company,but NO RETURN CALLS.

The emails are saying they have recieved their Right of refusal back from our timeshare and also have received the Estoppel Letter back from the resort that shows no outstanding maintenance fees due to the resort or other payments .
The  no outstanding maintenance fees due to the resort stated in above paragraph is not true, our maintance fees have been past due for a while now, waiting on this sale to finalize!!

We have left messages telling them to call us immediatelly and have heard nothing back by phone.

All we get is an answering service when we call.

We called our resort again  and talked to the Resorts Sale Department.

They say they have YET TO received ANYTHING from First Capital Financial,nor sent ANYTHING to them in return. Their is either a really bad lack of communication between them or it truly is a scam!!

 I still feel we have been scammed at this time,If things change I will post otherwise.
Respond to this report!
What's this?

#4 General Comment

Scam Exposed

AUTHOR: scam buster - (United States of America)

You are so welcome :) 

We had an attorney look at the paper work before we even agreed to this contract and even did reasearch with the BBB and Here. That was back at end of October .That time they had no complaints on either site. Now they have one on BBB,but has been resolved.

UPDATE: We have recieved more emails from this Company, but NO RETURN CALLS.

The emails are saying they have recieved their Right of refusal back from our timeshare and also have received the Estoppel Letter back from the resort that shows no outstanding maintenance fees due to the resort or other paymentsThe  no outstanding maintenance fees due to the resort stated in above paragraph is not true, our maintance fees have been past due for a while now, waiting on this sale to finalize!!

We have left messages telling them to call us immediatelly and have heard nothing back by phone.

All we get is an answering service when we call.

We called our resort again  and talked to the Resorts Sale Department.

They say they have YET TO received ANYTHING from First Capital Financial,nor sent ANYTHING to them in return. Their is either a really bad lack of communication between them or it truly is a scam!!

 I still feel we have been scammed at this time,If things change I will post otherwise.
Respond to this report!
What's this?

#5 Consumer Comment

Scam Exposed

AUTHOR: W Timeshareowner - (United States of America)

I do really appreciate a response from someone who actually tried this company out.  Unfortunately it sounds like you got screwed.  I got a phone call with a promise that they would call me back the next day with all the details - I still haven't heard anything and that has been over a week.  Guess they try to hook you on the first call and move on it that doesn't work.















THANK YOU for the update on your experience!
Respond to this report!
What's this?

#6 Consumer Comment

It is a scam!

AUTHOR: scam buster - (United States of America)

My Husband and I sent them $1,700.00  for the cost of closing the sale of our time share property in Novemeber 2011. They sent several confirmation emails and an email saying they sent out a Right Of Refusal letter to our timeshare to proceed with the sale. Said they had had 30 days to except the sale or refuse it. Witch is how timeshare are sold,however after 30 days,Our timesshare has NOT recieved ANY right of refusal from this company and First Capital Finacial is NOT returning ANY phone calls oe Emails. Except when we had a friend call and pretend to have gotten a email from them and she wanted to sell her time share!
Respond to this report!
What's this?

#7 REBUTTAL Individual responds

I just had a question

AUTHOR: Cali girl - (United States of America)

HI Dan,

I was just wondering if everything went through on the sale of your timeshare with this First Capital Financial? I was contacted by them and I am trying to figure out if they are for real or a scam.  If you have time please send a response back, I would really appreciate it.  Thanks :)

Jessica
Respond to this report!
What's this?

#8 Consumer Comment

First Cap Financial Timeshare

AUTHOR: W Timeshareowner - (United States of America)

I was contacted by this company also and since you were in the process of using them did you ever complete the transaction and did things go as advertised?
Respond to this report!
What's this?

#9 Author of original report

Reply to: "Did You Lose Any Money?"

AUTHOR: TimeShareOwner - (United States of America)

First, the general methodology of the scam is well known to the time share company, Premier Vacation Club/Interval International of Arizona and the name of the company, First Capital Financials, was also quite familiar to them. When I contacted Premier Vacation Club questioning the legitimacy of the offer made to me by First Capital Financials, I was warned, emphatically, to avoid doing business with that firm.

However, I also discussed this matter with my attorney who contacted First Capital Financials on my behalf and  discussed this offer to purchase with a representative of that firm. He inquired why the buyer is not asked to bear the cost of the title search and other technical requirements of the sale, as is customary in every real estate transaction of this type. My attorney told me that the representative was completely unable to provide him with a credible explanation for this aberration. My attorney said that the only guarantee that I would ever have the "down payment" of $2,260 returned to me was the nonbinding "legalese" in the letter of intent which I was asked to sign when submitting the check.

See also: http://www.tugbbs.com/forums/showthread.php?t=158158
 
I would advise anyone contemplating sale of a condominium in this manner to do the same due diligence before entering into a contract where the seller advances a substantial down payment to realty company with essentially no guarantee of its return.

More  Pictures Of Hot Cars!!
    
Are we all  in agreement?
    
O.K. then, let's continue with the  process.
Respond to this report!
What's this?

#10 Consumer Comment

The OP is right on target.

AUTHOR: Flynrider - (USA)

    The original post describes all of the elements of the classic timeshare sale scam.  Go to the search box on this site and type in Timeshare and Sale.    Note the similarities in the reports.   If this were a legitimate organization, why would they be operating exactly like the scammers?

    The rebuttal poster is either completely clueless, or trying to make the scam look legit.  You decide.

Respond to this report!
What's this?

#11 Consumer Comment

Did you lose any money?

AUTHOR: Dan - (U.S.A.)

Alan

Your report inplies that you did not go through the process with First Capital Financial.  If you did not go through with the contract and did not send in the requested $2275, you lost nothing and were not actually "ripped off".  I am in the process with this company now.  I've checked with the California and Nevada Attorney's General, the BBB's and the only complaint is your's.  If in fact you lost no money to this company, your complaint is unfounded.  May I have your response?
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory