• Report: #245626

Complaint Review: Five Point Capital & Pentech Financial

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  • Submitted: Wed, April 25, 2007
  • Updated: Wed, April 09, 2008

  • Reported By:Covington Georgia
Five Point Capital & Pentech Financial
10525 Vista Sorrento Parkway Suite304 San DIego, California U.S.A.

Five Point Capital & Pentech Financial DO NOT DO BUSINESS WITH THESE PEOPLE - BAIT & SWITCH!! Ripoff San DIego California

*Consumer Comment: omg really what a bunch of crap

*Consumer Comment: Shaun's Ex-Employee Response

*Author of original report: If they're such a good company...

*Author of original report: If they're such a good company...

*Author of original report: If they're such a good company...

*Author of original report: If they're such a good company...

*Author of original report: I KNOW WHAT A LEASE IS.....

*Author of original report: I KNOW WHAT A LEASE IS.....

*Author of original report: I KNOW WHAT A LEASE IS.....

*UPDATE EX-employee responds: Learn to read your Lease agreement

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My father was sent a $100,000 pre-approved line of credit from Five Point Capital. After several months he decided to use it to purchase 2 machines. Spoke with Nicole Clouse and dealt with her for all paperwork, etc... The equipment total was just under $100K and he put 2 payments down (a little over $7000.00). Payments were to start in February - the deal closed in December. In mid January he received a bill for interim rent and other miscellaneous charges - around $2800.00 from Five Point. How did we owe interim rent when the deal closed in December, put 2 payments down and payments start in February? Then in February we got the first bill of $3376.20 (from Pentech - the finance company)- not the $3170.00 per month it was supposed to be. Paid $3376.20 for over a year and called to make a payment and they said it was $3500. Asked why the new amount and said that they had forgot to charge a tax from the beginning of the loan - the girl in that department was backed up. FOR A YEAR? So he decided to sell the equipment. Had to jump through hoops to get a pay off - everytime we called they would transfer you to a recording that directed you to leave your name, address, phone and send them a check for $25.00 for a payoff. So I called Pentech and they said we had to get the payoff from Five Point. Finally got a real person to give me the payoff and was shocked at the amounts. He had two options - pay $130,000 and return the equipment or pay $150,000 and keep it. How do we owe more than we paid for it? Especially after making over $47,000 in payments. My guess is they are charging interest up front? And we found it the account was a LEASE, not the LINE OF CREDIT they had said. Of all the leases we've ever had, the payment always went down and you paid the interest due at that time - hence the term TEN DAY PAYOFF. So now we're stuck with 2 machines that we're upside down on and can't trade in or sell, and won't own at the end of the note. This company is as sneaky as they come and crooked to boot. Save yourself the headache and don't touch either of them with a ten foot pole!!!

Angeline
Covington, Georgia
U.S.A.

This report was posted on Ripoff Report on 04/25/2007 02:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Five-Point-Capital-Pentech-Financial/San-DIego-California-92121/Five-Point-Capital-Pentech-Financial-DO-NOT-DO-BUSINESS-WITH-THESE-PEOPLE-BAIT-SWITC-245626. 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:
0Author 10Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

omg really what a bunch of crap

AUTHOR: Scott ohio - (USA)

FPC trains there staff to be dishonest, this is planed from the word go,

if you dont have the one dollar buy out, attachment/ademend with your contract your screwed

but not totally,  see this is all pre planed on there behalf .they tell u one dollar buy out, but dont give u the ademden ,page 2 that shows this, call Arron olson attorney in San degio cali

i got my 1 dollar buy out, so can you if you fight them  (((ROR redacted)))

scott    they suck (((ROR redacted)))

this indusitrie is unregulated thats why they do what ever the fudge they what
they still suck   scott

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#2 Consumer Comment

Shaun's Ex-Employee Response

AUTHOR: Joe Tollefson - (U.S.A.)

Looking at this rip-off report, and Shaun's response as an ex-employee, i'd like to clarify a few things about the leasing industry in general.

I work for a leasing company/syndicator/broker and Shaun's comments against the consumer are incorrect and correct.

1.) Yes, people should read their documents
2.) Yes, a FMV/Fair Market Vlue lease is a tax write off
3.) A CAPITAL LEASE/$1-out/Dollar Buy-Out lease IS ALSO A TAX write off. (Shaun is incorrect saying you cannot write this off.)
4.) The customer does have an option to choose a FMV or $1-out/capital lease, however, what Shaun forgets to mention is that the customer has to ask for a $1-out/capital lease. Otherwise, lease docs are always presented in a FMV/Fair Market Value structure. How can one expect the consumer to know this right away? If Nicole Crouse or whoever the sales rep was on this transaction was upfront, this would have been explained to the customer prior to docs being sent out, seeing that the deal was to sell a "line-of-credit" and not a lease.
5.) For someone who worked in the industry; LEASEING is spelled "leasing"

Just my two cents.

-Another leasing broker/syndicator.
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#3 Author of original report

If they're such a good company...

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

Why doesn't they're offer say PRE APPROVED LEASE instead of PRE APPROVED LINE OF CREDIT. Be upfront!
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#4 Author of original report

If they're such a good company...

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

Why doesn't they're offer say PRE APPROVED LEASE instead of PRE APPROVED LINE OF CREDIT. Be upfront!
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#5 Author of original report

If they're such a good company...

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

Why doesn't they're offer say PRE APPROVED LEASE instead of PRE APPROVED LINE OF CREDIT. Be upfront!
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#6 Author of original report

If they're such a good company...

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

Why doesn't they're offer say PRE APPROVED LEASE instead of PRE APPROVED LINE OF CREDIT. Be upfront!
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#7 Author of original report

I KNOW WHAT A LEASE IS.....

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

Had plenty of leases that never were screwy like this one. And the lease isn't the point - they offered a LINE OF CREDIT - not a LEASE. They switched the original deal.

This company stinks and everyone I know who has had dealings with them agrees. And we know plenty of people in the equipment business who get this companies PRE-APPOVED LINE OF CREDIT OFFER - and it's crap. I'm trying to save a few people the headache.

** Never had a lease (have had 5) on any of my trucks or equipment where when I went to sell them I owed more than I paid for them.
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#8 Author of original report

I KNOW WHAT A LEASE IS.....

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

Had plenty of leases that never were screwy like this one. And the lease isn't the point - they offered a LINE OF CREDIT - not a LEASE. They switched the original deal.

This company stinks and everyone I know who has had dealings with them agrees. And we know plenty of people in the equipment business who get this companies PRE-APPOVED LINE OF CREDIT OFFER - and it's crap. I'm trying to save a few people the headache.

** Never had a lease (have had 5) on any of my trucks or equipment where when I went to sell them I owed more than I paid for them.
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#9 Author of original report

I KNOW WHAT A LEASE IS.....

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

Had plenty of leases that never were screwy like this one. And the lease isn't the point - they offered a LINE OF CREDIT - not a LEASE. They switched the original deal.

This company stinks and everyone I know who has had dealings with them agrees. And we know plenty of people in the equipment business who get this companies PRE-APPOVED LINE OF CREDIT OFFER - and it's crap. I'm trying to save a few people the headache.

** Never had a lease (have had 5) on any of my trucks or equipment where when I went to sell them I owed more than I paid for them.
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#10 UPDATE EX-employee responds

Learn to read your Lease agreement

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

Ok I am tired of reading complaints about Five Point Capital. They are a good company that is in the leaseing industry. If you understand what a lease is, you understand a lease is a rental with the option to purchase. Its a FMV lease where you will owe more then the original value of the equipment if you decide to pay it off very early. I worked there as an account manager. The customer has the option to do it as a dollar buy out option or a FMV lease. The FMV lease gives you a full tax write off where the dollar buyout is a straight finance option with no tax write off. Its the customer that needs to decide what is best for them.

READ YOU LEASE DOCUMENTS!!!!

Its that simple, the lease documents are easy to read and explain exactly what type of finance option you are selecting!
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