Five Point Capital, to say the least is treuly BAD Business. I am a small company owner in Az., to received a card that promised pre-qualify, specified amount. I contacted them about info, then found my equipment a frontload trash truck. My file rep. was HENRY VEERA, I had him several direct questions which were very clear cut, 1) Do you sell out your loans or keep them in house? 2) At the end of terms do I own the equipment with no further obligations?. Henry's answers were, No we in house everything, and you'll have a $1.00 buyout.
So we proceeded forward, since the word go, it was rush-rush-rush and push the paper work, it was fax to us sigh and fax back, then Fed-Ex the hard copies to them... SO we read and asked questions with the assurance that it WAS NOT a Rent but Lease, like it says inthe small box where total lease amount is. When we finished the last paper was the acceptance of equipment, which when the equipment arrived we rejected it. Wrong packer box on correct truck, so equipment went back we agreed upon another peice of equipment. THe paperwork had to be done completely over, this time it was here you go, sign- sign- fax and Fed-ex. We were told by HENREY that it was the exact same paperworka nd the exact same terms just the amounts were different.
It wasn't even but the second payment and already our loan was sold out to PENTECH FINANCIAL, then they went bankrupt and purchased themselves to become PENTECH FUNDING, which was I ok, however I called them several times with misplaced payments, and wrong charges on my account. I did speak to them about he payoff of my account several times, note the last one was I had apx. 11 payments and I owned the equipment. In Feb of 2011 our accout was sold out to AXIS CAPITAL, INC. my office manager got a final bill from them, with much excitement called to confirm, that it was the last payment owed. They advised her it was!
None of these companies ever stated that they were the account payment processesor's for Five Point Capital, Five Point Capital never sent a letter stating that they were still the rent account holder or other during these 60 months of scheduled on time payments. Axis claims to have told my office manager, that she needed to refere to Five Point, I say crap! She wrote her notes down from that day on the FINAL bill as instructed by Axis. So here it is in a short version:
Original purchase cost on truck; 42,500.00
first & last 2,958.68
Doc fees 1,000.00
I paid out Deposit of 3,958.68 by ACH which was firmly requested!
so now I owe with financing 60 months less 2months already paid so 58 mnths
payments 1,479.34 x 58 mtns =$85,801.72 paid as of August 2011
YEAH THE TRUCK IS PAID, COME HOME TO MOMMA TITLE RELEASE!!!
Then I received a bill from Five Point Capital, Whom states I failed to send written request prior to 120 days of intent to sever rent contract and buyout equipment at fair market value. I called Pissed off! As it was explaine dto me very snotty, "Didnt' you read your contract paragragh 15...", I ask where's HENRY, uhm he no longer works there. I explained to her again that is not what I signed, she very rudely explained who's signature is it on the contract... You can guess where this is went NO WHERE!! She was nice enough to send a full rent statement, equipment buyout with a discount for cash payoff only going to cost another $21,387.48. I told her to come get the equipment, she advised me I have to pay frieght and it would be sold at auction, then I'd still be responsible for remainder balance... Who sets the fair market vaule anyway? How come she won't tell me where HENRY works now? How can Five Point Capital continue to do this? Need help anyone knowing information, on class action or a lawyer that is already familair with case, please contact me.