• Report: #249754

Complaint Review: Five Point Capital

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  • Submitted: Tue, May 22, 2007
  • Updated: Fri, September 10, 2010

  • Reported By:Culver Oregon
Five Point Capital
10525 Vista Sorrento Parkway San Diego, California U.S.A.

Five Point Capital Still fishing for business with the pre approved hook San Diego California

*Consumer Comment: class action suit

*Consumer Comment: five points makes it right yes!!

*Consumer Comment: class action a must! need info from former employes

*Consumer Comment: *****MOMMY...MOMMY....MOMMY....MOMMY.....MOMMY....MOMMY......MOMMY...MOMMY........did you 'Google' this- BROCK O'BOMB-A POEM, and read it.....

*Consumer Comment: class action a must! need info from former employes

*Consumer Comment: Class Action Suit

*UPDATE EX-employee responds: Let's just say that customer service is not the 1st priority for Five Point Capital

*UPDATE EX-employee responds: PLEASE READ

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Five Point Capital has not changed their sales approach of fishing for new customers as was originally reported 1/24/2006 Rip Off Report.

I am a small business owner. I got a letter January 2007 from Five Point Capital which stated that my business was pre approved for a $100k lease line of credit. When I called Five Point, I spoke to Henry Veera who was my "account exec". He said that I had been approved for the leasing based upon my companies Dunn and Bradstreet credit report. I discussed that I was concerned about the promotion and I reviewed their website and looked online for blogs and did not see the Rip Off Report you posted 1/24/2006.

Upon the online registration I did not use my SS # while applying. I told Henry that I had some issues personally in the past and was very clear on my concerns about fishing my personal credit. He assured me that the approval had already been made based on my business alone and they just wanted to ensure the owners had no current collections or BK's. And they had many programs that would work and again assured me with my input we discussed Five Point would have options for our Business.

As with your other complain tent, I was told to shop for the equipment needed and I just needed to fill out a verification form, He faxed me the form which I filled out and faxed back. I did not lease anything at that time but I did get "statements" in the mail which showed the available credit and my balance of zero.

I finally submitted some equipment which they returned a decline based upon my personal credit. As I was concerned about companies fishing, all I received was a hit on my personal credit. As much as I have no out of pocket at this time, it is damaging financially to personal credit and will stay on your credit report for the next 24 months.

I hope more small business entities will see this before they bite on the smooth sales approach of Five Points. It is a very good sales promotion.

My suggestion is work local - one on one with your local financial institution

John
Culver, Oregon
U.S.A.

This report was posted on Ripoff Report on 05/22/2007 03:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/Five-Point-Capital/San-Diego-California-92121/Five-Point-Capital-Still-fishing-for-business-with-the-pre-approved-hook-San-Diego-Califor-249754. 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 8Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

class action suit

AUTHOR: chris althaver - (United States of America)

I would love to join in on the suit.  They have bait and switched me as well and am now faced with a 29,000 buyout due Sep. 15 on a 4 year lease I borrowed 31,000 and paid already 51,000

I also posted on (((REDACTED)))



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#2 Consumer Comment

five points makes it right yes!!

AUTHOR: Scott ohio - (USA)

             five points capital kept their word


thank you for being honest.greg wells is awsom.no need for any class


action.this new guy is really honest, thank you for my one dollar buyout


scott ohio

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#3 Consumer Comment

class action a must! need info from former employes

AUTHOR: Scott ohio - (U.S.A.)

five points bait and switch ,would to talk to your attorney class action!!

need any info from  future employees, any help would be great !!

siegel satellite & tv dayton ohio if you have time google me.

thanks scott

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#4 Consumer Comment

*****MOMMY...MOMMY....MOMMY....MOMMY.....MOMMY....MOMMY......MOMMY...MOMMY........did you 'Google' this- BROCK O'BOMB-A POEM, and read it.....

AUTHOR: Karl - (USA)

on the web?

Thank You
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#5 Consumer Comment

class action a must! need info from former employes

AUTHOR: Scott ohio - (U.S.A.)

     hi : my name is scott from ohio,  please contact me on this

    class  action lawsuits. I WAS ALSO SCAMMED BY FIVE POINTS

     CAPITAL.I would love to talk to your attorney! will testify

      or donate to the cause. will provide what ever is needed.

      scott : voice (((Redacted))))   fax: (((Redacted)))

   MR EX SALES EXECUTIVE, please send me any amo I

     can use. I am at the end of my lease. we did find

    out about the 12 month renewal in time and cancelled it.

    now that i have made all payments. the thieves want

    me to send them 4000.00 dollars for fair market crap. no 1 dollar buy out ?

    I need help ,and willing to offer you compensation.

scott v (((Redacted)))       

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#6 Consumer Comment

Class Action Suit

AUTHOR: Ben_Had - (United States of America)

I am in the process of filing a class action suit against Five point Capital This is a part of my research.

We are currently several hundred strong and growing. We want to have as many as possible on board before we bring it.

Let me know if you or anyone you know that has been scammed by them would be interested in joining in on the fight.

I need to know if I can rely on you for a statement to my attorney and to the attorney Generals office?


 

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#7 UPDATE EX-employee responds

Let's just say that customer service is not the 1st priority for Five Point Capital

AUTHOR: I Don't Want To Get Sued For Slander - (U.S.A.)

I also worked Five Point Capital and back when I started the training material was extremely shady. The concept is simple, Five Point Capital sends out pre qualified membership reference cards with information that the reps were told they obtained from Dun & Bradstreet. Then the business owners will thinks it's a credit card and call in to activate. Reps are told to ask for the social security number of the incoming call, that was generated by the marketing. The reps ask for this information to pull the credit illegally and without your written or verbal consent while you are on the phone to see if your FICO score is worth their time.

After the caller gives all their personal information the rep will email or fax a verification form to fill out, when you sign and send back that verification form then at that point you are legally giving permission to Five Point Capital to pull your credit. Furthermore the reps are told to tell everyone that they will own the equipment at the end of the lease. However for the most part that is a lie because the reps push the fair market value and are trained in twisting the wording on the fair market value documents to look like you are going to own the equipment. The reps are motivated to sale the fair market value because they receive a cash bonus incentives at the end of the month for doing so.

At the end of the lease the reps will also receive a bonus on their paycheck for the balloon payment the business owner was hustled into paying. The people that profit the most from the fair market value lease are the owners of the company because of that final balloon payment made by the business owner only 10% of it goes to the rep and the rest to the owners. Business owners you must have a document that clearly states that you will own the equipment at the end of the lease for $1.00. This company is motivated by one thing and one thing only, that's taking every potential lessee for as much money as humanly possible.

I finally left the company because I did not enjoy all the lies. Not to mention that past clients were calling me to complain and call me out for doing what I was told to do by upper management to get paid! Jason I am not sure who you are, but you're not the ex VP of sales or that is not your name, I would think that's probably the latter. I did enjoy your post and I wish something could be done to stop this marketing monster that continues to lie and deceive business owners on a daily basis. I feel awful for all the people I set up on absurdly high interest rate programs and on fair market value leases because I was coached into doing so.

I have heard that things changed in Jan. of '07 as far as the fair market value leases and dollar buy out leases. I think it's just a poor attempt by Five Point Capital to cover up all the bad business from its inception. They must be feeling pleasure from past employees and business who are complaining about the business practices of Five Point Capital. Not to mention that they have quite a few complaints with the BBB. Let's just say that customer service is not the 1st priority for Five Point Capital
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#8 UPDATE EX-employee responds

PLEASE READ

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

I am the ex Sales Executive Vice President at Five Point Capital. Let me just say for the record that this is the most shady company in the USA. You should see the sales training material we put the reps through just to teach them the world of deception. Almost 95 percent of the prospects think that they are signing a dollar buyout lease, but the deception techniques get them to sign a fair market value lease instead.

They buy the prospect lists through FairIsacc with very clear motives on findin small companies with not so sofisticated owners that they can dupe into paying an average of 23 points over the equipment cost.

They have in the paperwork a page called the shedule A. If you look through your copy you received from them it may look funny. That is because they actually photocopy additional items onto it after you have signed the page and sent it in to them.

I have story after story of listening to the reps duping their customers on a regular basis. This is all done from the two owners Dave Gilbert and Dan Feder.

At one point they had required reading of a book that teaches reps that Christians are like poodles!

I have copies and proof of everything I have mentioned above. Feel free to contact me about specific information regarding your lease.
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