• Report: #724968

Complaint Review: Five Point Capital

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  • Submitted: Tue, May 03, 2011
  • Updated: Wed, January 25, 2012

  • Reported By: mike from st louis — Arnold Missouri United States of America
Five Point Capital
13280 Evening Creek Dr South San Diego, California United States of America
  • Phone: 888-576-4685
  • Web:
  • Category: Loans

Five Point Capital Bait and Switch Total Rip Off San Diego, California

*Consumer Comment: no satisfaction yet

*REBUTTAL Owner of company: Name of FPC Mike who helped

*Author of original report: Five Point Capital resolves issue

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Our small business got a call  a little over 4 years ago from Jason at Five Point Capital. He told me of a great lease option for my business. I could lease equipment and at the end of the lease buy it for $1.00.
So I took him up on the offer. We found the KUV we wanted in Houston Texas and flew there to purchase it. Jason at FPC sent all the paper work to the dealer and I had to sign it at the dealership. Every thing went good for four years.
Then after four years I called to find out how to make my $1.00 buy out and get the title to the truck.  We had actually contacted them a few months previously to find out what comes next as we knew we were a the end of our lease and no one ever returned our call.  We then get a bill for a 'rental fee' for the month and called again.  I was told that since I didn't contact them three months before the anniversary date that it automatically renews for another year. They also said after the year was up I could buy it at fair market value. I was completely taken back by that. She said to read my contract and e-mailed me a copy.  The $1.00 buyout was a scam.  The actual buy out and to get the title was over $6000.00.  We told them to come get it...the keys would be in it and were told we would have to return it to them in California.  After consideration I paid them for the truck before they put any more charges on it. 
I am filing a claim with the BBB. This is a total scam and I would be willing get involved in the class action suit.  Do not do business with this company.  We have now paid $23000.00 for a $12000.00 truck.  And of course the man who scammed us into the deal is no longer with the company. 
If you have had trouble with this company, please report it.  They need to be stopped.

This report was posted on Ripoff Report on 05/03/2011 08:59 AM and is a permanent record located here: http://www.ripoffreport.com/r/Five-Point-Capital/San-Diego-California-92128/Five-Point-Capital-Bait-and-Switch-Total-Rip-Off-San-Diego-California-724968. 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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Updates & Rebuttals

#1 Consumer Comment

no satisfaction yet

AUTHOR: mowmow - (United States of America)

I have been trying to find out information on how to handle my buyout,
I have been sending emails and phone calls with out any good results.
I was told FPC is not required to give me the information I am asking.
Wish I knew who Mike is and if your delemia is the same as mine.
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#2 REBUTTAL Owner of company

Name of FPC Mike who helped

AUTHOR: SR - (Virgin Islands (US))

Can you refer the rest of us to the employee who did help you resolve your lease issue?  I'm not sure if allowed on here or how to email you directly, but I would like to know so I can try and resolve.  Thank you very much!
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#3 Author of original report

Five Point Capital resolves issue

AUTHOR: mike from st louis - (United States of America)

I received a call from a man named Mike at Five Point Capital after e-mailing them my complaint and what my intentions were for dealing with the problem that we had with their company.  He was very easy to talk to and listened to the truth of what had happened.  Within hours he had called back and resolved all of our differences.   Five Point Capital has completely stood behind what had been promised in our original agreement with them.  Our company is very satisfied with the outcome of our business dealings with Five Point Capital and are thankful to Mike for his concern and prompt reaction to the problem.
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