In May of 2008 our small business was in need of computers and a point of sale system. We contacted Dell to buy computers. They in turn sent us to Five Point Capital for the financing. I was then told from the representive at Five Point Capital of a great lease option for my business. I could lease equipment and at the end of the lease buy it for $1.00. We then paid a 905.00 deposit to Five point Capital which was applied to the first, last and a $150.00 documentation fee.
When it came time for my next payment I received a statement from Financial Pacific Leasing. I really didn't think anything of it as it is common practice for one company to purchase a contract from another. Payments were made to Financial Pacific Leasing for the term of the contract.
Most of my payments were made by phone over the last year of the contract. The day I made my last payment I was so excited to finally own my computers and make that last payment, my representive at Financial Pacific shared in my excitement and said to me they should be calling you about your buy out!. I anxiously waited for some one to contact me.
After 2 months much to my surprise I receive a invoice in the mail from Five Points Capital. When I called to enquire the reason for this invoice I was told it was for rent of my computers. I spoke with Sheba Frost who was very rude and evasive when trying to find out information. She kept saying you signed it you owe it.
I was told that since I didn't contact them 120 days prior to the anniversary date to let them know I wanted to do a buy out that the contract automatically renews for another year. I was completely taken by surprise. I requested a copy of the contract and she sent me by fax a unreadable copy. How would I have possibly known I had to call Five Points Capital 120 days prior to the end of the contract, when for 3 years I was making payments to Financial Pacific Leasing.
The $1.00 buyout was a scam. I don't even know what the buy out will be if any on these computers. I refused to pay the extortsion money. I am now being sued for almost $5000.00 after paying Financial Pacific Leasing over 14,000.00 for the computers and POS System. I will be trying to work with any attorney who is willing to start a class action law suit against these people. Do not do business with this company.
If you have had trouble with this company, please report it. They need to be stopped