• Report: #886958

Complaint Review: Five Points Capital

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  • Submitted: Wed, May 23, 2012
  • Updated: Mon, September 17, 2012

  • Reported By: Joseph — Atlanta Georgia United States of America
Five Points Capital
13280 Evening Creek Drive #200 San Diego, California United States of America

Five Points Capital Financial Pacific Leasing, LLC SCAM ARTISTS Fraudulent has employes LIE to get your business!!! San Diego, California

*Consumer Comment: Financial Pacific Leasing/ Financial FX is a RIPPOFF

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Five Points Capital of San Diego are Criminals! As evident from this site and other stories that are exactly like mine they have their employees lie about the lease in order to obtain you business and then attempt to screw you at the end of your contract! My lease was handled by a gentleman at Five Points Capital named Glenn Jones. Mr Jones explained the end of the contract fair market value buy out clause to me and said that it would be $1 at the end of the contract. He told me that that the charge of $1 was for legal reasons and that I would own the equipment after paying the $1.

I have since paid ALL of my payment over the past 4 years on time which adds up to way more than the the original purchase price of the equipment which you would figure to be leasing fees. My contract was what I thought paid in full as of 4/15/2012 and I received another invoice from Financial Pacific Leasing LLC (who does their billling I guess) for less than half of what my monthly payment was.

After reviewing my bank acct. I noticed that this amount had not been drafted from my checking account so I called the number on the invoice from Financial Pacific Leasing LLC and was told that this was the tax payment for the year and I would need to mail it in but that I should call Five Points Capital to make sure that this settled out my contract. I called Five Points Capital on 5/22/2012 and was directed to Sandra Otero and had to leave a voicemail for her to call me back.

Having not received a call back I called her again on 5/23/2012 and this is when she dropped the SCAM bomb on me. She said that they sent me a certified letter back in December (of which I do not recall ever receiving) that gave me the option to do a "buy out" at current market value or renew my leas term and that since they did not get a response my lease renewed automatically.

I explained to her what her employee had told me about what that clause meant and what Glenn had told me about the $1 buy out at the end of the lease (of which now I know that this is a deceptive practice that this company has been using from other reports with the exact same story). She told me that this is not what the contract says and she also did not care what I (and obviously many other had been lied to and told about the $1 buy out) Why would anyone lease approx.

$20,000 worth of equipment and pay payments monthly that add up to more than $30,000 and not own it at the end. The equipment is paid for and they made a healthy chunk of money already. Now because they had their employees LIE to me and many others they have automatically renewed my lease and I have no Idea what the so called "Buy Out" would have been but judging from others stories you could pay end up paying 3 times as much over the original cost of your equipment. They are lying to customers about the $1 buy out at the end of the contract and it is disgusting as they are impacting small businesses many of which are already struggling to survive!

I would like to know of anyone else with a similar story and would like to get together a Class Action Law Suit against Five Points Capital and it's affiliates for their deceptive and criminal practices. I also asked Sandra Otero to speak with her boss whom she said is the Owner, Dave Gilbert and was informed that he does not speak to clients and that their was no one else that I could speak with and nothing else I could do. These people are a disgrace to our country attempting to take advantage of small businesses through their lying tactics!

This report was posted on Ripoff Report on 05/23/2012 10:22 AM and is a permanent record located here: http://www.ripoffreport.com/r/Five-Points-Capital/San-Diego-California-92128/Five-Points-Capital-Financial-Pacific-Leasing-LLC-SCAM-ARTISTS-Fraudulent-has-employes-LI-886958. 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

Financial Pacific Leasing/ Financial FX is a RIPPOFF

AUTHOR: Prater''s Skincare and Laser Center - (United States of America)

I contacted funder Financial Pacific Leasing to get a payoff, wanted to sell the equipment leased I fiance 16,026 five months ago paid each payment of 678.69 and a deposit of 1644.36 ; I was told my broker at Financial FX has to quote my payoff ; sounded strange to me; so then the broker emailed me an un-informal and un-explainatory payoff off 26,000. when I questioned the amount he said he would check with funder Financial Pacific Leasing to see if that was right. I found that strange again. I called the funder back several hours later after hearing nothing back from broker, and to my surprise they
have some sort of account system that alerts the customer service department that the broker is on the line already with somebody internally. So they wants you to wait until the broker gives them your payoff amount. I have worked in credit, collections, and leasing for years and I never been directed to an independent agent about my payoff when an account is in good standing.

So then I get back with the broker he lies and says the payoff comes from funder run around, run around, run around. 

I wa told my lease was non-cancellable and I had to make all the payments to get out the lease before paying it off; then when I started dropping words like  certify , voluntarily surrender, Attorney I was told that I could Negotiate a payoff because they understand some people don't understand a Lease Agreement. What I do understand is Fair Credit Laws, and why would a company if they are holding a secure Lease not want the "26,000''they state as my payoff

I also referred another business to them that will fall prey to these RIP Off; however there is power in numbers

I will blog and facebook and tweet until somebody perform with federal guidelines, the next correspondence comes from my Attorney. I will make my payments until a fair, calculated amount is issued to me in writing. 

Erica Prater  (((ROR redacted)))

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