I am a small business owner, who unluckily got in touch with GCR Capital to apply a leasing loan, which was approved instantly.
They sent me a Letter of intent & asked me to pay $ 3205.32 being 1st & last installment & Processing Charges and pressurized me to sign the letter immediately.
When I asked is my loan is already approved? Ms. Ashley replied yes and asked me to pay $ 3205.32 & email Performa Invoice of the Vendor. On the basis of assurance of Ms. Ashley that GCR would disburse the loan within 7 to 10 days; on 12/29/2009 I signed the agreement and send my payment.
I waited for 10 days and started calling /emailing for disbursement of loan but nobody replied.
On 01/11/2010, After collecting the money, GCR started changing their requirements and kept on asking for all kinds of financial records and personal tax papers. This was a part of their game, and we didn't know about that. Even I prepared all records after lots of hardship; finally I emailed all papers to GCR on 01/26/2010.
After receiving all required papers, again nobody replied to my Email Reminder & Phone Calls. I got little suspicious and checked BBB website and found their F record. On further Google I found GCR has ripped off so many other people like me. After learning about their past record & malpractices, I I immediately asked GCR to honor their commitment, if they cannot fund my lease, then return my hard earned money.
After a lot of calls emails/calls ultimately instead of paying my interest on my deposit with them, in May 2010 (in 6th month) they offered me to refund $ 1405.16 after deducting one installment of 1405.16 & Processing Fees of $ 395.00.
AS per their Letter of Intent, in case of Non Funding of loan, they would refund my installment money of $ 2810.32.
Since last month we never heard back from GCR , I am writing to the Attorney General of the state of Florida. I have already filed a Complaint at BBB.
If you are a victim of their deceitful, predatory practice, please write to the Attorney General of the state of Florida. Also, I urge everyone to get together and take a class action lawsuit against GCR.