• Report: #683968

Complaint Review: Genesis Commercial Capital

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  • Submitted: Tue, January 18, 2011
  • Updated: Sun, January 23, 2011

  • Reported By: Daniel — Georgetown Texas United States of America
Genesis Commercial Capital
17551 Gillette Avenue Irvine, California United States of America

Genesis Commercial Capital Genesis Commercial Leasing immoral leasing practices Irvine, California

*Author of original report: UPDATE

*Author of original report: solution in the works....?

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Genesis put an equipment finance package together and gave us paper work explaining the terms of the lease. later, in the final lease agreement, they changed significant details and hid them in the agreement. we faithfully paid on the 36 month lease, never late or missing a payment. It was an expensive way to aquire the equipment, but at the time it was needed. Imagine our shock when, upon our final payment, we were notified that we had failed to give them proper notice of intent to 'not renew' that the lease auto renewed and we owed an additional 13thousand dollars. It was immoral and unjust. Additionally, where 100 purchase option was referenced, they used a reference to FMV to come up with another 12-15 thousand dollar value for the machine. Additionally, they used collection style approach with rough language and legal posturing. imagine paying 60 thousand for a machine that costs less than 20 thousand. Even if the courts do not hold them accountable, which i think they will, they will be judged one day for this...I would not want to be in their shoes.


This report was posted on Ripoff Report on 01/18/2011 10:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/Genesis-Commercial-Capital/Irvine-California-92614/Genesis-Commercial-Capital-Genesis-Commercial-Leasing-immoral-leasing-practices-Irvine-Ca-683968. 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:
2Author 0Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

UPDATE

AUTHOR: Daniel - ()

My Texas Attorney was not able to negotiate any settlement with these people.   Please contact me if you have any similar issues with this company.  We are building our case for a counter suit and file a consumer complaint with the Attorney General of California.  I own and euipment rental company in Georgetown Texas, and I am MIGHTY easy to locate.

 

They continued to "invoice us" for years.  What they were doing was building up the recievables before the california statute of limitations expired (4 years).

 

Now, they have filed suit in Orange County California.

 

We have again found that this is what this company does.  There are countless other groups / business owners that have fallen prey to this leasing scam.  They present lease terms over the phone, but legally structure thier docuements to entrap the leasee.

 

A cursory search of revealed several significant details about the company:

 At least two of the principals , Eric Sidebotham and Greg Rieke, were previously involved with Balboa Capital, a company which had eventually been sued by the California Attorney General’s  Office- Kamala Harris, for the similar issue, where they were “leasing” equipment to churches and then extorting extraneous leasing charges. leasingnews.org/archives/Mar2011/3_02.htm

Later, those two same principals, created / formed Genesis Capital.

There are a multitude of small business owners that have experienced the exact same issue with the company.

At one time the BBB of California had an “F” rating for the company, based on multiple consumer accounts.  This rating has been ‘massaged’ out, not surprisingly.

There are still many accounts from business owners and individuals that explicitly state the same circumstances: a misrepresented lease, followed by an incredibly aggressive collections structured posture.

The Clerk of Courts for Orange County list Genesis Capital as the plantiff for hundreds of civil cases citing breach of contract.

 

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#2 Author of original report

solution in the works....?

AUTHOR: Daniel - (USA)

I just wanted to update this posting. To everyone that has contacted me, thank you for your support and advice.

Since my initial posting, I have had some additional conversations with the some of the staff members of Genesis. Having made their position keenly apparent, they have indicated that an amicable solution would be in everyones best interest. I agree.

Every situation can be perceived from different vantage points. I hope that we can get this issue settled via a 'path of least resistance'.

I'll keep the group informed.

Daniel @ Georgetown Tx.

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