• Report: #243327

Complaint Review: Preferred Lease, A Capital Werks Company, Aka United Association Equipment Leasing

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  • Submitted: Tue, April 10, 2007
  • Updated: Fri, July 13, 2007

  • Reported By:Brisbane California
Preferred Lease, A Capital Werks Company, Aka United Association Equipment Leasing
5 Hutton Drive, Ste 1200, South Coast Metro, California U.S.A.

Preferred Lease, A Capital Werks Company United Association Equipment Leasing Preferred Lease took a deposit of $7,248.70 for an approved lease and did not fund lease. Refuses to refund money. Very shady company. Please do not fall into their trap. South Coast Metro California

*Author of original report: Preferred Lease

*REBUTTAL Individual responds: Cool Solutions Panel Manufacturing, - It's a Two Way Street To Fund a Transaction.

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December 2005, I was solicited by Ryan McQuitty of Preferred Lease. Based on the paperwork he provided me with, I was approved for a lease for equipment at a certain rate. I was pre-qualified based on my D&B record. As soon as he received the deposit, he dropped out of the picture. I called every day to inquire and left messages. Finally I got through and talked to Beckham Thomas who told me that I was never approved and the rates are a lot higher than I was promised and funding was not available.

I requested my deposit back because time was of the essence and I could not afford to wait for them to get me a lease. They refused.

I talked to Jim Reader, owner. He promised to work with me. He did not. I filed a complaint with the LA Better Business Bureau. As soon as he found out, he called me to settle the problem and offered to pay partial payments becuase he claimed his company is in financial trouble - providing I remove my complaint. He still did not come through or follow up. Typical.

Always false promises. I wish I checked with the BBB in LA before I gave away my deposit. I did check locally in San Francisco, nothing appeared.

Please beware. BBB has all their aliases. There is another new one 'UAEL' United Association Equipment Leasing.

Linda
Brisbane, California
U.S.A.

This report was posted on Ripoff Report on 04/10/2007 04:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Preferred-Lease-A-Capital-Werks-Company-Aka-United-Association-Equipment-Leasing/South-Coast-Metro-California-92707/Preferred-Lease-A-Capital-Werks-Company-United-Association-Equipment-Leasing-Preferred-Le-243327. 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:
0Author 1Consumer 1Employee/Owner
Updates & Rebuttals

#1 Author of original report

Preferred Lease

AUTHOR: Linda - (U.S.A.)

In response to your rebuttal: So Ryan McQuitty, you surfaced again. You did drop out of the picture as soon as the deposit was mailed. As for the LLC Operating Agreement, it was emailed to me by my attorney's office, forwarded to you.

Additional docs were also mailed to you and all copies are available to prove it. You and Preferred Lease NEVER secured any approval for any equipment and I have the vendor to testify to that. You gave the vendor the run around as well.

As for the claim that you tried for months to work with me, it is of course a false claim and a flat out lie. Your company did put Beckham Thomas in touch with me though, but only to intimidate, threaten and insult me.

The only contact I received from your company to work things out was from Jim Reader and that was only after I filed a complaint with the LA Better Business Bureau. Even then, the promises he made did not come through, and he stopped returning calls as well. Seems like this is the trend your company takes.
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#2 REBUTTAL Individual responds

Cool Solutions Panel Manufacturing, - It's a Two Way Street To Fund a Transaction.

AUTHOR: Ryan - (U.S.A.)

In October 2005, I contacted Linda and Kamel Totah to see if they were interested in financing any equipment for their business. I sent them a proposal along with the terms and options that we agreed on, for the financing of their custom fabricating equipment. I requested an initial deposit to cover the 1st and last months payment, along with their signed commitment to proceed with the lease.

Contrary to their claim, I did not drop out of the picture at all. As soon as we received their signed commitment and deposit check, my immediate supervisor, Beckham Thomas, contacted Linda to finalize the documentation process, so we could proceed to funding.

Linda's most egregious omission in her recollection, is that we did indeed secure an approval for her in fact, we secured 2. A simple LLC Operating Agreement was all that was required as part of the final documentation package (which she refused to send, for the deal to fund). Linda is contractually bound, as part of the initial term sheet, to sign all funding documentation presented for funding.

Clearly, if there were material changes to the terms of the proposal, eg payment increases, or unreasonable documentation demands (deed to additional collateral), I would concede to her argument, and be honor bound to refund her deposit, even at a loss to the company.

However, the deposit was not sent back to Linda, because it was used to secure an approval for her equipment acquisition, and she refused to comply with our documentation request. We tried for months to have her work with us, but we could not come to any mutual satisfaction. I even advised her we could keep the deposit on file to fund future lease transactions.
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