ED Magedson – Founder
UNION CAPITAL ASSOCIATES, Inc.22062 Cape May Lane - 1st Floor Huntington Beach, California USA
UNION CAPITAL ASSOCIATES, Inc. RLC Funding, Navitas, Union Capital Associates, UCA Union Capital Associates lie to assess HUGE interest fees! Huntington Beach California
We purchased a lowboy from a dealership who uses this company for their financing while our banker was on vacation with the intention of refinancing it within 30 days. I asked repeatedly if there were any type of penalties or interest when paying off the loan early, and I was told in writing that there were none.
We were required to send 10% of the lowboy via overnight mail prior to the finance company even providing any terms. Once they had our down payment, we kept asking questions about the contract to ensure there were no fees to paying it off early.
When we asked for a payoff, Scott Hickerson avoided us and told us that it was a strange request. After a week, I finally got aggressive and they gave us a payoff that was $8,064.42 more than what we borrowed only 2 weeks ago. Apparently, they feel they are owed the interest for the entire 60 month loan if we pay it early, and they do not consider that a penalty. I consider over $8,000 a hefty penalty. I hope all of the dealerships and hard working folks alike avoid this shyster company. They misled us, and so did Navitas aka RLC Funding. Be warned!
This report was posted on Ripoff Report on 08/26/2014 01:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/UNION-CAPITAL-ASSOCIATES-Inc-/Huntington-Beach-California-92646/UNION-CAPITAL-ASSOCIATES-Inc-RLC-Funding-Navitas-Union-Capital-Associates-UCA-Union-1172454. 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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