ED Magedson – Founder
five point capital10525 vista sorrento pkwy San Diego, California United States of America
I got a call 5 years ago from David Beckman. He told me of a great lease option for my business. I could lease equipment and at the end of the lease buy it for $1.00.
So I took him up on the offer. Pick out a pickup truck. He sent all the paper work to the dealer and I had to sign it at the dealership. Every thing went good for five years.
Then after five years I called to find out how to make my $1.00 buy out and get the title to the truck.
I was told that since I didn't contact them three months before the anniversary date that it automatically renews for another year. They also said after the year was up I could buy it out at fair market value. I was completely taken back by that. She said to read my contract.
I filed a claim with the BBB. Five point called me to make a deal. The deal was (to make a long story short) pay them another $4,200 and I will get title. So I ended up paying 65 months of lease payments then another $4,200 for the buy out for a grand total of $44,800.00 for a $25,000.00 truck. I would love to build a house for my friend David Beckman and charge his rates.
This is a total scam and would be willing get involved in the class action suit.
This report was posted on Ripoff Report on 09/30/2010 10:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/five-point-capital/San-Diego-California-92121/five-point-capital-Dont-believe-the-100-buy-out-San-Diego-California-646373. 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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