• Report: #1093552

Complaint Review: five Point Capital

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  • Submitted: Mon, October 21, 2013
  • Updated: Sat, June 14, 2014

  • Reported By: Seeking to Stop Five Point Capital Business Practices — Irvine California
five Point Capital
9820 Towne Centre Drive San Diego, California USA

five Point Capital National Funding One Dollar Buyout Leases Turn Into Fair Market Value Leases at the End of the Lease Term San Diego California

*Author of original report: My concerns involving Five Point Capital and me have been resolved

*Consumer Comment: Taking Five Point Capital to Court

*Consumer Comment: 5-Point Capital

*Consumer Comment: Good information

*Consumer Comment: Wow. They are still at it huh?

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My experience with Five Point Capital, now known as National Funding, has been the worst business to business experience I have had in my 30 years of working.  My experience like many other complaints here is that we had a 1$ buyout lease, but at the end of the lease term it was magically a fair market value lease with an inflated value ont he assets.  We are currently in negotiations with the firm, but we have since amassed so much information negative to any case they can make in court that I figure we will go that route since their lawyer is now stonewalling our lawyer.

I have statements from current and/or former employees of Five Point Capital/National Funding that state that they made changes to $1 Buyout leases and converted them to Fair Market Value leases.  Sandra Otero, who does all the  bidding for Dave Gilbert the CEO, will come across to you as a souless individual in my opinion.  Don't waste your time with her and don't believe what she tells you.  She withdrew $17,000 from our account without permission and told me ACH could not put the money back.  If fact she could.  She did so a week later after we applied pressure to the firm.

I recommend you look up the lawyers we are working with, Nick Yocca in Irvine, CA and Scott Nathan in Tustin, CA.  They have experience dealing the the National Funding lawyer, Neal Salisian.  I expect we will be going to court in San Diego.  I suggest you do, too.  Dave Gilbert, the FPC/NF CEO, does not want the bad PR of his lawsuits in his own backyard I suspect.  That is probably the reason they file suit in Orange and LA counties.  Right now they are trying to silence what I know in the settlement agreement.  If you want to join in a lawsuit look up our lawyer Nicholas Yocca of the Yocca Law Firm in Irvine.  

 


This report was posted on Ripoff Report on 10/21/2013 03:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/five-Point-Capital/San-Diego-California-92121/five-Point-Capital-National-Funding-One-Dollar-Buyout-Leases-Turn-Into-Fair-Market-Value-1093552. 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:
1Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

My concerns involving Five Point Capital and me have been resolved

AUTHOR: Alvaka - ()

My concerns involving Five Point Capital and me have been resolved to my satisfaction. I wish to withdraw my prior statement.

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#2 Consumer Comment

Taking Five Point Capital to Court

AUTHOR: Sophia - ()

We are now in court proceedings with Five Point Capital.  Our attorney is Joe Utzurrum, he is licensed in the state of California and the state of Hawaii.  I wrote earlier regarding Five Point Capital and their "one sided and unconscionable terms" and basically "taking the food from my childrens mouths". 

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#3 Consumer Comment

5-Point Capital

AUTHOR: TheFunGuy.com - ()

I also have been scammed from this company with their $1 buy out lie.  This will really hurt The Fun Guy business in North Idaho.

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#4 Consumer Comment

Good information

AUTHOR: The Fun Guy - ()

Thank you for the good information.  I will call he lawyers you recommend.

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#5 Consumer Comment

Wow. They are still at it huh?

AUTHOR: Victorious - ()

Wow. So they are still at it huh?  I guess money does motivate poeple to do some very unscrupulous things.  I just stumled on Ripoff report today taking a look at another company I was thinking of doing business with, and wondered what the standing on FPC was on this site, being 5 years after I had stopped workign for them.  You see, I dont think anyone that worked for that company in operation, sales, or even management really truely had an idea of what actually went on with those leases from start to finish. 

Now, I worked in the back end collections department.  I was employed there from 12-06 to 8-08. Man, I tell you, FPC IS THE REASON I REFUSE TO WORK IN THE MONEY INDUSTRY!!!  I recall the first week of employment there.  After my first week, right before Christmas 06, I went out to celebrate my new job and ran into Dan Feder at this happy hour joint.  He was there with PJ Stone, the guy we all later found out to be wanted by the FBI and who was arrested at the FPC building.  It really hit home with me because we were the ONLY TWO BROTHAS working in the building.  Yeah I said it...and anyone who was working there at that time will know exacly who I am...and if you STILL work for them, GOD bless your soul.  You should be ashamed of yourself.  So yeah, I dont give a s***. LOL. In the club, Dan says to me, "I want you to f** these mother f****** up!"  I had no idea how to respond or what he was talking about.  But a year later when I was upholding lease contracts where equipment delivery was delayed in order to charge an exrtra month of Interim Rent, or when I had to retain 35% of the original equipment cost (no matter what type of equip it was) in order to get any bonus, or when I looked at the contract and said, "I'm sorry mam, I dont see anything denoting your account as $1 buyout...knowing damn well that the salesaman didnt include the 1 page addendum to the lease to denote the buyout ON PURPOSE, so that the company can hold the company hostage at the end of the lease - thats when I realized what Dan Feder was talking about.  And for a year and a half or so, I fucked those mother fuckers up all right.  I was mezmerized by the suits, cars, and money flowing through that buiding.  I think everyone was.  I took on that corrupted persona and did what I could to make some money while the getting was good.  I mean, I would charge 35% on 4 year old computer equipment that wasnt worth 5%.  Knowing that, at that point, it was a vital peice of the business owners company, we would put their back against the wall and sqeeze the money out of them somehow.  SMH...to this day I cannot believe they are still in business.  I'm glad I have a heart.  At some point I woke up.  I may have been when, on one of the last calls I took, I had a woman literally crying on the phone.  The way I remember it was:

The Lessee wanted to gain some tax incentives by leasing equipment that she already had.  A lease buy-back.  FPC bought the tractor (lets say 300k - dont remember exactly).  Then she was going to turn around and lease it back for the tax write offs.  Of course, the lease was supposed to be a $1 buyout.  So she was going to pay a little extra for the stream of payments plus the tractor, and pay it off just as soon as she sold it. When she called in to pay, she explained it was a dollar buyout and she wanted to knock out everything in one shot.  I pulled the contract...and da dada da...Fair Market Value! No suprise. So I say, "I'm sorry mam, but I dont see anything on this lease that says $1 buyout (you had to have the 1 page addendum - it may be different now)."  I precede to tell her she has to pay for the stream of payments PLUS the value of the tractor, which came out to like 700k or something crazy. And someone mentioned this name on a post before...the salesman? Fast Freddy Cruz (as we called him in the collections dept).  As I communicated this to the woman, she literally broke down, started screaming and crying...I'll never forget that.  I went home that night and felt like an absolute peice of stanky shit and told myself...never again. 

The funny thing was, I had already been applying for jobs and had an iron in the fire.  Not too long after that I gained another position that was right on time.  The ironic thing was it was another furniture leasing company which turned out to be the worst working experince in my life, but that was due to the terrible transactional leadership vs. money hungry assholes who dont give a shit about anyone.

So there you have it.  Money is a result of passion in your work and doing things the right way.  It shouldt be a focus.  Shit, from what I've seen the US economy is about to crash in ways we have never seen anyway.  Love your family, your friends, and treat people kind.  At the end of the day, that is whats important.  The shine always gets old and rusted after a while...

So I felt the need to get that off my chest.  I have taken up a career in education where I can ake an interest in poeple lives and help them further thier dreams.  I would never again work in the money industry because it creates callus mindsets and corrupts souls.  Oh, and that Sandra Otero...I remember her.  Peice of work for sure.  F*** em all!

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