• Report: #769993
Complaint Review:

Citadel Equipment Financing

  • Submitted: Sat, August 27, 2011
  • Updated: Sat, August 27, 2011

  • Reported By: loriforr — Ashland Oregon United States of America
Citadel Equipment Financing
930 W 17th St, # D Santa Ana, California United States of America

Citadel Equipment Financing Guilty of Bait-and-Switch and Fraud! Santa Ana, California

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This company is a complete fraud. I first contacted them early Aug 2011 about leasing specialty bakery ovens for my new business and they seemed friendly and legitimate, and the person who handled my app was Lori Swihart. The rate she quoted was good, so I filled out the app, was approved, signed the docs online and made a payment for $825.32 on Aug 12th by credit card. Shortly thereafter she contacted me saying my loan wasn't going to go through as they had to up the interest rate a few points as I was in a risky industry. I thought this was odd and asked my attorney, who said that until funding takes place they can get away with changing the rules (AKA bait and switch).
Having a huge order to fill on the horizon, I had to go forward as the rate still wasn't too terrible and I was running out of time. Shortly after signing the new docs,  Lori told the underwriter needed more info. I kept providing her with whatever she asked for, but now I really regret it as they have virtually all my personal info including bank acct and credit card info.
But the ovens still weren't funded and I was getting pretty upset as I had a deadline to meet with a very exclusive company. Yesterday I emailed them an ultimatum as I'm down to the wire, but no response, so this morning I looked them up Rip Off Reports, and sure enough, 21 complaints already.
Hopefully these crooks can be stopped sometime soon. Meanwhile, I'm losing $1000 a day until I can negotiate a new lease with a legitimate company.

This report was posted on Ripoff Report on 08/27/2011 03:55 PM and is a permanent record located here: http://www.ripoffreport.com/reports/citadel-equipment-financing/santa-ana-california-92706/citadel-equipment-financing-guilty-of-bait-and-switch-and-fraud-santa-ana-california-769993. 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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