Report: #453550

Complaint Review: Direct Capital Corp.

  • Submitted: Tue, May 19, 2009
  • Updated: Tue, May 26, 2009
  • Reported By: Seaside California
  • Direct Capital Corp.
    155 Commerce Way
    Portsmouth, New Hampshire
    U.S.A.
  • Phone:
  • Web:
  • Category: Loans

Direct Capital Corp. Misleading contract-12 monthly payments become 13 with hidden "interim rent" charge Portsmouth New Hampshire

*UPDATE Employee: Your message

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We financed a large truck purchase with these cheaters Direct Capital for a 12-month term. Hidden in the contract is a clause regarding a so-called "interim rent". WATCH OUT! What they do is date the due date of your first invoice payment just less than 30 days from the date you signed the contract. They then send you your first billing for a so-called "interim payment" for this period which is about 95% of the monthly payment. eg. we signed the contract on June 9, 2008 for 12 monthly payments of $2517. I got an "interim rent" invoice with a due date of July 7, 2008 for $2343. Unbeknownst to me, after this payment, the 12 monthly payments of $2517 kick in. In effect, you are paying 13 monthly payments.

I did not notice this until I got my final invoice today, which is to be auto withdrawn from my checking acct. on June 7, 2009. When I added up all the payments and charges, I am paying more than 13% interest on a loan that initially was promised at less than 8%. I called them and they gave me the tired old line that this is stated in the contract- in words no one could comprehend. Their contract also states "You waive your rights to a JURY TRIAL. Gee, wonder why that could be. Because any jury will see these folks for the liars and cheats that they are. I have asked bank to not authorize this last payment and will see what these liars do. Problem: they are lienholder on truck.

Mmori
Seaside, California
U.S.A.
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This report was posted on Ripoff Report on 05/19/2009 10:13 PM and is a permanent record located here: http://www.ripoffreport.com/reports/direct-capital-corp/portsmouth-new-hampshire/direct-capital-corp-misleading-contract-12-monthly-payments-become-13-with-hidden-interi-453550. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 UPDATE Employee

Your message

AUTHOR: Paul Ringuette - (U.S.A.)

Would like to speak to you about your experience.

Paul Ringuette
VP Sales - Direct Capital
603-373-1342
pringuette@directcapital.com
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