Report: #245626

Complaint Review: Five Point Capital & Pentech Financial

Five Point Capital & Pentech Financial DO NOT DO BUSINESS WITH THESE PEOPLE - BAIT & SWITCH!! Ripoff San DIego California

Reported By:

— Covington Georgia
Submitted:

Wed, April 25, 2007
Updated:

Thu, March 14, 2013

Five Point Capital & Pentech Financial

10525 Vista Sorrento Parkway Suite304

San DIego, California

U.S.A.
Phone:

888-576-4685
Category:

Financial Services

*UPDATE EX-employee responds: Learn to read your Lease agreement *Author of original report: I KNOW WHAT A LEASE IS..... *Author of original report: I KNOW WHAT A LEASE IS..... *Author of original report: I KNOW WHAT A LEASE IS..... *Author of original report: If they're such a good company... *Author of original report: If they're such a good company... *Author of original report: If they're such a good company... *Author of original report: If they're such a good company... *Consumer Comment: Shaun's Ex-Employee Response *Consumer Comment: omg really what a bunch of crap

My father was sent a $100,000 pre-approved line of credit from Five Point Capital. After several months he decided to use it to purchase 2 machines. Spoke with Nicole Clouse and dealt with her for all paperwork, etc... The equipment total was just under $100K and he put 2 payments down (a little over $7000.00). Payments were to start in February - the deal closed in December. In mid January he received a bill for interim rent and other miscellaneous charges - around $2800.00 from Five Point. How did we owe interim rent when the deal closed in December, put 2 payments down and payments start in February? Then in February we got the first bill of $3376.20 (from Pentech - the finance company)- not the $3170.00 per month it was supposed to be. Paid $3376.20 for over a year and called to make a payment and they said it was $3500. Asked why the new amount and said that they had forgot to charge a tax from the beginning of the loan - the girl in that department was backed up. FOR A YEAR? So he decided to sell the equipment. Had to jump through hoops to get a pay off - everytime we called they would transfer you to a recording that directed you to leave your name, address, phone and send them a check for $25.00 for a payoff. So I called Pentech and they said we had to get the payoff from Five Point. Finally got a real person to give me the payoff and was shocked at the amounts. He had two options - pay $130,000 and return the equipment or pay $150,000 and keep it. How do we owe more than we paid for it? Especially after making over $47,000 in payments. My guess is they are charging interest up front? And we found it the account was a LEASE, not the LINE OF CREDIT they had said. Of all the leases we've ever had, the payment always went down and you paid the interest due at that time - hence the term TEN DAY PAYOFF. So now we're stuck with 2 machines that we're upside down on and can't trade in or sell, and won't own at the end of the note. This company is as sneaky as they come and crooked to boot. Save yourself the headache and don't touch either of them with a ten foot pole!!!

Angeline
Covington, Georgia
U.S.A.

10 Updates & Rebuttals

Scott ohio

dayton,
Ohio,
USA

omg really what a bunch of crap

#11Consumer Comment

Thu, March 14, 2013

FPC trains there staff to be dishonest, this is planed from the word go,

if you dont have the one dollar buy out, attachment/ademend with your contract your screwed

but not totally, see this is all pre planed on there behalf .they tell u one dollar buy out, but dont give u the ademden ,page 2 that shows this, call Arron olson attorney in San degio cali

i got my 1 dollar buy out, so can you if you fight them (((ROR redacted)))

scott they suck (((ROR redacted)))

this indusitrie is unregulated thats why they do what ever the fudge they what
they still suck scott

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report. Once lawyers are willing to take on a case against a business, those lawyers will make arrangements with Rip-off Report to put alleged victims in touch with them. Read this link to see why this is for your own protection.

Joe Tollefson

Torrance,
California,
U.S.A.

Shaun's Ex-Employee Response

#11Consumer Comment

Wed, April 09, 2008

Looking at this rip-off report, and Shaun's response as an ex-employee, i'd like to clarify a few things about the leasing industry in general.

I work for a leasing company/syndicator/broker and Shaun's comments against the consumer are incorrect and correct.

1.) Yes, people should read their documents
2.) Yes, a FMV/Fair Market Vlue lease is a tax write off
3.) A CAPITAL LEASE/$1-out/Dollar Buy-Out lease IS ALSO A TAX write off. (Shaun is incorrect saying you cannot write this off.)
4.) The customer does have an option to choose a FMV or $1-out/capital lease, however, what Shaun forgets to mention is that the customer has to ask for a $1-out/capital lease. Otherwise, lease docs are always presented in a FMV/Fair Market Value structure. How can one expect the consumer to know this right away? If Nicole Crouse or whoever the sales rep was on this transaction was upfront, this would have been explained to the customer prior to docs being sent out, seeing that the deal was to sell a "line-of-credit" and not a lease.
5.) For someone who worked in the industry; LEASEING is spelled "leasing"

Just my two cents.

-Another leasing broker/syndicator.

Angeline

Covington,
Georgia,
U.S.A.