Complaint Review: Five Point Capital

Please help!

About 4 years ago I entered into contract with Five Points Capital, which is a registered corporation in the state of California, #603A*** under false pretense.  I was promised the equivalent to a 10% finance rate for the 4 year term and a $1.00 buyout at the end of the lease.  I had numerous phone conversations with their rep outlining these agreements.  I never received the lease contract until the night I purchased the equipment.  I met with my salesperson after hours at 8 pm to take ownership of the equipment and sign all necessary paperwork.  The salesperson said everything looked fine with the lease agreement and I singed the paperwork without understanding what was in the contract.  I trusted what was promised to me by FPC. 

The equipment purchase was for $51,000.  I made a $20,000 and lease the remaining $31,000.  A few months after the purchase I figured out that I was not paying the equivalent to 10% interest as promised but closer to 20%.  My monthly payment was $1050 over 48 months equaling $50,400.  I called and complained that I was paying more then originally promised.  I tried to get out of the lease at that time and asked for a buyout.  FPC told me I would have to pay the full 48 payments of $1050 to buyout the lease or just continue making the payments.  As there was no benefit to paying the payments early we continued with the arrangement of the 48 payments and the $1.00 buyout at the end.

The lease expired after we made all of the 48 payments, totaling $50,400.  On Wednesday September 5 we were notified that we owed FPC $29,000 by Wednesday September 15 or we will automatically be entered into another 12 month lease at $1050 and then a $27,000 buyout after the 12 months. 

We borrowed $31,000, paid back $50,400 over 4 years and now still owe $29,000.  How could this ne allowed to happen???  Nobody would knowingly enter into this agreement.

I did a simple google search for Five Point Capital and under Five Point Capital scams there are countless stories of other people that got scammed in the same manner.  There are numerous complaints in Scams.com and Ripoff.com.  What is happening to me is not an isolated incident; this is how they conduct business.  There are also a dozen previous employees of FPC that state very specifically that they were maid to scam as much money as possible out of there clients.  They outlined exactly the misleading and deceitful tactics they were made to perform.  They should not be allowed to conduct business in this manner.

FPC registered in 1999 and in just 10 short years they have grown to a fortune 500 company, but the achieved this mark solely by scamming people out of there hard earned money.

Thank you for looking into this matter and I greatly appreciate any help you can give.

I can be reached at (((REDACTED)))