Five Point Capital Total Tyranny - Exposing the fraud San Diego, California
In May of 2008 our small business was in need of computers and a point of sale system. We contacted Dell to buy computers. They in turn sent us to Five Point Capital for the financing. I was then told from the representive at Five Point Capital of a great lease option for my business. I could lease equipment and at the end of the lease buy it for $1.00. We then paid a 905.00 deposit to Five point Capital which was applied to the first, last and a $150.00 documentation fee.
When it came time for my next payment I received a statement from Financial Pacific Leasing. I really didn't think anything of it as it is common practice for one company to purchase a contract from another. Payments were made to Financial Pacific Leasing for the term of the contract.
Most of my payments were made by phone over the last year of the contract. The day I made my last payment I was so excited to finally own my computers and make that last payment, my representive at Financial Pacific shared in my excitement and said to me they should be calling you about your buy out!. I anxiously waited for some one to contact me.
After 2 months much to my surprise I receive a invoice in the mail from Five Points Capital. When I called to enquire the reason for this invoice I was told it was for rent of my computers. I spoke with Sheba Frost who was very rude and evasive when trying to find out information. She kept saying you signed it you owe it.
I was told that since I didn't contact them 120 days prior to the anniversary date to let them know I wanted to do a buy out that the contract automatically renews for another year. I was completely taken by surprise. I requested a copy of the contract and she sent me by fax a unreadable copy. How would I have possibly known I had to call Five Points Capital 120 days prior to the end of the contract, when for 3 years I was making payments to Financial Pacific Leasing.
The $1.00 buyout was a scam. I don't even know what the buy out will be if any on these computers. I refused to pay the extortsion money. I am now being sued for almost $5000.00 after paying Financial Pacific Leasing over 14,000.00 for the computers and POS System. I will be trying to work with any attorney who is willing to start a class action law suit against these people. Do not do business with this company.
If you have had trouble with this company, please report it. They need to be stopped
2 Updates & Rebuttals
Scott ohio
dayton,Ohio,
USA
five point capital scamers class action now
#3REBUTTAL Owner of company
Thu, March 14, 2013
these guy are a real p,o,s, fake 1 dollar buy out,
far market value payoff wtf cost u thosands goolge me siegel satellite tv
dayton ohio ask for scott
we need class action now!
Fixer007
Las Vegas,Nevada,
United States of America
How To Fix These Bottom Feeding Creatures..!!
#3General Comment
Sat, November 03, 2012
I have never heard such a company by name "Five Point Capital" until today, when I went to pick up my business mails. Among the letters I found an envelope looked like a credit card, and as soon as I got into my car in the parking lot was curious to know.
It was indeed a credit card from Five point capital, the letter congratulated me saying I was approved for $100,000, at the first instance I was elated to see a 100k credit from a company that I never heard of and never applied for any credits, it seems they pre-approved, not pre-qualified but pre-approved. Tell me how many will get such an honor?. Lol.
100k lease approved by Tom Staurt [lease manager] at Five points Capital?..It seems I must activate by Dec,07 2012?
I knew something wrong about the wehole 100K credit, as I have been struggling to educate and teach a lesson to my own bank about pre-approved credits or honors for credible and established small business, the wells fargo is only interested to make money out of business owners and individuals in every way possible, they have no such intention as to pre-approved credits or loans or business promotions, it is sad. So, I knew from Wells fargo that there is not any company out there who evaluate the individual and business owners by their worth, financial stability and strengths, but credit scores, reports and underwriters that totally believe in not customers. So, I knew this five point is some crap. So as soon as I came home I searched the internet. I searched the internet for consumer reports and background of this company, the first report is yours.
And, I am shreding both the credit card and congratulatory letter from five point, such bottom feeding companies and people behind must be sent to jail, or such companies must be shut down immediately before they rip-off and destroy peoples lives.
I have only one reason how this card was sent to me, I had applied for Dell business computer lease/credit application, and they probably sold my information to these five points. How else this can be explained since I have not made any credit application in almost a year or more?.
Consumers must be careful, do their diligence before getting fooled and conned by these bottom feeding, pathogens of our society.
Thanks for posting your story, it is quite timely and useful.