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  • Report:  #867333

Complaint Review: Lease Process

Lease Process VestCapital LLC False practice, deceptive sales tactics - lies. Arvada, Colorado

  • Reported By:
    Rebecca — Westerville Ohio United States of America
  • Submitted:
    Thu, April 12, 2012
  • Updated:
    Mon, March 30, 2015

This company failed to inform me about a surcharges and lied to me about the business lease showing on personal credit.

I dealt with James Stanislowski regarding this lease.

I was specifically told during the arrangement of this loan that the "best part" about going through their lease service for our business equipment was that the amount finances would NOT be reported on our personal credit. And that I could take out the max amount of the loan and still be able to get another business loan down the road because this wouldn't ever affect my credit. Thank goodness my gut instinct was to not take out a "max" loan with them.

Well, today we went to trade in our car and found out that our credit scores tanked over 100 points because it was showing we had a $24,000 loan on our personal credit.

When I emailed Jim this evening about our concern, he now said that they only "report to Experian." When I replied that #1 it wasn't supposed to show at all and #2 they ran Transunion he failed to respond to that second email.

Secondly, the loan payment is $100 more than the signed, contracted loan amount. I am now being told that it was due to
some sort of insurance fee that was never disclosed to me at the signing of the sale and I already have insurance on the equipment and my  business. He is putting it off on the loan company now and refuses to help resolve this issue.

I feel this company uses deceptive sales tactics and does not disclose the full details of the transaction to the customers.

1 Updates & Rebuttals


Customer Service

Colorado,
USA

Response to Complaint

#2REBUTTAL Owner of company

Mon, March 30, 2015

In April of 2012, this complaint was filed, settled and closed with the Better Business Bureau.

LeaseProcess does not report our commercial finance and lease agreements to the national personal credit agencies unless a business is delinquent or defaults on the contract.

When this customer decided to finance less money, we were able to get them better terms through a third-party lender who does report to the credit agencies.  Paragraph three on page two of the lease agreement they signed with the other leasing company states in capital letters that the lease will be reported to the credit bureaus.

As a normal business practice for equipment finance leasing companies, insurance is reasonably required to protect our collateral interest.  This requirement is also clearly stated in the contract.  When this customer provided their own coverage we helped them get all of the charges removed.

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