Complaint Review: Provident Capital Funding

After now reading the RipOff reports, I see we are just a number of folks who have been ripped off by this company.  We received numerous calls from their sales force to see if we needed to finance additonal capital.  In March of 2012 we decided to purchase a machining center (used) and a CNC lathe.  Since the salesman had been so regular in calling us, we decided to use Provident Capital to finance our loan.  Now I say loan and they say lease.  I'm thinking they are one in the same since we have had other "leases" that have all been completed without any hassles.

We signed an Addendum B that stated we would have a $1 buyout.  Not any different than  our previous leases.  From March 2012 to April 2016 we made a monthly payment via Financial Pacific's fastpay account.

June 20, 2016 Anita Cardeno called to ask when we were going to start paying our lease payment.  Now we were actually 2 months behind according to her.  We were baffled.  We thought we had fulfilled our lease/loan agreement and were paid up in full.  Many times during the years, it was difficult to actually keep paying but we did not fail to do so.

She was offering us a payoff now.  The Addendum B we signed back in March 12, 2012, was mysteriously now not part of the original contract.  Oh yes, they never sent us a signed copy.  We only had our original copies that we fed ex'd to this company back in 2012.

We felt we had the right documentation to prove we had already sent the required letter that we wanted to own our equipment that we paid for with the Addendum B signed in 2012.  Seems you have to send a letter 120 days ahead of the final payment - that would have been December 2015.  

We were offered a payoff that was good for 7 days.  We'd pay one month plus some $295 fee for processing.  A little over $1500.  They said they had sent us statements.  We of course never received any of this.  We sent them back a letter saying we had the Addendum B that qualified as the 120 day notice and a check for $1.

They returned the envelope.  And, we received a note from Anita that they rescinded the payoff of June 21.  I feel we are screwed.  Anyone out there who has had a  good result from dealing with this company.  

I'm amazed that after receiving $60K on used equipment of $35K, they want more money.  What kind of business is this?  Please read these Ripoff reports before running away from these folks.  They are scary people.  We might have to return the equipment because we are retiring and want to just downsize.  I am 70 years and my husband is 63.  Just when you think things are doing well, this type of thing happens and you think wow, I paid off the machine and feel good about doing it.  Not now!