- Report: #173107
Complaint Review: Five Point Capital - San Diego California
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Five Point Capital
10525 Vista Sorrento Pkwy. San Diego, 92121 California, U.S.A.
Phone:
888-576-4685
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Five Point Capital Bait and Switch Dishonest Company ripoff San Diego California
I am a small business owner. I got a letter from Five Point Capital which stated that my business was pre approved for a $100k lease line of credit. When I called Five Point, I spoke to Nicole Clouse who was my "account exec". She said that I had been approved for the loan and I just needed to fill out a verification form, She faxed me the form which I filled out and faxed back. I did not lease anything at that time but I did get "statements" in the mail which showed the available credit and my balance of zero.
After a couple months I needed a new work truck. I called Nicole to see about a lease for the truck. She told me I was already approved and that I should shop for a truck. When I find one I should agree on a price and have the dealer write up a contract. I would just need to fax her the contract and there would be a check sent to the dealer next day.
When I found a truck and faxed her the contract, she sent me a long credit app. Turns out I had not actually been approved for anything. Nicole stated that she would "submit my app and see what they say". They turned down my app. Here I was told I had 100k in credit and couldn't get a 9k truck. And had to break the contract with the dealer which cost me $$$.
I am submitting formal complaints to the IL and CA Attorney Generals as well as the Illinois Department of Financial and Professional Regulation. I have also been told that when Five Point Capital does approve lease loans it is at a much higher rate then others. Nicole Clouse also told me that Five Point is not a broker. I have learned this is also not true.
Ben
cary, Illinois
U.S.A.
After a couple months I needed a new work truck. I called Nicole to see about a lease for the truck. She told me I was already approved and that I should shop for a truck. When I find one I should agree on a price and have the dealer write up a contract. I would just need to fax her the contract and there would be a check sent to the dealer next day.
When I found a truck and faxed her the contract, she sent me a long credit app. Turns out I had not actually been approved for anything. Nicole stated that she would "submit my app and see what they say". They turned down my app. Here I was told I had 100k in credit and couldn't get a 9k truck. And had to break the contract with the dealer which cost me $$$.
I am submitting formal complaints to the IL and CA Attorney Generals as well as the Illinois Department of Financial and Professional Regulation. I have also been told that when Five Point Capital does approve lease loans it is at a much higher rate then others. Nicole Clouse also told me that Five Point is not a broker. I have learned this is also not true.
Ben
cary, Illinois
U.S.A.
1 Updates & Rebuttals
Ben
cary,Illinois,
U.S.A.
Five Point Capital Makes It Right!
#2Author of original report
Tue, March 07, 2006
I was contacted by the COO of Five Points Capital. He stated that he was very sorry about the situation and wanted to make things right. He offered to pay the costs of breaking the contract to the dealer. I accepted his offer and the dealer was paid for the cost of breaking the contract. Now I am not out any money. It is nice to see a company step up and do the right thing when there is a misunderstanding!
