Keystone Capital
Austin,#2REBUTTAL Individual responds
Tue, June 16, 2009
The facts of this complaint are untrue and completely absurd. The customer states Keystone's had 10 complaints since Feb on the BBB when in fact, Keystone's had only 10 complaints in 36 months and all of our complaints have been satisfied. It's important to take into consideration the number of clients we process each month and that statistically the number of complaints we have are less than a fraction of a percent of our total customer base. This transaction was not consummated due to the customer not being able to supply Keystone Capital with his most recent 18 months worth of financial history. This customer had very challenged credit and it was explained to him verbally and in writing that the transaction required additional due diligence and that final approval was pending on his transaction. The finance proposal that the customer signed states, Lessee agrees to furnish Lessor with current financial and/or credit information as they may require. Because of the challenged credit of the customer, on 04/20/2009, Keystone Capital and its assigns requested a complete financial package for consideration of the requested lease financing. The financial information requested was the Lessee's last 2 years Federal Tax Returns, 2008 year-end financials, and 2009 Interim Income Statement and Balance Sheet. The customer only provided financial information up to 12/31/2007, stating that 2008 had not been filed and that year-end financials for 2008 and Interim Income Statement and Balance Sheet for 2009 were not available. This leaves 18 months worth of unexamined financial information that cannot be reviewed as part of the Lessors review and due diligence. This caused severe delays in his transaction. Although the support documentation we received was incomplete, Keystone Capital in good faith continued to pursue the transaction. Unfortunately the incomplete financial information proved to be inadequate because it did not give the Lessor any current financial data and as such a decision could not be rendered under the current structure, thus forcing Keystone to take a different direction. Keystone made an effort to offer the customer alternative lending options, however these were rejected by the customer as it did not meet his timeline or interests. Keystone Capital acted in good faith throughout this transaction and offered the customer solutions and alternative options, when most other finance companies would have terminated the account following the customer's inability to provide his latest 18 months of financial data. We are offering the customer a full refund of his monthly payment and security deposit, minus a non refundable fee, which he agreed to and acknowledged in writing was non refundable. Again in good faith, we've agreed to apply the fee as a credit toward a future transaction, pending final approval.