- Report: #584371
Complaint Review: Podium Financial Group - Irvine California
Reported By:
John Strong -
Muscatine, Iowa, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Podium Financial Group
19742 Macarthur #250 Irvine, 92612 California, United States of America
Phone:
949-222-5622
Web:
www.podiumfinancial.com
Categories:
Business Rating:
(0)
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Podium Financial Group Alister McNeil "NEVER A STRAIGHT ANSWER" "CON GROUP" Irvine, California
Podium Financial, President, Alister McNeill, will tell you there is no such thing as an interest rate when you are talking about a lease. If I ask him to explain the rate on a $8,396.72 monthly payment on a 36 month loan for 150K is he will say a payment because a lease does't have interest rates. My accountant will tell me it's over 50%,. but Mr McNeill will say he doesn't understand lease accounting. Then he wants me to pay 2 payments before he does documents, and sign over my real estate. He's a plain and simple crook. I also heard about his involvement with Creative Capital.I know how Scott O feels.
1 Updates & Rebuttals
Alister
Irvine,California,
United States of America
Lease rates
#2REBUTTAL Individual responds
Wed, March 24, 2010
It is almost funny what has been reported. However lets forget the humor and simply respond to the accusations. Podium Financial provides fundingfor equipment under a lease format. The federal government has specified that if a company(lessee) is to benefit from utilising a lease transaction then the documents can not state any interest rate referral or the transaction will be reclassified as a loan and only the interest portion will be tax deductible. If the transaction passes the litmus test as a lease then all the payment can be tax deductible.There are other considerations to qualify as well, however for this discussion , the difference between a loan and a lease is important. We typically charge the equivalent of 2% per month, sometimes slightly more . max ever would be 2.5%. This is actually on par and many times less than factoring and other asset based financing. We make funding available to difficult clients who can not get funding in normal situations-maybe credit issues, start up, unacceptable equipment etc. We have many many happy customers who would not have been able to get to where they are today without help from us. As to the alledged pricing, I have no idea where that has come from. If we were asked to price a $150,000 transaction , and if we would be interested in funding the deal,without knowing anything else about the transaction, we would be approx $5-$6,000 per month. Most leases nation wide charge a 1st and last months payment at beginning of lease which is payable at funding. I am really not sure this was worthy of a rebuttal....I am always available
