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Priority Capital

Phone: (800) 761-2118 Fax: (781) 321-4108 174 Green St, Melrose, MA 02176 http://www.prioritycapital.com

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Description

Priority Capital offers financing products to US businesses.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Priority Capital meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised the rating for Priority Capital include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 3 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.

Industry Ratings Comparison | Chart


Customer Complaints Summary Read complaint details

3 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 2
Total Closed Complaints 3

Customer Reviews Summary Read customer reviews

2 Customer Reviews on Priority Capital
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 2
Total Customer Reviews 2

Additional Information

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BBB file opened: February 10, 2006 Business started: 01/01/1997 in MA Business incorporated: 04/14/1997 in MA
Type of Entity

Corporation

Business Management
Ms. Sara Berg, Customer Manager
Contact Information
Principal: Ms. Sara Berg, Customer Manager
Number of Employees

34

Business Category

LEASING SERVICE FINANCING COMMERCIAL LOANS All Other Specialty Trade Contractors (NAICS: 238990)

Alternate Business Names
Priority Leasing, Inc.
Industry Tips
Newlywed Finances Read Before You Sign

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Complaint Detail(s)

5/30/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We delt with ***** ******* regarding purchase of equipment and he withdrew funds of $2713.00 on December 8, 2011 stating it was to secure loan and never heard back from anyone until February 13, 2012 and it was a wrong email from a different representative asking me to sign attached lease and document regarding a different company and equipment they are trying to purchase. We heard back from ***** first week of April 2012 that we need to sign documents again and send financials etc. he's trying to get us a loan? We have since decided to not go forward with this purchase and he states we will loose our monies. This has been a terrible experience and Priority Leasing has delivered poor customer service.

Desired Settlement: First an apology from Priority Leasing and secondly a refund in the amount of $2713.00

Business Response: On December 5th 2011 we received an approval to finance equipment for Perilous Times Restoration.  On December 6th 2011 we received a signed commitment letter from ******* ****** along with a deposit in the amount of $2,713.00.  On December 13th we received the signed equipment lease agreement from the customer.  This agreement clearly states that this is a non cancelable lease and the commitment letter states that the deposit shall be deemed earned in full. 

As soon as we received the documents, our funding department diligently started working with the vendor to start production on the equipment.  Although this process did take a little longer than usual, we were in constant contact with ******* ****** advising him of the progress.   On April 20th we were ready to release the funds needed for the vendor to start production, and only needed 2 papers signed from the customer in order to release the funds. At that point, we were advised that he was not moving forward.

Due to the non-cancelable verbiage in the agreement and the verbiage in the commitment letter stating that the deposit is considered earned in full at the time it was signed, it is not our policy to refund the money.  We have also had conversations with ******* ****** stating that his funds are considered earned and he acknowledged this fact.  We’d like it to be known that we still have an approval for Perilous Times Restoration, and we would like to proceed with the financing with the terms as agreed. We have advised Mr. ****** that his company may use 100% of these funds towards the advance payments of a future contract going forward.

Consumer Response:

I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********


Regards,

****** *******

 

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

3/7/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We are about to open a natural food store in Eagle, Idaho. The local company that is providing our POS system (cash registers) gave us the contact information for ******** ******* as a possible resource to finance the purchase of the equipment and software. It was all very quick - they had us send them their completed application form along with authorization to take ********* from our account as a good faith deposit. We understood that if the loan was not approved we would get a full refund. After hitting send on the email with the information I sent them I remembered that they had not yet got the answer to two questions I had asked before having them proceed. The first was about early payoff penalties and the second was about the rate on the loan. When they told us that we could pay it off whenever we wanted but we would still pay the entire loan amount with all interest for the term of the loan and that the rate was over 20% I told them not to proceed and to refund our money. They're refusing to do so saying we were approved for the loan so we do not get our good faith deposit back. They might have something signed to that effect but what happened was wrong on so many levels - it should be ******* and it just may be.

Desired Settlement: We want our deposit refunded back into our back.

Business Response: We received *** ********* application as a referral from a vendor relationship of ours on 2/15/12. Due to the startup nature of his business and the transaction, as well as the personal credit scores of the two owners, our only option for funding was one of our tier 4 underwriters. Startup businesses default over 50% of the time, and as a result, the rates on these transactions are on the higher side to mitigate the risk.
 
The sales rep on this transaction clearly explained to the customer that in order to move forward with an approval, we required first payment in advance. IF Priority Capital was not able to approve the transaction, we would refund the funds in full. However, it was clearly stated on the commitment letter/term sheet that Mr. ******* signed on 2/16/12 that if his company was approved, the funds would be considered earned in full. The terms of the deal were clearly laid out, and the customer signed off on them. It was not until after we received the approval from our underwriter, notified *** ******* of his approval, and subsequently sent out the documentation needed to fund the transaction that he informed us that he wished to back out of the deal.
 
We are not in the business to keep customer’s deposits, however when they sign off on terms we propose, we can only assume they agree to the terms and wish for us to proceed. There are costs associated with pulling personal and business credit, as well as documentation preparation & underwriting, and we cannot simply ignore these costs.  We are willing and able to still honor this approval for *** ******* and would like to do so. Further, we will waive all documentation and filing fees needed to fund the transaction (saving him over $700) as a sign of good faith. If *** ******* does not wish to proceed, these funds will stay in an escrow account until he wishes to purchase some additional equipment down the road. We are proud of our A+ Better Business Bureau Rating and feel as though we are doing all we can to rectify the issues and consider this complaint resolved. 

Consumer Response:

Better Business Bureau:

I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint * ********

[If you are rejecting the business's response please enter your rejection comments here.]

They do not deserve their A+ ranking as they are professionals at misleading vulnerable startup operators.  They DID NOT clearly state that the deposit would not be refunded and we asked in writing for them to not proceed until the two questions we asked were answered.  Therefore they should not have incurred any costs.   I wrote to them just after sending off the signed documents we signed and if you review them you'll see that it is NOT CLEAR what their intent was.  This is a business that does not deserve your highest rating and we have turned them in to the Attorney Generals office of both Massachusettes and Idaho.
Regards,

******* *******

 

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

9/9/2011 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: This was an equipment lease for a new franchise that I was purchasing. Since I had never leased anything before when **** said “no prepayment penalty” at the sales pitch during a new franchisee meeting, I assumed the lease worked like a loan where one would be able to pay off the amount with interest up to that date and there would be no additional fees. I was terribly wrong in my assumptions. I have excellent credit and the sales person, ***** said that the “rates” were based on my personal credit score. During my inquiry, I asked **** and was told their best rate was 10%. Several times I verified with **** that I would get their best rate. (To this date I don’t know if the 10% ever came into play at all). It had to be obvious that I didn’t understand leasing (I didn’t even know what questions to ask) but at no time did anyone explain exactly what I was getting into. I had difficulty in deciding whether to use their funding or not since it was not necessary for me to lease the equipment to have the financial means to furnish my new office. I had funds available but made the decision to go ahead with the lease to see how things went with this new business and then would pay it off in several months after I determined how the new business was going. I stated to **** that this was my intention prior to going through with the lease, however, no one informed me that this lease would cost me twice my equipment cost if I did that. After a year I requested from Priority the payoff amount. After inquiring several times, someone finally contacted me after 10 days. Here is the scam: The original cost of the equipment was $15,682. After 1 year I had paid to them $7,831. They said to pay off the lease I owe them an additional $19,349.43 plus, if I want to keep the equipment, I would need to purchase it with an additional 20% ($3,136), bringing the payoff total to $22,485! That $22,485 does not include the $7,831 that I have already paid them. After one year the total cost to own my $15,682 worth of equipment had escalated to $30,316. Calculate the interest rate on that for just one short year! Additionally, during this fiasco, Priority sent overight documents to me in a rush to get me to sign them and return them. The documents I received from them were not signed, nor dated, by anyone at their firm. Nonetheless, I followed their instructions by signing, sending a check, and returning the documents to them. I have yet to receive a copy, in return, that was signed and dated by Priority Leasing. About six weeks ago I inquired with **** regarding any chance of a discount for early payment, with no response.

Desired Settlement: I would like to be able to pay the company for the equipment with a "reasonable" interest rate.

Business Response: Sorry for the delay in the response we had a manager leave and had no record of receiving any notification of this complaint until we received a letter directly from the Beter Business Bureau. 

The documents that the customer signed are quite clear the payment and terms were clearly laid out.  It seems unfortunate that the customer did not take the time to read them before signing.  In an effort to resolve the situation we are willing to lower the end of lease purchase privlege to 10% of the original lease cost.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

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