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Five Point Capital

Additional Locations

Phone: (888) 576-4685 Fax: (888) 462-4305 View Additional Phone Numbers 13280 Evening Creek Dr S #200, San Diego, CA 92128 View Additional Email Addresses http://www.fivepointcapital.com

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Description

This company offers working capital and small ticket leasing to small businesses.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Five Point 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 Five Point Capital include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 55 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

55 complaints closed with BBB in last 3 years | 3 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 17
Billing/Collection Issues 15
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 23
Total Closed Complaints 55

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Five Point Capital
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

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BBB file opened: October 23, 2001 Business started: 02/01/1999 in CA Business incorporated: 01/27/1999 in CA
Licensing

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Department of Business Oversight (DBO)
7575 Metropolitan Dr #108, San Diego CA 92108
http://www.dbo.ca.gov/
Phone Number: (866) 275-2677
Fax Number: (619) 682-7217
The license number is 603A169.

Type of Entity

Corporation

Business Management
Mr. David Gilbert, CEO
Contact Information
Principal: Mr. David Gilbert, CEO
Customer Contact: Ms. Sandra Otero, Portfolio Manager
Related Businesses
National Funding Inc
Number of Employees

55

Business Category

Financial Services Leasing Service Business Services - General Credit Card Processing Service Loans - Small Business

Industry Tips
Debt Relief Strategies Financial Industry High Pressure Sales Tactics Identity Theft Savvy Consumer

Additional Locations

  • 13280 Evening Creek Dr S #200

    San Diego, CA 92128 (800) 317-3404

  • PO Box 503450

    San Diego, CA 92150 (888) 576-4685

  • 1
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Professional AffiliationsX
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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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BBB Complaint Process

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Additional Phone Numbers

  • (800) 317-3404(Phone)
  • (866) 561-0721 (Fax)
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Additional Email Addresses

  • - Communication/Mass Email
  • - eQuote
  • - Customer Service
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Complaint Detail(s)

12/6/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Business regularly makes unauthorized credit inquiries, although I have never borrowed from them.

Desired Settlement: Stop making credit inquiries.

Business Response:

We have removed **** ** from our system.

 

thank you

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

**** **

BBB's Final Determination: Consumer accepted resolution offered by the business.

10/8/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Five Point Capital has used misleading marketing to advertise a one dollar lease to buy plan, in which you can buy the equipment at the end of your lease for a dollar. The catch is you must notify them at least 120 days ahead of time if you would like to buy the equipment, otherwise your lease renews for another year. As a result of this clause, we were forced into a renewed contract (after completing the 60 month lease). We have paid over 73 months now on one of our 3 lease agreements which were made at the same time. We were told by Mr. ***** *********, Senior Account Manager, who stated we could purchase our equipment for one dollar at the end of each lease agreement. So, of course, being a small family business (less than 8), we thought Five Point Capital would be a good investment. BUT, UPON COMPLETING THE FIVE YEAR LEASE AGREEMENT LAST YEAR, ****** *****, Five Point Capital’s Portfolio Manager stated the clause of our company “not stating our intentions of purchased equipment”. I stated to her, from the very beginning of the lease agreements it was firmly stated to Mr. ********* that we want to purchase our equipment outright. So of course, at the end of the lease we were waiting for the one dollar buyout, but instead, more funds were taken from our bank account. Ms. ***** stated letters were sent to us asking of this, I stated to her I did not receive any, she stated it is in the agreement and that we are forced to pay another year or we, both our family business and I will face a lawsuit, she knowingly says this after I mention I have just had my sixth child. I did mention to her many times on the phone and through e-mails that I have been vigilantly trying to contact someone through Five Point Capital, since 2009, for answers on errors on our agreements to no avail. I tried contacting Mr. ********* through e-mail for assistance, but he e-mailed me back to contact a Sheba Frost, who on 1/30/12 stated through e-mail that she would respond to my questions. She did not, she left the company a couple weeks later. I have also stated to Ms. ***** that we have never wished to continue with this lease agreement for such a long time and she repeatedly states it’s a rent agreement. I stated on the top of Five Point Capital’s form it states in clear and plain English “Lease Agreement”. Throughout 2013, I have asked multiple times on the final payment amount, knowing the “automatic renewed lease” was coming up and she did not reply until the leases expired or “matured” AGAIN! Now, after paying another two months (on three loans), she is stating we owe another $90,000.00?! We have so far paid $246,461 on a $150,000 lease #5961B (they are trying to force us to pay another $45,000). They want a total of $291,461 on a $150,000 lease?! That is a far cry from a $1 buyout! I think we have overpaid and paid enough! We again have so far paid $198,911 on a $110,000 lease #****** (they are trying to force us to pay $30,000). They want a total of $228,911 on a $110,000 lease?! That is a far cry from a $1 buyout! I think we have overpaid and paid enough! And $109,216 on a $70,000 lease #****** (they are trying to force us to pay another $15,000). They want a total of $124,216 on a $70,000 lease?! That is a far cry from a $1 buyout! I think we have overpaid and paid enough! We are in our 24th year of business and have dealt with many Equipment Lease Companies, but NONE has ever lied and tricked us the way Five Point Capital has. I believe we have now paid at least three times our equipment's retail value which was originally purchased in 2007. We believe we have paid above and beyond to Five Point Capital. We have followed their “clause rule”, but are still being taken advantage of. This sort of leasing practices exemplify big business taking advantage of unwitting small businesses for profit.

Desired Settlement: We believe we have paid above and beyond what was originally agreed upon. We do not want to pay a penny more to Five Point Capital.

Business Response:

Good Morning,

We made several attempts to reach out to this customer prior to this complaint and received no response. We have begun pursing this customer legally so we are unable to comment or respond to this situation as we have retained an attorney and are in the process of filing suit.

Thank you

Five Point Capital

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

8/7/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: In 2008 I leased a **** Van with 100,000 miles on it. Fiveponit Capital advertised a $1.00 buyout at the end of the lease. When the lease was up in May I was expecting a $1 buyout. They now automatically roll your lease over for another year. The did the bait and switch on me. Sending me documents that are next to impossible to read. They are not willing to work out an agreement. The Van has 300,000 miles on it now, and is not worth anything. Be careful of this company.

Desired Settlement: They should honor the $1.00 buyout on a vehical that has run it's course with 300,000 miles on it.

Business Response:

This customer has retained an attorney regarding this matter and we are communicating with them directly. Unfortunately I am unable to respond in this forum since we are communicating with the attorney directly.

Thank you

Five Point Capital

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

5/21/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I leased a truck through five point capital that was supposed to have a dollar buy out at the end of the 60 month lease. only to find out after sixty months they would not honor the buy out for a dollar and they want me to continue to rent the truck from them because there is no dollar buy out they just give me the run around and wont answer any questions. they just refer back to contract and say that i signed it and that is all that matters. I have paid the agreed upon amount and now i would like to get my title for the truck for the dollar buy out that was agreed upon. i have read many complaints against this company that they do this same thing to a lot of people.

Desired Settlement: i would like to purchase my truck for the dollar buy out that was promised by the salesman that sold me my lease. i have kept my end of the contract for 60 months they should honor the agreement and let me buy my truck for the agreed upon one dollar amount at the end of the sixty months

Business Response:

We are writing in response to the consumer’s complaint of ***** ********. Thank you for bringing this matter to our attention.

Five Point Capital and Mr. ********* worked together in April of 2008 to secure lease financing for equipment for his business.  Five Point Capital offers a variety of lease options to potential customers.  Our account representatives are trained to outline the advantages and disadvantages of the various types.  We also encourage our consumers to consult their tax advisors because lease payments can be tax deductible.

It is the customer’s responsibility to read the contract and confirm the options that were discussed.  All terms and conditions of the Lease Agreement are in plain english and clearly outlined.

While we may send documents via facsimile for signature, we also offer the customer the option to receive the documents via email, UPS or Federal Express. The account representative typically calls to review the document once they are received by the customer.  Also, it is Five Point Capital’s practice to have a non-commissioned employee confirm the details of the contract with the customer prior to funding.  The customer has the opportunity to discuss the terms of his contract with two separate people.

We apologize for any confusion Mr. ******** may have regarding the terms he agreed to.  We would like to have Mr. ********'s business in the future so we have notated his account regarding this complaint and are willing to waive our documentation fee on his next lease.

Thank you for the opportunity to respond to Mr. ********'s complaint.  We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint. 

 

Thank You

Five Point Capital

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

5/20/2013 Problems with Product/Service | Complaint Details Unavailable
5/8/2013 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: We entered into a 60-month lease with Five Point Capital in August 4th 2006, ending in August of 2011. We were told that it would be a dollar buy-out at the end of the lease. In the process of discussing this buy-out with at Five Point, we were told that was not part of the lease agreement. ***** was aware all along that we had intended to purchase at the end of lease in 2011. We were never notified and the lease was renewed for another year. We had our lawyer try to come to an agreement with Five Point to no avail so we ended up having to lease the equipment for another year. At the end of the extra year we informed ****** who had taken ****** place that we wanted to buy equipment at the end of the lease. We made an offer and it was rejected by Five Point. I had two independent experts, appraisals of the hyperbaric chamber and the $12,000.00 that Five Point was asking was well over the value. The appraisals were $1,800.00 to $3,000.00. The chamber also needed to have $8,000 to $10,000.00 worth of maintenance done. I was informed that the chamber we had been using should only be considered for veterinary use. I was willing to pay $3,000.00 for the chamber and do the upgrades to bring up to standard. Five Point made well over $110,000.00 dollars on a piece of equipment originally valued at $38,000.00. ****** at Five Point was told we would return equipment at the end of the lease. The Hyperbaric is a large piece of equipment that we had to remove walls and doors to get out of our building. I waited for ****** to let me know where to send the chamber and made every effort to coordinate contractors and freight companies.. Because ****** took so long, over 2 weeks to give me an address, I had to release the contractor until I heard where to send the chamber. Finally I was given an address and the equipment was returned to Five Point. Now Five Point wants me to pay another month for the lease of equipment because it was a few days past the end of the lease.

Desired Settlement: I would like Five Point to close the lease paid in full and take responsibility for not giving us address in a timely manner to return this equipment. I would also like to know that they will make all the safety upgrades to the returned Hyperbaric that will bring it to code. The equipment should not be used or sold until then for the safety of the patient and operator.

Business Response:

Good Morning,

This customer was required to provide notice of their intent to purchase or return this equipment. They decided at the last minute to return the equipment and due to the size of the equipment it took us 2 weeks to give them a return location. The customer then refused to return the equipment until the following month so they obligated themselves to another months payment. We let the customer know ahead of time that if they refused to return the equipment within the time frame alloted they would be required to pay an additional payment for the month of use. We have made several attempts to speak with the customer directly but she will not speak with us. The only person we have been able to communicate with thus far has been her associate ***.

According to the terms of the agreement the contract should have renewed for an additional 3 months regardless of the customers posession of the equipment. We are only collecting the months that the customer had posession and use of our equipment.

Thank you for the oppertunity to respond to this issue.

Five Point Capital

Business Response:

Good Morning,

This customer was required to provide notice of their intent to purchase or return this equipment. They decided at the last minute to return the equipment and due to the size of the equipment it took us 2 weeks to give them a return location. The customer then refused to return the equipment until the following month so they obligated themselves to another months payment. We let the customer know ahead of time that if they refused to return the equipment within the time frame alloted they would be required to pay an additional payment for the month of use. We have made several attempts to speak with the customer directly but she will not speak with us. The only person we have been able to communicate with thus far has been her associate ***.

According to the terms of the agreement the contract should have renewed for an additional 3 months regardless of the customers posession of the equipment. We are only collecting the months that the customer had posession and use of our equipment.

Thank you for the oppertunity to respond to this issue.

Five Point Capital

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

4/19/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We have found a dispute in our bank account where Five Point Capital was withdrawing on a lease that was consolidated of which they drew the correct amount each month and then started taking the old amount as well as the new amount. We contacted them and requested a refund and correction for the monies taken without authorization. After discussing with ****** *****, Portfolio Manager for Five Point Capital on numerous in this regard, she was the only person that we could discuss this matter with. She was supposed to get back in touch with us and has failed to respond and now additional money has been withdrawn from our checking account. We sent a request to ****** ***** and Five Point Capital as stated in the contract agreement to revoke our authorization to electronically withdraw funds going forward as they have overdrawn creating an overpayment on this account. On March 14, 2013, we notified Five Point Capital through Certified Mail to their PO Box and their street address, 3 different email accounts and two different fax numbers of which we have not had our return receipts for the certified mail delivery after two weeks. After no response, I called her to seek resolution and information. She assured me that all of this would have been settled by the 22nd. I have not heard from her since that time.Could you please post a FRAUD alert for this company as I feel ignoring my requests this is not normal for banking institutions or financing firms to not follow through with their accounting errors. This is not normal business after this amount of requests and this amount of monies. we have placed in order to resolve this matter and after dealing with them for the past 60+ months now discovering their mistakes, I will never do business with this company again and I would advise any other business to go elsewhere for their financing business. I will persue legal constraints against Five Point Capital if this is not resolved and payment refunded to our business for the overdrafts.

Desired Settlement: I would like to be contacted by Five Point Capital by tomorrow, Friday March 29, 2013 or no later than the next business day they are open. I want to be refunded the overdrafted amount taken from my checking account.

Business Response:

We have resolved this complaint and consider this matter closed.

 

Thank you

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

4/19/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: This company has been unscrupulous since day one when I obtained my first lease for equipment. They have withheld explanations on how their system works and it is appalling that they concede there business practice is acceptable. In 2008, I had leased equipment with the understanding of it being the same as a simple interest loan. "Similar to buying a car" was my analogy. That is correct according to the agent at the time- ** ****. It is actually not like a simple interest loan in that they will expect you to pay ALL of the interest first then the the item then a $1 buy out.I am realizing now that the picture gets even more unacceptable. In the last lease I did they duped me into a "Fair Market Value" buyout. Meaning , from what I learned this morning, that I am renting the $30,000. dollar camera from them and at the fruition of my payments I get to buy the camera again for the fair market value. Paying nearly 100% interest. The people who I worked with to acquire the equipment no longer work there. My options now, according to ****** the Manager, are make the rest of the payments till March 2013 and then buy the camera somehow for fair market value or finish the payments then give them my camera, or don't make the payments and be sued for the remaining payments plus fair market value and taxes.I don't know about you but this is nothing short of a scam as far as I can see. I am not in finance so I ask questions similar to what I know-Like buying a car-Simple Interest, ...

Desired Settlement: Although I am not comfortable in even the $1 buyout, I would expect that they would allow me to make the remaining payments an change my current Fair Market Value travesty to the $1 buyout.I use this camera to try to make money. We have a different economy now than in 2008. I will honor my payments until 2013 but I believe that this company and their type of tactics should agree to the buyout and also be liable to explain the system prior to in a way that the customer can understand

Business Response:

We are writing in response to the consumer’s complaint of Mr. ***. Thank you for bringing this matter to our attention.

Five Point Capital and Mr. *** worked together in March of 2008 to secure lease financing for equipment for his business.  Five Point Capital offers a variety of lease options to potential customers.  Our account representatives are trained to outline the advantages and disadvantages of the various types.  We also encourage our consumers to consult their tax advisors because lease payments can be tax deductible.

It is the customer’s responsibility to read the contract and confirm the options that were discussed.  All terms and conditions of the Lease Agreement are in plain English and clearly outlined.

While we may send documents via facsimile for signature, we also offer the customer the option to receive the documents via email, UPS or Federal Express. The account representative typically calls to review the document once they are received by the customer.  Also, it is Five Point Capital’s practice to have a non-commissioned employee confirm the details of the contract with the customer prior to funding.  The customer has the opportunity to discuss the terms of her contract with two separate people.

Mr. *** has been in discussions with our Portfolio Management department regarding fulfilling his lease obligations since June 24th 2008. We look forward to working towards a positive solution with the customer.   

We apologize for any confusion Mr. *** may have regarding the terms he agreed to.  We would like to have Mr.***'s business in the future so we have notated his account regarding this complaint and are willing to waive our documentation fee on his next lease.

Thank you for the opportunity to respond to Mr.***'s complaint.  We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint. 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

The complaint has not yet been resolved. 

 

**** ***

Business Response:

Good Morning,

We would be willing to discount the customers purchase option on this contract to $9,500.00 plus tax at maturity. The customer is required to provide notice of his intent by November 1st so we can record this appropriately for puirchase so we would need him to confirm in writing his acceptance of this resolution.

We appreciate the opportunity to address Mr. **** concerns and looking forward to resolving this issue.

Thank you

Five Point Capital

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I have previously filed a complaint with this company that dealt with their practice of not disclosing accurate information on the loan when it was taken out. I was upset and verbalized it to them through BBB. I paid many thousands of dollars over the amount, more than double, for the product. I was explained that their resolution would be to take a thousand off the total debt and that I would be liable for the fair market value, which was determined by them to be a $9500.00 buy out. I decided to do some research in the event they are trying to pull another fast one. Low and behold the average price and fair market value of this, from numerous sources, is actually $4500.00. I did my part even though I disagree with their practice. This is ridiculous. I would like for them to disclose where they got this information of $9500.00 for a refurbished or used item that was financed. I can supply numerous blogs and sites that substantiate my number. Some are as recent as January 2013.
 
I will agree to a buy out for the true fair market value. I will not allow myself to be unscrupulous and I want them to be accountable to the same standard

 

Regards,

******* ***

BBB's Final Determination: Business agreed to arbitrate the complaint but the consumer declined.

4/12/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I received credit card from Five Point Capital with up to $150,000 credit. I did not request this credit card and do not want any further credit cards or mailings from Five Point Capital. The letter is on letter head that includes a BBB A+ rating but printed upside down on the letter head. I am concerned as to how reputable this company is given the quality of the mailing and the sending of a credit card that was not requested.

Desired Settlement: I do not want any further credit cards or mailings from Five Point Capital. Please have them remove me from their records.

Business Response:

This customer has been removed from our marketing system.

 

Thank you

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

***** ******

BBB's Final Determination: Consumer accepted resolution offered by the business.

4/8/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: In 2008 I purchased a vehicle with Five Point Capital and was told I would have a dollar buy out at the end of my 60 payments.I have paid my 60 payment and now I have been told that I am into another 12 months of payments because I was put into a fair market account and could buy out my vehicle after another 12 payments. I did not receive any notice on this and have been waiting for my title, so I was really surprised when I received a bill stating this vehicle which is a 1997 and have already paid over $67,895.40 for already was not mine. I feel that i was lied to and taken advantage of. I would have never leased a vehicle without the dollar buy out.I have called and talked to ****** the ****** ******* and she said I can buy it out if I pay another 12 payment totaling $18,579.08 . I feel that we should have been notified about the buy out my contract just ended in February and the have me in another 12 months with the option to buy out then.

Desired Settlement: I would like to be able to buy my vehicle for the dollar buy out I was told in 2008. I did have plans to purchase another vehicle through them, but this company seems to have a tarnished history of doing this to a lot of people. I feel I should be held for the 12 more payments.

Business Response:

We recieved a settlement agreement from the customer after this was posted and consider this closed. Also, I submitted this previously and it isnt showing?

Please let me know if you have any questions.

Thank you

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

4/8/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: My company has received several unsolicited mailings with what appears to be a valid credit card stating we have funds available up to $150,000. The label on the credit card says to Call to Prevent Unauthorized Use. To date I have shredded all letters and credit cards, including this latest mailing, in hopes they would stop sending them. These mailings seem to be a dangerous practice and puts an unnecessary burden on businesses to make sure this card isn't accidently activated.

Desired Settlement: I would like my company to be removed from all future mailings from Five Point Capital.

Business Response:

Good Afternoon,

 

We have removed this customer from receiving any future marketing information.

 

Thank you

Five Point Capital

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

3/29/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I received an unrequested credit card for my business for up to $ 150,000 if I call before April 11, 2013. They are advertising a A+ rating by the BBB but it doesn't even have an address for the business. This appears to be a scam.I would like my contact information removed from their database.ASAP.

Desired Settlement: I would like my contact information removed from their database.ASAP.

Business Response:

We have removed this customer from our database.

Thank you

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

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

BBB's Final Determination: Consumer accepted resolution offered by the business.

3/27/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Received a prequalified Platinum Lease Card, with a $100,000 credit limit. I did NOT request or apply for said card. I do not wish to have any Pre approved credit cards sent to me that I have not requested. Anyone could activate this card just by calling a 800 number. This has to stop. I do not want my credit rating damaged by fraudulent people like these people.

Desired Settlement: Have my name and company's name removed from their company immediately.

Business Response:

Good Morning,

We have removed this customer from our mailing list.

 

Thank you

 

Five Point Capital

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

2/25/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Five point capital uses deceptive marketing to advertise a one cent lease to buy plan, in which you can buy the equipment at the end of your lease. The catch is you must notify them at least 3 months ahead of time if you would like to buy the equipment, otherwise your lease renews for another year. As a result of this clause, I have been forced into a renewed contract ( after completing my 5 year lease) meaning I will have to pay double the retail value of the equipment or I face lawsuit and repossesion threats.

Desired Settlement: I would like to have my renewed contract terminated allowing me the opportunity to buy the equipment as their marketing suggests, a one cent purchase upon completing terms of the lease.

Business Response:

Good Morning,

This customer called in after this email and paid off the account. The lease has now been closed and the cusotmer owns the equipment. We assume that this matter is closed. I apologize for the delay in response.

Thank you

Five Point Capital

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

2/15/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: We received a what looks to be a credit card and letter for working capital funds up to $150,000. At no point did we request this information. This looks to be a scam, with just a phone number or online website to gain further information. And a phone number to release the funds. After looking at the BBB reports, there were to many complains to have this company removed from the mailing lists. No other information regarding the complaints. We have claim number ********* assigned to our business of ** ******* * ************* ***. (****** ** *** ***** **** *********** ** **** **** ******** ***********

Desired Settlement: Please have this company remove us permanently from their mailing lists for any future unwanted solisitations.

Business Response:

Good Morning,

As requested, we have removed this company from all future marketing.

Thank you

Five Point Capital

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

***** *****

BBB's Final Determination: Consumer accepted resolution offered by the business.

2/13/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Entered into 60-month lease with Five Point Capital in April, 2008, which was just about to end. The lease was for a truck which is no longer in service, a fact that was made clear to them in 2010. Now, even though the lease doesn't renew until April 2013, and even though we contacted them to cancel the lease on December 28, 2012 (14 calendar days after their deadline of questionable legality), they refuse to allow us to return the equipment and cancel the lease. We attempted to speak cordially with their representative, their manager of leasing, who held fast to their arbitrary 4-month deadline. They are trying to force us to continue making lease payments on an inoperable truck for another year. This sort of leasing practices expemplify big business taking advantage of unwitting consumers for profit.

Desired Settlement: We would like to cancel our lease, as we requested, for the truck that we reported inoperable in 2010, especially since the company with whom the lease was written is no longer in business.

Business Response: Good Afternoon, I am in receipt of the complaint filed by an associate on behalf of **** *****. **** called into our company back in 12/2010 and took issue with an insurance charge that was on the account. Shestated at that time that they did not want to satisfy the agreement because the business was closed. We informed the customer at that time that she would be fully responsible, since this lease is personally guaranteed, for the remainder of the contract regardless of the status of the business. I do not see any notes regarding any damage to the equipment, and if there had been, the customer should have filed an insurance claim as required by the contract to have them pay off the balance. The lessee is responsible to keep the equipment in good repair and working order with all maintenance up to date. We sent the customer out a notice in October of 2012 to remind them that they needed to provide notice as to their intent on the contract. We did not receive any correspondence back from the customer so according to the terms of the agreement the contract renewed. The customer called in and asked for a payoff quote back in December and we sent over the remaining balance of the payments, the fair market value of the equipment in good condition, as well as extending a very generous discount of $3500.00 if they chose to payoff the agreement early. We are not required to give a discount contractually but we like to offer an incentive to our clients to payoff early. At this time the current payoff on this contract is $8,967.13. We would be willing to bring the payoff down to a lump sum payment of $7,500.00. Upon acceptance I will forward an amended payoff to the customer.   Thank you Five Point Capital

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

1/31/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I received a letter with a card and a yellow sticker stating " call to prevent unauthorized use" for funds available $150,000.00 first of all I have not request any loan to this company, I have notified all 3 credit bureaus with a fraud warning and my credit is frozen,I do not appreciate how in the world this company is allowed to do such thing!I would like them to remove my personal and bussines information from their data base and their mailing list!!! I believe this is a scam!!!

Desired Settlement: I would like my personal and bussines information removed from their data base and mailing list.

Business Response:

Good Afternoon,

We have removed this customer from our database and apologize for any inconvenience.

Thank you

Five Point Capital

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

1/30/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I am the bookkeeper for *** ****** *********** ***. and we are constantly receiving unsolicited credit cards stating funds up to $150,000 available with the owner's name and business name printed on them with what appears to be a valid account#. In this day and age of mail theft and identity theft I think sending an unsolicited seemingly valid card through the US postal service is dangerous. If this envelope was erroneously delivered anyone could activate it causing our business serious harm. Additionally I'm getting tired of having to shred these weekly. We would like our business name removed from all future mailings. Furthermore I find it appalling that BBB gives them an A+ rating simply because they comply with the requests. There have been numerous complaints all about the same advertising practice and that, in and of itself, warrants a downgrade in the business rating. They proudly use the BBB A+ rating on their unsolicited mailings and that use - in my mind - downgrades the purpose of the BBB ratings.

Desired Settlement: Remove *** ****** ************ **** *** ******** ********** ***** *** ********** ** ***** from ALL future mailings.

Business Response:

Good Afternoon,

We have removed this customer from our system and apologize for any inconvenience.

Thank you

Five Point Capital

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

1/7/2013 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I received an unrequested credit card for my business for up to $ 150,000 if I call before Jan 11, 2013. They are advertising a A+ rating by the BBB but it doesn't even have an address for the business. This appears to be a scam.I would like my contact information removed from their database.

Desired Settlement: I would like to have my personal and business information removed from their mailing lists.

Business Response:

Good Morning,

We have received the complaint filed by ****** ** ***** ***. Our contact information is listed on our website on the mailing as well as on the envelope that the mailing was sent in. I have removed this company from any future mailings and apologize for any inconvenience.

 

Thank you

Five Point Capital

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

****** *****

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/21/2012 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I am writing to the BBB because we would like to place a complaint on Five Point Capital;1) About five years ago I entered in an agreement with Five Point Capital. At the time Five Point Capitals sales representative assured me that after leasing the equipment for 5 years I would have the option to purchase the equipment at around 5% 10% of the value. He even went as far as to say that Five Point does not want the equipment back as they are a finance company not a second hand machinery company and are highly negotiable on the final payouts. Based on this assurance we agreed to sign the lease. 2) A few months before the lease was to expire (over five years later) we submitted 2 certified letters, as per the contract agreement, to exercise the option to buy. We were advised via an email on 11/9/11 that we would have to pay additionally around + or - 30%. To make matters worse the email was not accurate and listed Remaining Lease Payment" that was irrelevant as it was my intention to complete the lease then pay the final "fair market value" that was promised to be around 5% to 10%. At that point I realized we were dealing with predatory lending practices using bait and switch techniques to get people to enter into lease contracts. We wrote an email to Five Point Capital stating that this is not what was promised at the sign up of the lease. We have since paid the lease in full while Five Point continued to auto-withdraw from my business account, which we have now allocated to the final 5% payout amount.3) We have repeatedly asked Five Point Capital to give us a final payment amount that is in line with what they promised. We have rejected the 30% payout. We have received nothing from Five Point except threats ever since, Five Point has not bothered to respond to any of my concerns raised in my numerous emails over the past 9 months and have not negotiated with us in good faith. We found 72 complaints with the BBB (A+ rating??)and 18 complaints on Rip Off Report, http://www.ripoffreport.com/directory/Five-Point-Capital.aspx

Desired Settlement: Their only solution is to send threatening emails stating that we are in default. We are asking that the Better Business Bureau assist us with finding someone who can resolve this matter amicably without having to resort to legal action. We are also requesting that they return the funds that they unlawfully withdrew from our account (with fees and interest).

Business Response:

Good Morning,

We are writing in response to the consumer’s complaint of *** ******. Thank you for bringing this matter to our attention.

 

Five Point Capital and Mr. ****** worked together in April and May of 2008 to secure lease financing for equipment for his business.  Five Point Capital offers a variety of lease options to potential customers.  Our account representatives are trained to outline the advantages and disadvantages of the various types.  We also encourage our consumers to consult their tax advisors because lease payments can be tax deductible.

 

 We have found confirmation in our files that there was a disucssion at the begining of the transaction regarding all of the different lease options Fair Market Value and $1 buyout. Mr. ****** opted to choose a Fair Market Value transaction due to it having the lowest payment on a monthly basis. The representative reviewed through the terms of the fair market value with Mr. ******, as acknowledged previously, prior to executing the agreement. It is clear by the notes that ******** indicated that the purchase option is negotiable but there was no stated amount since there isnt one in the contract. 

 

Mr. ****** provided his letter of intent to purchase but failed to comply with the agreement by purchasing the equipment at maturity. According to the terms of the agreement Mr. ****** should now be responsible for an additional 12 months of payments and they should now mature in 2013. We are willing to waive this contractual requirement and offer Mr. ****** a lump sum payoff of the 2 agreements of $9,500.00.

Upon acceptance we will forward Mr. ****** an agreement confirming this.

Thank you for the opportunity to respond to Mr. ******’s complaint.  We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint. 

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Dear ********* ******,


Thank you for helping us to try resolves this dispute with Five Point Capital.

I would be willing to testify under oath that I received explicit assurances from Five Point Capital's Representative (********) during a number of phone calls that the Fair Market Value at the end of the contract would be around 5% to 10%. Based on these assurances I entered into a lease agreement with Five Point Capital. 

However, in the interests of finding a resolution to this unfortunate situation of companies not honoring their promises I reluctantly accept Five Point Capital’s offer of $9 500.00 as a full and final settlement for both leases outstanding (all equipment) under the following conditions;

  1. That the $2453.64 that has already been deducted from our account without our consent (after both leases were paid in full) be deducted from the $ 9 500.00 - $2453.64 = $ 7346.36 total.
  2. Due to year end cash flow budgets we will pay the final $7346.36 in 3 equal payments. First payment of $2448.78 to be made this month Nov 2012 (as long as an official written settlement / buy out agreement with these terms is received from Five Point Capital before Nov 15 2012). The second payment by the end of Dec 2012 and the third payment by the end of Jan 2013 at which point full ownership of all equipment for both leases shall pass to myself and/or Natures Brands etc.
  3. Please ask Five Point Capital to send the official agreement for the full final settlement and/or buy out via email and in the mail with 3 invoices for Nov 2012, Dec 2012 and Jan 2013. The sooner we receive the agreement the sooner we can send the first payment.

Regards,

*** ******

 

Business Response:

Dear ***,

We have reviewed through and appreciate your response. We have already factored in the payments made when coming up with the settlement amount of $9500.00. We will be forwarding you the settlement agreement, reflecting the 3 payments requested, on the $9,500.00 balance.

Please let us know if you have any further questions. We appreciate the oppertunity to address this situation.

Thank you

Five Point Capital

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Dear ********* ******,


Thank you for helping us to try resolves this dispute with Five Point Capital.

In typical Five Point Capital style, Five Point has once again simply ignored the points we are trying to make in our negotiations and correspondence with them. 


We have already had $2453.64 deducted from our account with out our permission. THIS AMOUNT MUST BE ALLOCATED TO THE SETTLEMENT AMOUNT OF $9500 WE WILL ONLY THEN PAY THE BALANCE over 3 months as per our previous email. Please let us know if it is not clear.


We have included a copy of our original email so the CONDITIONS can be clearly understood;


I would be willing to testify under oath that I received explicit assurances from Five Point Capitals Rep (********) during a number of phone calls that the Fair Market Value at the end of the contract would be around 5% to 10%. Based on these assurances I entered into a lease agreement with Five Point Capital. 

However in the interests of finding a resolution to this unfortunate situation of companies not honoring their promises I reluctantly accept Five Point Capital’s offer of $9 500.00 as a full and final settlement for both leases outstanding (all equipment) under the following conditions;

  1. That the $2453.64 that has already been deducted from our account without our consent (after both leases were paid in full) be deducted from the $9 500.00 - $2453.64 = $7346.36 total.
  2. Due to year end cash flow budgets we will pay the final $7346.36 in 3 equal payments. First payment of $2448.78 to be made this month Nov 2012 (as long as an official written settlement / buy out agreement with these terms is received from Five Point Capital before Nov 15 2012). The second payment by the end of Dec 2012 and the third payment by the end Jan 2013 at which point full ownership of all equipment for both leases shall pass to myself and/or Natures Brands etc.
  3. Please ask Five Point Capital to send the official agreement for the full final settlement and/or buy out via email and in the mail with 3 invoices for Nov 2012, Dec 2012 and Jan 2013. The sooner we receive the agreement the sooner we can send the first payment.

Regards,

*** ******

 

BBB's Final Determination: Business agreed to arbitrate the complaint but the consumer declined.

11/27/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Dear Sir, On November 1, 2012, I received un-registered letter in the mail from Five Point Capital containing a pre-registered debit card. This card was un-solicited and un-wanted by me. The card has a legitimate account No. ***** in my name and my company name. The letter contains an activation code with a deadline of 12/07/2012.I consider to be highly un-ethical and irresponsible business practice to send a 'Lease'(debit) card, valued up to $100,000 US to any person without prior requests and without financial background checks. This type of behaviour suggests to me that it is a scam. This suggestion is supported by number of complaints and suits against this company. I called Five Point Capital and asked them to remove my name, my company name, my address, my telephone number, and any other information form their database. That the Better Business Bureau rates this company with 'A+' is a disturbing absurdity. I suggest re-examining this company's business rating.

Desired Settlement: I would like to be assured that this company removes ALL data it and its collaborators and subsidiaries have on record and in databases about me and my company. I will address this issue specifically and more broadly in letters to the ******** ******* ** **********, ** ******* ***** **********, and the Office of the ********* ** *** ****** ******.Thank you for your assistance.

Business Response:

Good Afternoon,

Mr. *** called into our office on 11/2/12. During this call he requested that he be removed from all future marketing and we completed this request. We apologize for any inconvenience that this may have caused.

Thank you

Five Point Capital

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

10/31/2012 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: Was issued 100,000 Dollars credit to my business.All I had to do is call 800 number on card and I would get this credit line. Never heard of these people don,t know what there about they have my business information and they set me up with and account number.Gave me a coupon for free gifts like I was a child.I don,t like the feeling I don,t have any control of these people.I looked at there track record with better business bureau it don,t look good.They look like blood suckers that want to suck up all the company's profit at any extent.I want to be left alone,don,t want apologies.I am a little shocked that better business bureau has and A+ ratting for them.Thank you ****** ********

Desired Settlement: Would like to be removed from any contact with these people.I would like you to be aware of any credit fraud that might take place.

Business Response:

Good Afternoon,

Thank you for the opportunity to respond to this customers issue. We received a call from this customer yesterday and removed him from any further solicitations regarding financing options with Five Point Capital.

Thank you

Five Point Capital

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

I spoke to them on the phone yes, only to find out if I wanted to finance a new truck for my business. I tried to ask  what the rates were or if they would email me info on rates . But they wanted to make a fast deal and hung up on me. I looked at there track record with the B.B.B. and they don't look good. It seems they set you up with fast credit and lure you in and then they ride you into the ground. 

I can't understand why they have A+ rating with all these complaints, and I would like an explanation.  I am a member of the BBB and now I am questioning the validity of  your ratings.

BBB's Final Determination: Consumer accepted resolution offered by the business.

10/30/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We got a FIVE POINT CAPITAL account card in the mail. We never applied for this card or asked for this card and are very concerned someone is trying to defraud us. It looks like a pre approved platinum lease card saying Equipment Leasing Specialists. Says I am a platinum member since 2012. I did not activate this card. It has a account number and says has $100,000 credit. Lease manager# name is *** ******. I have never had a business and never applied for this card. Is this legal? Were they privy to our personal information? We never applied or want this service. CONCERNED THIS IS POSSIBLE FRAUD AGAINST US AND NOT SURE WHAT WE SHOULD DO FROM HERE OR HOW TO STOP OUR PERSONAL INFORMATION being SHARED ....I DO 'NOT' HAVE A BUSINESS. Also, what other government agency needs to know that someone attempting a equipment leasing specialists account in our name. Appreciate any information you can give me.

Desired Settlement: Want to know how this fraud sounding card and personal information got instigated and by whom and if there is fraud being attempted toward me. Also appreciate if BBB could intevene with this company regarding this practice and get our name and account information away from them. If this not something that you can help us with appreciate knowing how I should handle this. I do NOT want to call 'the activation number' and deal with these strangers. Scary!!

Business Response:

We have received a copy of the complaint you filed. Thank you for bringing this matter to our attention.

 

You received a membership card in the mail, not a credit card.  While there are design similarities, there is no association logo (***** **********, etc.), no magnetic strip and no signature strip on this card.  The package we sent also includes a disclosure that this was a membership card, not a credit card.  The package is designed to gain interest in our financing services, and is a commonly used design in the financial services industry. To activate the account, additional information would have been required from you.

 

Your business was prequalified for our membership card based on the business information provided to us by *** *** **********.   Each time you update your *** *** ********** file with a change in business name, they will send your information to companies who purchase marketing lists from them. If you do not want to receive further marketing offers for your business you need to contact *** *** ********** directly at ************.

 

We constantly strive to improve customer service, and have taken your business off our mailing file and have notated on your account that you is not interested in our services.   We apologize for any concerns that our marketing piece may have caused you and we appreciate the opportunity to address them.

 

Thank you

 

Five Point Capital

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I called the number you sent from them and they transferred me around several times.  I want off their list (*** *** **********) that sold my 'incorrect information' to Five Point Capital and want explanation where they got this incorrect information, who else they gave my personal information, and requested written response and confirmation that my information is out of their system.  I have never in my life had a business and have no reason to need a 100 thousand dollars worth of rental equipment from Five Point Capital in *** *****.  I do not even live in that area.  *** *** ********** are selling my incorrect personal information and putting me at risk of credit fraud.  I want this documented so that if i have any further problems or fraud against me it can be traced back to them.  They need to take responsibility for what they are doing.  I realize that this card was not a credit card.  I am a retiree who does not want nor need any type of credit what so ever from anyone and i find this practice of selling incorrect personal information fraudulent and rittled with risk of identity thief.  

I have been told by ***** (#**************) at *** *** ********** that my personal information will be taken off list and deleted.  I still want to know 'where they got this incorrect information' and 'who else they sold it too'.  ***** also gave me their Severe Risk Team # **************....said to press * and get extension # ****.  Said I should speak to them also.  She transferred me and message said they were closed for the day.  I tried three different times and still unable to get anything but pre recorded message saying they were closed for the day.....during their normal regular business hours.   What's that about??  Maybe getting multiple complaints??  This is very scary to us. 

My file reference # with *** *** ********** is ******** and I would appreciate written explanation from them as well as phone call with the above information I am requesting.  I called the original number you/they sent ************ and was transferred to *** *** ********** 'Credability corp' ***** ***** who was submitting request to take me off list but want them to take responsibility and follow up from their severe risk team as well about what they have done to me. 

Thanks,

** *********

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I need written documentation (email attachment accepted) to me at ****************  that Five Point Capital have removed my personal information from their system.  I will then forward to BBB to see if this is sufficient documentation.  Also they need to acknowledge that they know I do NOT have a business nor ever in my life had a business.  They transferred me to *** *** ********** and never showed me any proof i am out of their system.

Thanks.

** *********

Business Response:

Good Afternoon,

We have removed the customer completely from our database and there should be no further solicitations received.

Thank you

Five Point Capital

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would resolve my complaint.  

Regards,

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

BBB's Final Determination: Consumer accepted resolution offered by the business.

10/23/2012 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I own a small hair salon and was solicited by Five Points Capital to do a so called "equipment lease" for new equipment. At the time their was a person by the name of ***** ***** working their who explained to me that it was actually a loan and that Five Points structured it as a lease so that businesses could take advantage of the tax benefits. He further explained that at the end of the 4 year lease term that I would own the equipment for a $1 buy out which I have come to find out is part of a big scam used by Five Points to cheat, lie and steal from hard working honest businesses. I have read many other stories where other business owners have encountered the exact same lies and deceptive practices. Any ethical business would NOT allow or have their employees verbally lie about the terms of the contract and then send them a pretty much illegible copy to sign. Many small businesses like my own are owned by honest hard working people that would never anticipate that a company would engage in fraudulently obtaining their trust and business through verbally lying about the contract terms. I paid Five Points a deposit of $1492.36 then $687.06 per month plus taxes on time for 4 years. More than $10,000 in interest on top of the equipment cost, another reason that I believed their Rep about it being a loan structured as a lease with a $1 buy out. In July this year I was excited that the "loan" would be paid off but to my disgust, shock and dismay I found out after calling ********* ******* (who collected the funds) that I needed to contact Five Points to see if I needed to do anything else. I spoke with ****** ***** at Five Points and she told me that my lease was automatically renewed for another year and my only option was pay it and no one else to speak with but her and did not care about the lies I was told. As I struggle to keep my doors open they continue to draft my account for equipment/furniture that is worthless. Their is no justification for Five Points Capital fraudulent practices.

Desired Settlement: Due to the deceptive verbal practices used in getting me and countless other small businesses to do business with them I would like for Five Points Capital to honor what I was told and refund any payments that they have drafted from my account after my four year term of which I paid as agreed and to honor the the $1 buy out that I was told by them. It is difficult enough to sustain a small business these days and companies that use deceptive practices are precisely what is wrong with America.

Business Response:

We are writing in response to the consumer’s complaint of ****** **********. Thank you for bringing this matter to our attention.

 

Five Point Capital and Mr. ********** worked together in May of 2008 to secure lease financing for equipment for his business.  Five Point Capital offers a variety of lease options to potential customers.  Our account representatives are trained to outline the advantages and disadvantages of the various types.  We also encourage our consumers to consult their tax advisors because lease payments can be tax deductible.

 

It is the customer’s responsibility to read the contract and confirm the options that were discussed.  All terms and conditions of the Lease Agreement are in plain English and clearly outlined.

 

While we may send documents via facsimile for signature, we also offer the customer the option to receive the documents via email, UPS or Federal Express. The account representative typically calls to review the document once they are received by the customer.  Also, it is Five Point Capital’s practice to have a non-commissioned employee confirm the details of the contract with the customer prior to funding.  The customer has the opportunity to discuss the terms of her contract with two separate people.

 

Mr. ********** lease matures in May of 2013 and we would be willing to offer him a discount off of his remaining obligation when he is ready to payoff his lease. We apologize for any confusion Mr. ********** may have regarding the terms he agreed to.  We would also like to have Mr.**********'s business in the future so we have notated his account regarding this complaint and are willing to waive our documentation fee on his next lease.

 

Thank you for the opportunity to respond to Mr. **********'s complaint.  We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint. 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Five Points Capital continues to attempt to justify their deceitful and verbal fraudulence which they used to obtain unsuspecting and trusting clients.  Their attempt to justify their staffs bold face lies by stating that "it is the customers responsibility to read the contract and confirm the options that were discussed" does by no means negate the fact that I and countless others were lied to by their account reps and I and I am sure the others that were victims of their Scam thought that we had no reason not to trust and believe that our contract would state anything other than exactly was was verbally stated by their representatives. I entered into the lease agreement with Five Points Capital never thinking for a second that any company would prey on unsuspecting businesses by lying about the terms of the contract then sending illegible copy for signing while assuring that I would own the equipment with a $1 buy out at the end of the lease.  I would NEVER have agreed to lease anything from anyone and pay well above and beyond what it is worth (about $10,000 in interest) and not own it at the end of the term which is exact what I and many others have been told of which you can research Five Point Capital Scam online and see for yourself or go to ripoffreport,com. Even a former employee who said they left because of Five Points Fraudulent practices wrote about how they had a pumpkin carving contest one halloween party and the pumpkin that their payoff department created for a pumpkin carving contest which depicts the customer here is a portion of the story(I have also copied & pasted the pic not sure if it will show in this email):

 


Five Point Capital's Halloween party last month and wanted to share this with anyone who has been scammed by this company. 

This is a pumpkin that their payoff department created for a pumpkin carving contest that Five Point Capital has every year.  At first glance, it seems relatively harmless.  However, you will notice a few items placed around the pumpkin that speak volumes about how they perceive their customers. 

First off, the pumkin is carved to look like a cheeseburger.  The flag sticking out of the pumpkin labels it a "$1 Buy-Out Burger".  Off to the side, there is a bottle labeled "*** ****** *****"...the *** stands for "Fair Market Value", which is how they secretly sell most of their $1 Buy-Out leases.  In other words, they tell the customer that at the end of the lease they own the equipment for $1.00, when the lease is actually set up as a Fair Market Value buy-out. 

In front of the pumpkin sits a bottle of **** that reads "Renewal Relief".  For those of you who have had your lease automatically renewed, you'll know what this is referring to.  If not, let me explain:  At the end of a "***" lease, you are obligated to notify Five Point Capital as to your purchase intentions (i.e. are you going to return the equipment or purchase it for it's "Fair Market Value").  You need to send a letter via certified mail at least 120 days before the lease ends.  If you fail to send this letter, they will AUTOMATICALLY RENEW your lease for an additional 12 months. 

The joke here is that most of these customers do not even realize that there is a buy-out at the end of the lease!  Why would someone submit a letter indicating their purchase intensions when they are under the impression that they signed a $1 Buy-Out lease?  The Payoff, or "Portfolio Management" Department was created for the very purpose of fielding these angry calls.  All day long they explain to angry customers that they actually signed a *** lease, and their lease has been automatically renewed for 12 months b/c they failed to send the letter 120 days prior to the lease ending. 

Now that little bottle reading "Renewal Relief" doesn't seem to funny huh?  These people are laughing in your faces...


ANYTHING LESS THAN HONORING THEIR WORD AS TO WHAT THEIR ACCOUNT REPS ARE TELLING PEOPLE THAT THEIR CONTRACT SAYS IS VERBALLY FRAUDULENT AND CRIMINAL AND ANY FURTHER ATTEMPT TO JUSTIFY THIS FRAUDULENCE BY BASICALLY SAYING THAT WOULD BE CLIENTS  SHOULD NOT TRUST WHAT THEIR ACCOUNT REPS  SAY YOU ARE AGREEING TO AND WHAT THEIR ACCT REPS ASSURE YOU THE CONTRACT SAYS IS NOTHING MORE THAN FRAUD.  WHAT THEY ARE REALLY SAYING IS DO NOT TRUST OR BELIEVE WHAT OUR ACCOUNT REPS TELL YOU AS THEY ARE JUST LYING TO GET YOUR BUSINESS AND IF YOU TRUST & BELIEVE WHAT THEY TOLD YOU, YOU'LL BE SORRY AND WE DON'T CARE WE WANT AS MUCH OF YOUR MONEY AS WE CAN GET AND DO NOT CARE WHAT HAPPENS TO YOU OR YOUR BUSINESS!  ANY HONORABLE AND RESPECTABLE PERSON AND BUSINESS WOULD NOT OPERATE IN THIS MANNER AND SHOULD NOT BE ALLOWED TO DO BUSINESS!  


Best Regards

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

Business Response:

Good Morning,

We have provided the customer with the option to payoff with a discount. All records indicate that this transaction was setup properly. If Mr. *********** lease agreement was to be a $1 buyout his monthly payment would have been higher to coincide with the fixed purchase option. We contacted Mr. ********** ahead of time to remind him about his maturing agreement and his need to provide notice to which we did not receive a repsonse. This lease agreement currently matures in May and if Mr. ********** decides he would like to pay this off prior to that time we would be more than willing to work with him on his payoff amount.

Thank you for the ability to respond to this complaint.

Five Point Capital

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.

10/10/2012 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: This company, FivePoint Capital, sent a Working Capital Funding account card to an employee of the company with the companies name on it. The letter stated to call only to prevent unauthorized use. Which means if this employee wanted to use this card she already had authorized use. The letter stated that Working Capital Funds had already reserved in the company's name/employee name up to $150,000 in funds and can be in their bank account in as few as 5 business days. When I called FivePoint Capital/Working Capital Funds to find out how an employee was given a company card addressed with their name on it I was told that her name was given through **************. The gentleman I spoke with, ****, on 9/17/12 said that I needed to talk to *** * ********** about it because that is how they got her name. He would not let me discuss this with a manager at his company he kept referring that I needed to call *** about it and was quit rude to me on this matter. I called *** and this employee is NOT on file with them through my company, so they could not have received her name from ***. How can any company put an employees name on a credit card associating them with the business without authorization from the owner of that company?

Desired Settlement: I would like an explanation of how they received the employees name because it was not through *** * ********** and how can they authorize these funds to this employee associating my company name in the loan? I did not give them the authorization to do this.*** I have the letter from FivePoint Capital and the Working Capital Funding Account card that came in with it. If you need a copy of this please let me know.***

Business Response:

Good Afternoon,

We get our names from a variety of sources, but mostly from ***.  At no time does Five Point Capital change the name given us by our list suppliers for this type of mail.  We take the information as provided, and recognize that at times the data is flawed. It is not unusual to find that an incorrect contact name has been given us, and we actually welcome the customer’s response to inform us of this error.  We offer our prospects the ability to been taken off our marketing lists, and also provide them the opportunity to call the mail suppliers to be taken off the primary lists.  We apologize for the inconvenience and the mistaken identity.

 

The other matter is the question about the card offer itself.  We make it very clear that we have simply reserved funds in the company name, but no approved any funds for use, and that an application will be needed.  The card is a marketing device, and clearly states that is a membership card, not a credit card. 

 

We apologize again for any inconvenience that this may have caused and will update our records accordingly.

 

Thank you


Five Point Capital

 

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

9/27/2012 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: In 2009, I was operating a nail salon in ******, ***** and I went to purchase some new salon chairs at our usual nail supply store. At the store, we picked out some chairs and asked if we could pay half then and half later. We were told no, but that we could finance the chairs through a finance company by the name of Five Point Capital. We were told by Five Point Capital's agent that that once we had paid off the financing, which was a two year term, the chairs would be ours. At no time, were we told we were entering into any type of rental agreement or any other type of agreement except a straight two year finance agreement. Based on the assurances of Five Point Capital's agent, we signed the paperwork at the nail supply store in ******. The nail supply store delivered the chairs directly to our nail salon and installed them. Unfortunately, business did not go as planned and we went out of business in April 2011. However, we continued to pay for the chairs because we had a two year agreement. After the two years were up, we thought we owned the chairs. Sometime around September 2011, we received another bill from Five Point Capital. I explained that we were out of business and asked why we were being sent another bill and were told that we were only renting the chairs, not buying them and that we were in another one year contract. I asked to return the chairs and was working with them to ship the chairs back at a cost of approximately $5000, but then I was told that even if I shipped the chairs back, that they would expect us to continue paying for the chairs for the additional year term. It made no sense to us to pay $5000 to return the chairs and still have to pay for the additional year. We were defrauded into this contract and Five Point Capital's agent misrepresented to us that we were in a two year finance agreement, not any type of rental agreement that would renew. We are extremely unhappy with the business practices of Five Point Capital and their agent.

Desired Settlement: We have been paying to store the chairs for over a year now and were told that even if we returned them, we would need to pay the full amount of the additional year. We don't believe we ever should have been required to pay any additional amount because we were told that it was a two year finance agreement. We would never have agreed to this agreement if we knew it was a rental agreement instead of a finance agreement because it would have cost us the exact same amount to buy new chairs.

Business Response:

Good Morning,

We have retained an attorney regarding this matter and have a pending lawsuit regarding this lease agreement so we are unable to comment on this at this time. This customer will need to contact our attorney:

***** ****** with ****** * ****** at ************ * ***

I apologize for any inconvenience that this may cause in responding to the customer.

Thank you

Five Point Capital, Inc.

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

9/20/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: In the mail I received a credit card with message to call a toll free number to activate it for Platinum Lease Card with a credit line of up to $100,000 or go online to activate. I did not request this card. If this mail had found its way into the wrong hands, it could have been disasterous for me and my business. Please settle this issue so future problems can be avoided.

Desired Settlement: Please settle this issue so future problems can be avoided.

Business Response:

We are writing in response to the consumer’s complaint of ******* *******. Thank you for bringing this matter to our attention.

 

The information sent out to KACS is not an actual credit card it is a membership card for our customers to easily reference their information in our system. If you turn the card over there is no magnetic strip on the back and there is a statement explaining that it is not a credit card. Five Point Capital has a credit process that would require any person who calls in to complete a lease agreement to submit various information to prove their involvement in the business. In addition, we require all original docs be overnighted to the business directly and identification for all signors of any agreement.

 

We apologize for any concerns that our marketing piece may have caused ******* ******* and we appreciate the opportunity to address them.

 

Thank you

 

Five Point Capital, Inc.

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

9/4/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I purchased video conferencing equipment through Five Point Capital on a five year lease. In November of 2011 I received a letter from them stating there are seven months left on your lease, we want you to make the best business decision for your company or words to that effect. I receive numerous solicitations from them not only through email but phone calls about leasing new equipment. That's what I thought the letter was about. It turns out that letter was really a warning letter that if I didn't let them know I wanted to end the lease in May, that it would auto renew for another year. I will agree this is stated in the lease documents in paragraph 15; however, that was signed five years ago and of course their November letter didn't say anything about that, which is what Five Point Capital intends; that you overlook it so they can get another year of money and interest. I went to the ripped off website and there are numerous complaints about Five Point Capital regarding the same issues. I think it's time they get called on the carpet for this behavior. Their methods are totally underhanded and something needs to be done about this. At the very least their "warning letter" should certainly state if you don't let us know this will auto renew in seven months. When I inquired about just buying the equipment outright right now, it was over $3000. I have already paid them $14000 for $9000 worth of equipment. This company should be banned from leasing to anyone in my opinion.

Desired Settlement: I would like either a dollar buy out effective immediately or they can come and get the equipment.

Business Response:

We are writing in response to the consumer’s complaint of ******** *******.

Thank you for bringing this matter to our attention.

 

Five Point Capital and Ms. ******* worked together in May of 2007 to secure lease financing for equipment for her business.  Five Point Capital offers a variety of lease options to potential customers.  Our account representatives are trained to outline the advantages and disadvantages of the various types.  We also encourage our consumers to consult their tax advisors because lease payments can be tax deductible.

 

It is the customer’s responsibility to read the contract and confirm the options that were discussed.  All terms and conditions of the Lease Agreement are in plain English and clearly outlined.

 

While we may send documents via facsimile for signature, we also offer the customer the option to receive the documents via email, UPS or Federal Express. The account representative typically calls to review the document once they are received by the customer.  Also, it is Five Point Capital’s practice to have a non-commissioned employee confirm the details of the contract with the customer prior to funding.  The customer has the opportunity to discuss the terms of her contract with two separate people.

 

We sent Ms. ******* a certified notice, different then any of our adverisements, to indicate that it was a good time to review through her lease and examine her options. We did not receive any communication from Ms. ******* until July 5, 2012. At that time she began discussions with our ********* ********** department regarding fulfilling her lease obligations. In an attempt to come to an agreement with the lessee, on July 5, 2012 we sent Ms. ******* an option to settle the account for $3,591.77. This settlement amount includes a $1,050.00 discount off of Ms. *******'s contractual obligation. 

 

We apologize for any confusion Ms. ******* may have regarding the terms she agreed to.  We would like to have Ms. *******'s business in the future so we have notated her account regarding this complaint and are willing to waive our documentation fee on her next lease.

 

Thank you for the opportunity to respond to Ms. *******'s complaint.  We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint. 

 

Thank you

****** *****

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

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

What else is this business going to say except that they did everything right.  I will once again urge the Better Business Bureau to go to the website I indicated in my complaint, ********************.  If their practices are as outlined by the Five Point Capital employee, there wouldn't be numerous complaints against Five Point Capital for the exact same problem I have outlined.  I was also told by the Five Point Capital employee, when discussing this potential lease agreement, that at the end of the lease there would be a $1 buyout.   Of course that is verbal.   There was also absolutely no mention of having to contact them 120 days prior to the lease ending. 

Here is a portion of the latest post, July 31, 2012, on the ************ website.  It is precisely the experience I had with Five Point Capital .   I belong to a national organization with thousands of members who will be very interested to read the comments on the ************ website.  After reading all those reports, I am going back on the site and encourage all those disgruntled folks to file a complaint with the Better Business Bureau.  I'm sure if you get flooded with complaints maybe the resolution to my complaint will be successful.  Below is just a sample of the latest postings.

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


Regards,

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

Business Response:

Good Afternoon,

In reviewing through the contact with Ms. ******* at the inception of the contract it appears that payment amount was a sensitivity of the company. The payment structure of the transaction that Ms. ******* ultimately executed was the lowest monthly output and in turn had a residual at the end of the transaction. The transaction was priced accordingly so there is a residual responsibility.

Ms. ******* stated in her response that there was nothing mentioned regarding the notice. It is the practice of Five Point Capital to send out a certified letter reminding our customers to review through the terms of the lease agreement and comply with all end of lease obligations. We can confirm that ******-******* Reporting received our certified letter on November 28, 2011 at 11:11am. In an effort to attempt to resolve this we would be willing to increase this discount another $500.00 and bring the total payoff down to $3,091.77. This amount represents a $1,550.00 discount off of her contractual obligation.

We look forward to resolving this matter.

Thank you

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

August 28, 2012 UPDATED RESPONSE

Five Point said they are discounting what they think I owe them by $1500.  According to my math, I was told two months ago I owed them $3591.77.  In their offer they now state $3001 and change.  That isn't $1500 in my book.

I have checked to see what this equipment is actually worth, because they call it fair market value, and the equipment is worth about $200.  it is that outdated, it's five years old.  To make this go away I will write them a check for $2000 and send it overnight but that is my final offer.  If they won't agree to accept that, by written letter, then they can have the equipment.  For $3000 I am halfway to the latest technology.

I DO NOT ACCEPT THEIR OFFER.

Thank you.

Business Response:

Good Afternoon,

The clients contractual obligations are as follows:

$2,574.77 for remaining payments, $1950.00 for the Fair Market Value and $117.00 for tax. We initially offered her $1,050.00 off of the payoff to bring the total payoff quote down to $3,591.77. In the last correspondence we offered to take another $500.00 off of her remaining contractual obligations which would bring the discount to $1,550.00. Unfortunately Mrs. ******** offer does not even cover her remaining payments so we are unable to accept it. If she would like to return the equipment she will need to complete the remaining payments in the amount of $2,574.77 and we will provide her with an address to return the equipment to.

As a last attempt to resolve this we will lower her total payoff maount to $2,850.00. If Mrs. ******* does not choose to accept this settlement offer then we will be forced to pursue this account since it is currently 60 days past due.

Thank you

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

8/24/2012 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: I took out a 60 month lease in Feb 2007. I diligently paid all my payments on-time and never late. I contacted Five Point Capital in September of 2011 to verify that my final payment and was told my my last payment would come due in January. In April 2012, I received an invoice indicating that I was 2 months past due on my lease. When I talked with the rep. they stated that my lease was automatically renewed because I had not sent 120 day written notice. Why did they wait 3 months to invoice or contact me?? Further, the payoff that was offered was half the value when the equipment was new 5 years ago. When I explained I wished to return the equipment and terminate the lease, I was refused an address to return the equipment to.This company has misleading practices and are completely unethical. I have read a number of complaints similar to mine. The sales rep. ***** led me to believe I was financing the equipment at "about an 8% rate." I would own the equipment when I completed the 60 month payments. When I contacted Five Point in September, they never mentioned anything about providing a 120 day notice.

Desired Settlement: Five point Capital should honor what was explained to me verbally by their sales rep.That is upon paying the 60 month lease that I own the equipment. Further, they need to be upfront in explaining terms to new clients. I can tell from other complaints that this is obviously something they ARE NOT DOING. I would have NEVER agreed to the lease if had I known about the hidden clauses. Isn't it ridiculous to pay 60 months on equipment at a rate closer to 16%, then pay an additional "pay off??"

Business Response:

Good Morning

 

We are writing in response to the consumer’s complaint of *** *******. Our attorney is currently handling this account and we are not able to provide a response at this time. Mr. ******* can contact our attorney to discuss this lease agreement and its terms.

 

Thank you

Business Response:

 

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

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

8/20/2012 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: This company total misrepresented itself when we were looking to purchase a vending machine. We were told by ***** and *** that Five Point could finance this equipment over 36 months. We paid the lease in full and then so our surprise Five Point wanted $2,500 for the machine. When I told them that it was told to us they responded saying we had to pay. Our business closed in February 2012 and the equipement is no longer. We then received a monthly lease bill from them in June 2012 for a month's lease. When I called and told them that we paid the lease off now I am told that I needed to send a certified letter 120 before to term the lease..never was told that either. The email I received from them stated 120 days as to whether we were going to pay them for the equipement or send back.. Now they are threatening my credit report and action.. No one should do business with this company at all.. they seem to miss telling you their whole leasing(?) process.

Desired Settlement: They need to drop any credit reporting and action against us.

Business Response: We are writing in response to the consumer’s complaint of Mrs. **********

Thank you for bringing this matter to our attention.

Five Point Capital and Mrs. ********** worked together in April of 2008 to secure lease financing for equipment for her business. Five Point Capital offers a variety of lease options to potential customers. Our account representatives are trained to outline the advantages and disadvantages of the various types. We also encourage our consumers to consult their tax advisors because lease payments can be tax deductible.

It is the customer’s responsibility to read the contract and confirm the options that were discussed. All terms and conditions of the Lease Agreement are in plain English and clearly outlined.

While we may send documents via facsimile for signature, we also offer the customer the option to receive the documents via email, *** or ******* *******. The account representative typically calls to review the document once they are received by the customer. Also, it is Five Point Capital’s practice to have a non-commissioned employee confirm the details of the contract with the customer prior to funding. The customer has the opportunity to discuss the terms of her contract with two separate people.

Mrs. ********** was notified in writing in February 24 2012 about her requirement to provide notification on the agreement. Mrs. ********** responded to the payoff quote sent at that time so we can confirm she was aware of her requirement for notification but she failed to provide the notice required. Mrs. ********** has stated several times her attorney would be calling us to discuss this transaction and to date we have heard nothing. Mrs. ********** has ceased the payments and retains our equipment. We have made several attempts to discuss this with Mrs. ********** via phone and she will not return our calls. We only recieve emails that say we will hear from someone in the future.

We apologize for any confusion Mrs. ********** may have regarding the terms she agreed to.

Thank you for the opportunity to respond to Mrs. ********** complaint. We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I have faxed the lease and correspondance from Five Point Capital. They claim they go through all the details of the leasing..well, no they do not. I spoke to ****** ******** and ***** ******** during this transaction. Neither of them even mentioned ANYTHING about any continuing lease or a payoff for the equipment after the 36 month payoff. In fact I went through the contract while we were on the phone because the printing is so small.; still nothing about payoff or continuing lease . Quite frankly had they said that I would have never leased the equipment. Through the lease we paid about third more for the machine than the actual price!  There was NEVER any mention that this was any thing but a way to finance the equipment for 3 years.. Even in *****'s email there is nothing about a continuing lease. ***** ******* was paid in full. I thought I had just missed something but  if you would like more information about Five Point Capital; please ****** Five Point Capital and scam.. There are dozens of compliants about them doing the very same to other companies as they are doing to us.. As far as my attorney he advised us not to talk to Five Point. Five Point really needs to retrain their portfolio managers to be honest about the leasing process instead of just getting people to sign with lies.

Regards,

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

Business Response: Below is the correspondence with the customer regarding their lease transaction. ***** specifically instructs her that she needs to provide a notice of intent. We have notes of extension conversations between ****** and ***** ******** where he explained to her the advantages of leasing and the tax benefit of this type of contract. After that conversation she went home, reviewed the terms with her husband, and sent the contract back signed. This conversation occurred 4/17/08 at 9:12am

At this point if she refuses to discuss this with us I don’t know how we can resolve this. At this point we are willing to offer her to either pay the remaining 12 payments on the contract to own the equipment or a 1 time lump sum payment of $2,950.00 both of these offers represent a significant discount off of her contractual obligation.

Thank you 

****** ***** | Director of Portfolio Management 


From: ******* ********** [mailto:*****************]
Sent: Wednesday, July 25, 2012 4:24 PM
To: ****** *****
Subject: RE: Payoff

******,
Because of some family health issues I have not had a chance to contact our attorney since receiving the letter. I hope to get to him tomorrow but he will not be contacting you by Friday. I am sure he will get to you the beginning of next week.
****** **********
--------------------------------------------------------------------------------

Subject: RE: Payoff
Date: Mon, 23 Jul 2012 14:59:45 -0700
From: ***************************
To: ***************************; *****************

******,

We will begin reporting on your and ***’s credit as of Friday and forward out for suit. Please have your attorney contact me immediately.

Thank you

****** ***** | Director of Portfolio Management


From: ****** *****
Sent: Tuesday, July 17, 2012 6:02 PM
To: '******* **********'
Subject: RE: Payoff

******,

This agreement has come to my desk to proceed with filing suit. Your agreement is past due and we will be forced to proceed against all guarantors personally in addition to the business. Please call me immediately to make payment arrangements to catch this agreement up.


Thank you

****** ***** | Director of Portfolio Management 



From: ******* ********** [mailto:*****************]
Sent: Tuesday, February 28, 2012 4:27 PM
To: ***** ***********
Subject: RE: Payoff

Hello,

After consideration of the lease on the piece of equipment and trying to read not only your copy but ours also I do not agree with the buyback of the equipment. That is NOT was presented to us at the time of purchase of this machine. This was a way to finance the equipment we bought. I will work with ***** to see if we can come to an aqreement to pay off the amount we owe. I have done some research on Five Point capital and have found that we are not the only ones that have had this situation with you. I will be contacting ***** tomorrow.

****** **********
--------------------------------------------------------------------------------

Subject: Payoff
Date: Fri, 24 Feb 2012 10:17:39 -0800
From: *********************************
To: *****************
CC: *******************

Dear ******,

Thank you for your continued partnership with Five Point Capital and your recent request regarding your payoff options for your lease #*******. Please be advised you have the option to purchase or return the leased equipment.

You need to send us a certified letter of intent 120 days prior to maturity.

To follow, please find your payoff information.

OPTION #1: PAYOFF LEASE & PURCHASE EQUIPMENT

Remaining Lease Payments $861.91

Late Fees $1,939.03

Property Tax $237.53

Miscellaneous (Insurance & Collection Fees) $700.54

Equipment Purchase Price $2,595.00

***** Tax $175.16

Total Payoff Amount: $6,508.64

PAYMENT IN FULL DUE BY: 02/29/2012

You can make your payment via fax by faxing a copy of your check to: ************
Or, mail certified funds to the address shown below.

Upon receipt and clearance of the funds, we will release the Bill of ****/Title within 15 business days.

OPTION #2: PAYOFF LEASE & RETURN EQUIPMENT TO LESSOR

Remaining Lease Payments $861.38

Property Tax $237.53

Miscellaneous (Insurance & Collection Fees) $700.54

Late Charges $1,939.03

Total Payoff Amount $3,738.48

Your business is appreciated. If you have any questions, please contact me directly at ************ *****.


Sincerely,

***** *********** | Portfolio Manager

Five Point Capital

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Please close as we have paid ***** ********* in full for the lease purchase of the equipment.

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.

8/17/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: This letter is concerning a lease that was secured between your company and my company, ****** ** *****. The lease was for 4 years at $796.12 with a deposit of $1942.24. This was in June of 2008. At this time I was working with a person named **** ********. I had several phone conversations with this man and on each occasion I asked him what the penalty was to pay off early. He assured me each time that it was exactly like a bank loan and that it worked exactly like a bank loan. Mr. ******** told me that there would not be any penalties for paying it off early. I had also asked him to go over the fine print with me each time I spoke to him. All I could get out of him was that this lease was exactly like a bank loan. He would not go into further detail. He said that I needed to get the signed paperwork back to him ASAP since the machine was already on the way. So I did as he asked. Then in November of 2008, I contacted Five Point Capital to get a balance or an amortization report for our lease (which I still was under the impression that this was exactly like a bank loan). I received a total balance from a ***** ***********. This balance was $34849.92. This was the first time that I realized that the machine was going to cost us a total of $38563.76. The original quote for the machine with shipping was $21300.00. This means that Five Point Capital was making $17263.76 off a machine that cost $18000 without shipping. I was expecting to pay it off in December of 2008. The reason we were doing a lease to begin with was to build a relationship with a leasing company. That was an obvious mistake at least with this company. We did a lease with another company for $185000 and paid it off in 3 years with absolutely no problems. That leasing company made less on an $185000 machine than Five Point Capital made on an $18000 machine. In December of 2009, I called again to request a balance on the machine. I was given a verbal balance of $23087.48. Neither balance that I was given in 2008 or 2009 included the $8500 buyout. I called again in March of 2010 for a payoff (this is what I meant each time in 2008 and 2009). This time they included the $8500 payoff. This is the very first time I have ever heard anything of a $8500 buyout. The whole process was so rushed in the beginning with absolutely no help from the company or our leasing agent. At this point we decided that we would continue to pay the payments and at this time I started asking for a shipping address so we could make an informed decision concerning shipping it back or purchasing the machine. I wanted to know if the shipping was going to be more than the $8500 buyout. Five Point Capital needed this decision by February 15th of this year, but they cannot give a return shipping address until the machine is paid in full, which was June 15th. This makes it impossible to make a decision as to keeping the machine or returning it.I have had several conversations with a ****** ***** as how to work this problem out. I had great faith in her as to come up with a solution that both companies would be happy with. I spoke with Ms. ***** today and again asked how we can work this out. She told me that the only way we can work this out is to pay the entire year (extra) on the lease (an additional $10, 317.00) and commit to either sending the machine back or the $8500 buyout. But yet she cannot give me an address to return the machine to. The only way I can make an educated decision to know how much the shipping will cost vs. the buyout. I have tried everything to get this worked out, but with a company that is so unwilling to work with their customers and try to make a peaceful resolution we have no other choice but to seek the services of the Better Business Bureau. She also informed me that if I continue to stop payments she would report this to our personal credit bureau and start litigation against us. This made me feel as though she was threatening me. I am hoping that with the help of the Better Business Bureau we can resolve this matter in a way that both companies will be satisfied. This letter is to inform Five Point Capital that we wish to return the machine depending on the cost of shipping the machine to the yet to be determined address that Five Point Capital will provide.

Desired Settlement: Let us pay the payments for last month and this month and for shipping the machine back to the address provided by Five Point Capital. This will satisfy the lease in full.

Business Response: Date Sent: 8/9/2012 1:11:24 PM


Good Morning,

Shortly after this complaint was filed I received a call from ****, the lessee’s husband, regarding this account. We have come to an amicable agreement and the customer will be paying off this lease on Monday.

Thank you for the opportunity to respond to this complaint. 

****** *****

Portfolio Manager

Business Response:

Good Morning,

Shortly after this complaint was filed I received a call from the customer Mr. **** regarding this account. We have come to an amicable agreement and the customer will be paying off this lease on Monday.

Thank you for the oppertunity to respond to this complaint.

****** *****

Portfolio Manager

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

8/14/2012 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I received a mailing noting that "based on your prior application with Five Point Capital, you have been issued an upgraded Platinum Leasing card." I have never submitted ANY application to this company. I am calling them and sending a message to cease and desist and cancel the card and be sure NOTHING is lent in my name. I was advised by a lawyer to file a complaint with BBB.

Desired Settlement: This is for your information and public safety and I would like an email or letter from BBB regarding your receipt of my complaint. Thank you.

Business Response: We are writing in response to a complaint received from ****** ******.  Thank you for bringing this issue to our attention. We have reviewed all the communication that transpired between our representative and Mr. ******. Our records indicate that February 16, 2009 at 2:45pm we received a call from Mr. ****** or a representative of his company regarding a mailing piece. The contact on the phone verified all information for the customer and we have continued to market to this customer since. We have completed the necessary steps in house to not solicit Mr. ****** in the future and apologize for any inconvenience our marketing piece may have caused. We constantly strive to improve customer service and appreciate the opportunity to address the issue. Sincerely,  **** ******* *** Five Point Capital, Inc.

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

7/2/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We leased some equipment in 2007. The sales person sold me a 5 year lease which is what is stated on the agreement. My term ended in Dec 2011 but I continued to get bills. Other experience I have, the lessor will notify me near the end of the lease for pay off options. This is what the sales person told me would happen but didn't.I called Five Points portfolio manager and she pointed out a clause in the lease that we misunderstood. It says I must provide a certified notice 120 days before the term ends or it will automatically roll over. I didn't think auto renewing contracts were legal but I need to chase that with my attorney. I think this is a truely shady way to do business. I asked to speak to the sales person but they left. The portfolio manager (****** *****) refused to give me a name of who took over saying they have other sales people but no one replaced the original person. I think this is odd since I continue to get solicitation and this is a San Diego company. I asked to speak to her supervisor/manager and she said she has no supervisor. I find this impossible to believe. She also threatened me with legal action if I didn't continue to pay.I just want my lease to be done as I committed 5 years ago, I've made all my payments and I was expecting the lease to be over, just like my other lease has done. I've now paid over $**K for a $*K piece of equipment and now they are saying I will have to pay them another $**** in addition to whatever value the equipment has that apparently they can make up. I would appreciate if you could find someone else that I could talk to as *** ***** isn't interested in helping. Regardless of how my issue comes out, I would also like to remind other small businesss owners to read and understand the fine print, regardless of what the sales person says. Five Points is not forthright.

Desired Settlement: I would like my lease to be terminated as the original agreement specifies and for them to waive the 120 day notice period and auto rollover. I'd just like to be done with Five Points.

Business Response: April 25  th, 2012  

Re: Complaint No. *******  

We are writing in response to the consumer’s complaint of ***** and *** ******. Thank you for bringing this matter to our attention.  Five Point Capital and *** ***** worked together in January of 2007 to secure lease financing for equipment for her business. Five Point Capital offers a variety of lease options to potential customers. Our account representatives are trained to outline the advantages and disadvantages of the various types. We also encourage our consumers to consult their tax advisors because lease payments can be tax deductible. It is the customer’s responsibility to read the contract and confirm the options that were discussed. All terms and conditions of the Lease Agreement are in plain English and clearly outlined. While we may send documents via facsimile for signature, we also offer the customer the option to receive the documents via email, UPS or Federal Express. The account representative typically calls to review the document once they are received by the customer. Also, it is Five Point Capital’s practice to have a non-commissioned employee confirm the details of the contract with the customer prior to funding. The customer has the opportunity to discuss the terms of his contract with two separate people. We also sent a courtesy letter via certified mail on August 5th 2011 to remind the lessee on the options available at the end of the lease agreement. We have been in contact with the lessee via email and we are hoping to resolve this issue amicably. We apologize for any confusion *** ***** may have regarding the terms she agreed to. Thank you for the opportunity to respond to *** ******** complaint. We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint. Sincerely,

**** *******
CEO Five Point Capital, Inc.
10525 Vista Sorrento Parkway
 San Diego, CA 92121
***** ********

Consumer Response: Better Business Bureau: 

From: *** ***** ************ *********** **************************************
Sent: Tuesday, May 08, 2012 3:49 PM
To: info
Subject: Complaint ******* 

I tried to respond online but the complain has apparently been closed. The vendor took 6 weeks to reply and now it’s closed within two weeks ?   In any case, I do not accept the response from five points. The sales process as *** ******* describes may be their policy but is not my experience with five points. I have three leases with them and each time, no options were presented and the agreements were compared to financing. I have discussed with my attorney and he agrees the contract is misleading and inconsistent so my only recourse is apparently to take legal action or continue to pay until I’m not sure when.     From this complaint, I was contacted by a *** *****. I asked her what her role was since the contract administrator claimed there was no escalation process and refused to identify any management chain in place. I never heard again from *** *****. It is clear that Five Points isn’t interested in resolution.   I don’t believe that Five Points is a trustworthy business partner. At this point, I would hope that you warn potential customers that they should not believe the claims of Five Points sales people and should shop elsewhere for leasing or financing options. I of course agree with *** ******* that a potential customer review the agreements very carefully with their attorney and ensure that any conflicting points are clearly defined by Five Points in writing.   I would be happy to act as a reference – to help others avoid the trap I have fallen into.   Btw – I must not be the only one complaining – *** ******* thanks the wrong person for the “opportunity to respond” – I wonder if they just can’t keep track 

Regards
***    *** *****
Cell: ***** ********
** ****: ***** ********
**** ****: ***** ******** *****************************
Better Service, Better Quality, Better Value, Better Stores    

Business Response:

Good Afternoon,

Five Point Capital received the initial response on March 13, 2012. We reached out to *** ***** several times to attempt to come to a resolution on this account. When *** ***** did not contact us back we responded the below response to the BBB regarding the terms of the contract. We sent an unanswered email on 4/10/12 at 9:43am as well as left a message with the receiptionist, attempted again on 4/11/12 at 10:09am, and emailed/LM again on 4/19/12 at 8:59am. This is the first response that we have received from *** ***** since March.

Five Point Capital sent out a certified notice regarding the end of lease obligations in August 2011 as a reminder that they needed to review the terms of the agreement since the maturity of original lease term was coming up. We did not receive a response to the certified letter. When *** ***** called in for a payoff in March we offered him a discount of $1,250.00 off of his remaining contractual obligation to payoff his agreement.

We believe we have done everything we can to reach out to *** ***** in an effort to resolve this. Our last effort is to offer to  increase the discount off of the remaining contractual obligation to $1500 bringing the payoff amount to $3,166.29.

We look forward to *** ******* acceptance of this offer and hope that this will resolve this contract.

Thank you

Consumer Response: Better Business Bureau:
 
I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below. The first contact was a message on April 10th followed by an email (attached). I responded on the 12th (attached) and had not further followup. I followed up on the 26th (attached) and received a "read response" on the 27 (attached) but no additional follow up. I will have to scan the agreement and forward that if helpful. I have never received ANY offer of any kind from Five Points or other correspondence. I'd be very interested to understand how they tried to contact me.  There was no certified mail in August as they described - in fact I asked **** ***** when I first called then about any record or certification of any notice and she said they don't do that as their normal procedure and in fact they were not obligated in any way to notify the customer of anything. NO offer was made of any kind when I called in in March and in fact **** ***** was unable to give me any payoff. No offer of a discount was made and in fact I have no idea what the payoff is ? I don't understand the numbers in their response. they are saying the payoff amount is $3166.29 ? That is a significant percentage of the original amount - after 5 years.

Regards,
*** *****

Consumer Response:

Here is the agreement for the lease. Please note the term (60 months) and the section 2: Term of lease. This coupled with my discussion with their sales person and comparison to regular financing caused me to believe this was a 5 year lease. My expectation was that I would purchase the equipment afrer 60 months and I would get a bill which of course never happened. I had also by practice used their on-line bill payment service and at the end of the term, no more invoices were available there to pay. I did begin to receive new invoices, a different format. which I am current on.

Five points is referring to section 15: Return of Equipment; Renewal which I didn't think relevant.

From their correspondence, they have mentioned offers which I have never seen, except from your emails so I have no idea what they are really offering. the original purchase price was about $7000 and so far during the lease, I''ve paid over $11,000.

Thanks
***
***** ********

Consumer Response: The consumer did not respond to the arbitration offer. -***. 

BBB's Final Determination: BBB determined that while the business addressed the complaint issues, the complanant was dissatisfied and the matter was outside the BBB Rules of Arbitration.

5/31/2012 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I received the attached letter from a company called fivepoint capital, apparently located in san diego, ca. as  mentioned, I have never heard of this company nor have I ever spoken to anyone from it. (although I forgot to mention this to you, I have not applied for any credit of any kind (except through chase, my own bank,  in years.)
 
when I researched the company online, I found that its website boasted about an “A+ better business bureau rating” in san diego. actually, your bbb online information indicates 62 complaints in the last three years of which 17 were related to advertising/sales. I am wondering how a company with 62 complaints in just three years can have a passing rating, much less a great one.
 
anyway, this company is using very deceptive sales/trade practices. the letter that I received (again, I have never had any contact whatsoever with this company) makes it seem I have some prior business with it. it looks like I have made a request for a loan and that the company is merely “responding” to a previously requested loan request. this is obviously being done to lure the recipient into believing that he/she has already begun some sort of process to borrow money.
 
here is why (I use the term “they” rather than “it”):
1)      they have created an account number yet I have no account
2)      they address me by my first name when they don’t know me. (the smallest of all the problems and something that would be of absolutely no consequence in the absence of the other items. I mention it anyway, though.)
3)      they say “periodically we update our customer files.” however, they have nothing to update. it’s a lie. also. i am not a customer. it’s a lie, too.
4)      they are not “ensur[ing] the accuracy” of anything because they had no right to have the information in the first place.
5)      there is no “service” they are providing and, therefore, there’s nothing that needs to be “prompt.”
6)      there are no “financial requests” and so they don’t need to “respond” “more quickly” to anything.
7)      they are sending a “Verification” form but there is nothing to verify. in fact, they are phishing for information and to get ‘accidental’ customers. I believe that they mined some generic online data about my company are trying to leverage it. I know this because they have a seven year-old, prior, telephone number for my company.
8)      there is no “latest information” because there was no prior information.
9)      further, I never provided any information, ever, so they are lying when mentioning the “latest information **YOU** provided” (emphasis added).
 
this is a problem for a few reasons. here are a few.
 
1)      someone might not realize that they are disclosing confidential information to an entity they don’t know. perhaps the recipient had applied for a loan from elsewhere and, thinking this was a related company, discloses information or requests a loan from the wrong company.
2)      a secretary/assistant could easily believe that this is just a request for “updated  information” (exactly what it says) and fill out the forms for his/her boss, again inadvertently disclosing confidential information (presenting identity theft issues) or actually borrow money on behalf of the boss.
3)      each time an application like this is filled out, I believe, it give authorization for the company to do a credit check. this places a hard inquiry on one’s credit report (a potential negative credit mark).
 
in the end, this is terribly deceptive. it is trying to get business by fraudulent means.
 
anyway, I hope you will look into this. I would be interested in a response.
 if you need anything further, please let me know

Desired Settlement: I hereby request four things:
 
1)      they take all my information out of their system.
2)      you investigate my complaint and make any necessary adjustments to their bbb a+ rating and make sure it is enforced so they don’t advertise a rating they do not have.
3)      you notify the proper authorities, e.g., the attorney general, district attorney, as the company are engaging in fraudulent activity
4)      they apologize to me.

Business Response:

We are writing in response to the consumer’s complaint. Thank you for bringing this matter to our attention.

 

 *** ********contacted us on 9/15/08 at roughly 12:06 pm regarding a marketing piece for our products and stated at that time he was not currently interested in our products. We attempted to market to him again in January 2010 and again *** ******** contact us on 1/30/2010 at 11:25 am and stated that at that time he was not interested in our products.  *** ******** had not provided us with the additional information required to activate his account.  The account was left on the file to receive additional marketing material.  

 

We constantly strive to improve customer service, and have taken his business off our mailing file and have notated on his account that he is not interested in our services.   We apologize for any inconvenience we may have caused *** ********.

 

Thank you

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.

5/24/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: 31 March 12-- TO: Attorney Generals Office/BBB----From: *** **** ** ****---RE: Identity Theft of my business---To whom it may concern, I have talked extensively with ****** ******** from **** *** ********** Company that sells information to other companies so they can provide loans/credit cards /etc. His number is ************. Recently I have been getting large amounts of mail from ***** credit card, ******* *** credit card, ********** *rocessing Challenge and other companies with a mans name on my mailing address and business name. The name is **** ***** and I do not know this man and have never heard his name unitl all these credit card applications and loan applications started coming to my business address with his name on them. I called the police, I contacted my three credit companies, my bank, **** *** ********** and all these companies that keep sending me this information and told their fraud departments this was not **** *****s address and the business, it was mine. They assured me they would stop these mailings, yet I get several every month and I am trying desperately to get this stopped before my credit is ruined, yet no one seems to want to help me. It seems that my life needs to be financially ruined first before someone will take action.---I was advised to contact you and the BBB to start action and I am talking to a lawyer in case a lawsuit needs to occur.Please advise me as to what the next step is to stop all this before this man gets a hold of one of these loans for thousands of dollars and ruins me, my business and life.----Thank you, *** **** ** **** ** *** *** *** ***** ** ***** **************

Desired Settlement: Please advise me as to what the next step is to stop all this before this man gets a hold of one of these loans for thousands of dollars and ruins me, my business and life

Business Response:

Five Point Capital does not seem to be mentioned directly in this complaint but I will address this anyway. Five Point Capital receives all contact information from *** *** **** ******. The information that may have been sent out was a marketing piece that was sent based on the information in the file. The marketing piece sent is not an actual credit card, it is a membership card to reference the customer in our system. I have confirmed with Marketing as well as Customer Service that any Marketing to **** ***** will be stopped immediately.

Thank you

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

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

4/26/2012 Advertising/Sales Issues | Complaint Details Unavailable
4/10/2012 Billing/Collection Issues | Complaint Details Unavailable
4/2/2012 Billing/Collection Issues
3/23/2012 Problems with Product/Service | Complaint Details Unavailable
3/20/2012 Problems with Product/Service
3/6/2012 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I took out a 48 month lease on equipment in 2006. The lease ended in 2010 and they kept taking the money out of my checking account. It took me a long time to find out who was taking the money and for what purpose. I called them today and they said they keep taking the money without contacting us to return the equipment on a continued lease. Now they want me to pay $*** for equipment that is old and warn out. We have had several loans with them in the past and were always contacted at the time the lease ended about pay off amounts. This time they just kept taking the money until I figured it out. I know times are tight but this really seems unethical to do to anyone.

Desired Settlement: I want them to retun at least one year of the past 2 years they have collected $*** per month. I consider it half their fault for not contacting me and making lease end arrangements and giving me the option of returning the equipment and half mine for not digging further into who was taking money from my account. Keep in mind ********* ******* did purchase several Fivepoint Capital loans last year which they never contacted us to tell us.

Business Response:

We are writing in response to the consumer’s complaint of**** ****** *** ******* ******

 

Five Point Capital and *** ***** worked together on three separate occations once in 2003, 2006, and 2008 to secure lease financing for equipment for his business. When his first of the three lase agreements matured in 2007 *** ***** contacted us regarding the end of lease option for his agreement. He spoke with the collections manager at that time. *** ***** claimed that he was not aware, even though it's stated in his contract, he had to provide notice of his intent. We made an attempt to resolve the issue at that time and discounted the payoff to accomidate *** ***** since he was a three time lessee. We reminded him that on his future transactions he would be required to adhere to the terms of the end of the contract and this was a one time exception.

 

Transaction number two had an initial maturity of May 15, 2010. *** ***** did not provide notice as advised nor did he call in for a payoff at maturity as he had previously done and continued to rent the equipment. Five Point Capital continued with the terms in accordance with the agreement as we had notified *** ***** we would be doing in 2007. *** ***** called into our office on Febuary 15, 2012 inquiring about the payoff on the agreement. We explained the terms of the agreement again and issued him a payoff of $****** plus tax. After negotiations we finally settled on $****** to purchase our equipment and own it outright.

 

We apologize for any confusion *** ***** may have regarding the terms he agreed to.  We would like to have *** *****'s business in the future so we have notated his account regarding this complaint and are willing to waive our documentation fee on his next lease.

 

Thank you for the opportunity to respond to *** *****’s complaint.  We constantly strive to improve our customer experience and will determine if there are ways that we can improve our processes based on this complaint. 

 

Sincerely,

 

***** *****

 

Customer Service Supervisor

Five Point Capital, Inc.

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

2/21/2012 Billing/Collection Issues | Complaint Details Unavailable
2/17/2012 Problems with Product/Service | Complaint Details Unavailable
2/7/2012 Problems with Product/Service
1/25/2012 Advertising/Sales Issues
1/25/2012 Problems with Product/Service
1/11/2012 Billing/Collection Issues
12/19/2011 Problems with Product/Service
10/26/2011 Billing/Collection Issues
10/26/2011 Billing/Collection Issues
10/26/2011 Problems with Product/Service
8/18/2011 Problems with Product/Service
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7/21/2011 Advertising/Sales Issues
7/21/2011 Billing/Collection Issues
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