BBB Business Review

BBB Accredited Business since 03/08/2016

Calfund, LLC

(213) 747-4949807 E 12th St #213, Los AngelesCA 90021-2178

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This company offers direct equipment finance services, specializing in financing of commercial medium and heavy-duty trucks, and trailers.

BBB Accreditation

A BBB Accredited Business since 03/08/2016

BBB has determined that Calfund, LLC 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 13 factors. Get the details about the factors considered.

Customer Complaints SummaryRead complaint details

6 complaints closed with BBB in last 3 years | 3 closed in last 12 months
Complaint TypeTotal Closed Complaints
Billing / Collection Issues4
Guarantee / Warranty Issues1
Problems with Product / Service1
Advertising / Sales Issues0
Delivery Issues0
Total Closed Complaints 6

Customer Reviews Summary Read customer reviews

1 Customer Review Customer Reviews on Calfund, LLC

Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 1
Total Customer Reviews 1 Customer Review

Complaint Breakdown by Resolution

Complaint Resolution Log (6)
07/08/2016Guarantee / Warranty Issues | Read Complaint Details

Company Name: Calfund LLC

On 4/22/16, I entered into a financial contract with Calfund, LLC to finance a 2009 Volvo 780 that I purchased from a Used Tractor dealership. Part of the stipulation for funding this vehicle, Calfund LLC required a warranty on the engine of the truck due to pre-existing knowledge that the volvo has had issues with engines and turbos in the past. I could not obtain a loan without this warranty.

Calfund LLC charged me an additional $3700.00 in financing for this warranty, and did not provide me any stipluations in regards to the warranty until after I signed the loan documents, only that the engine and its components were to be covered under the warranty I was forced into obtaining to get funding.

Fast forward to the end of May, early June, and the truck began having issues. I took it into the repair shop, and they indicated that the injectors needed to be replaced. Under the assumption that my warranty would cover this, I approved the repairs. Once the repairs were underway, I contacted my warranty company and filed a claim with them. That claim was denied, and the bill would cost me $5,100.00 to get my truck out. I investigated further on the warranty, and contacted them after this denial, and was told that I covered under their standard package that did not include the injectors or anything relating to the turbo. I asked them how much this policy cost, and was told the pricing on the standard warranty was $1853, the silver package was $3550, and the titanium package was $3650. The silver and titanium package would have covered my turbo. Which the $3700 that I paid, could have easily covered. However, Calfund not only is making interest off of me, but is making close to a $2000.00 profit from forcing me to obtain a warranty that cost a fraction of what I paid. Had they have obtained the other packages, that are within the $3700.00 I paid, I would not have to pay $5100.00 in repairs that would have been covered under a silver or titanium package. Making a $2000 profit on top of the profit they are obtaining through financing for a program that offers Calcap loans, seems completely unethical.

I called Calfund asking if they could assist me as to why my claim would be denied, and to let them know that due to the large repair costs, that I would be late on my first payment. The owner of Calfund, Harry, stated he couldn't help and in fact would just repossess the truck. Which I realize is a scare tactic, and he can legally not do so unless I am 90 days past due, but I am at this point only 3 weeks past due and I am waiting to pay for my truck.

At this point, due to their unethical practices, I am registering a formal complaint. I would like to be reimbursed for the $12,408.79 in repairs I am out. And since I paid $3700.00, I want my warranty to be upgraded to the silver package, and that is within the $3700, and still giving them a profit off of it. And if they are unwilling to upgrade my warranty, $1900 should be deducted from the total amount I financed to reflect the price of the warranty I actually received from them.

Business Response


Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)

10/07/2015Billing / Collection Issues | Read Complaint Details

They claimed we still owe $1400 on a loan for a truck that was sold and then they placed a repo on our credit and will not remove unless we pay.
We sold our Freightliner truck in February 2015 and the new owners financed the truck through the same company (CalFund)we used, so the transfer of title, loan process was done all in-house through CalFund.
Throughout this process of the sale there was no mention of any deficiencies of the loan we had. There was no written documents or verbal discussion indicating any amount due at the time of transferring the title and loan.
By mid -February 2015 the transaction was closed, truck was sold. Still no mention of the outstanding balance. We were told the loan was finalized and the truck sold, and title transferred to new owners.
By the first week of March 2015, I was alerted by my credit bureau notifications that there was a reported repossession from CALFUND. My husband and I followed up directly with the company to find out why. They said over the phone that there was a deficiency and they would not remove the repossession reported to the credit bureaus without us paying a $1400 balance. We requested them to remove it because they DID NOT DISCLOSE THIS AMOUNT TO US AT ALL IN THE FINALIZATION OF THE SALE whether it be written or verbal.

We requested by email to be sent an itemized list of the all the charges they are claiming. That email was sent to them on March 5th, 2015. They never replied to our request and the repossession remains on our credit with the balance still owing.

We want the balance on our credit to show $0 and settled. We want CalFund to do that immediately.

Desired Settlement
We want the balance on our credit to show $0 and settled, and the repossession removed. We want CalFund to do that immediately.

Business Response
we had to pay ~$1,100.00 to the dealer where ms. ***** had left the truck and there were some late charges and nsf that had remained on the account.
however, we did what the customer is asking.

thank you

Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
The company has agreed to remove the repossession from our credit and show $0 balance and settled.

We appreciate the quick response to our complaint. We are satisfied with the cooperation of Calfund in removing the derogatory marks from our credit.

04/18/2016Billing / Collection Issues | Read Complaint Details

The interest rate that was written in the contract was higher and different from what I expected based on my pre-contract conversation.
Product_Or_Service: truck

Desired Settlement
I would like a billing adjustment.

Business Response
Contact Name and Title: Haroon *******, COO
Contact Phone: XXXXXXXXXX
Contact Email: *****
As stated in Mr. ************ loan documents, the rate applied to his account is the exact rate that was discussed with him prior to finalizing his loan transaction.

Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)

Final Business Response
I, ***** ******* talked to Mr. ********* last week, and went over all the details of his account at which time he clearly expressed to me that this matter is finalized and concluded once and for all.

Final Consumer Response
The matter is not resolved. I was told 15-18% by phone by a saleswoman ***** but the paper states 29%.

12/21/2015Billing / Collection Issues | Read Complaint Details

Reporting inaccurate info to credit reports.
Calfund is reporting inaccurately my financed amount to the credit bureaus. I even contacted the credit bureaus to make sure that they aren't aloud to report it the way they are.

The way they're reporting it is they are taking my payment of $1,550 x55 months which comes to 85,250. That is the amount being reported to the credit bureaus. But the amount I am financing is only $40,000 which is legally all they are aloud to report.

I called Calfund and they said oh that's just how they do it, but according to the credit bureaus they can't just do it however they like. They have to report remaining balance which means every month they have to subtract principal off the 40,000 and report the new amount.

Desired Settlement
I want them to correctly report my balance owed. Not balance after all payments have been made.

Business Response
This is a pre compute commercial contract and the credit bureau do not dictate as how it needs to be. We have contacted the customer regarding this matter and are waiting to hear from him.

07/21/2015Problems with Product / Service | Read Complaint Details

Got financed through them for a loan signed a waiver for a hold on the payment for July 10 and they took it anyhow ***** was o put it back and hasnt
Bought a peterbuit 09 from truck mart llc was given a loan on the truck from calfund and the truck ran 17 days and was broke down 12 days now engine is blown I put a hold on the payment until July 10 and fax the paper back to them. I was old everything was good the payment wouldn't be taken. On the 11 day of June they took the payment anyhow. I called talked to ***** again he told me he would put the money back in I just needed to get him he information to do a bank transfer from my bank I did that fax the information to him. It is now 18 of June and still my account is overdrawn and I am getting charged 35 dollars every three days it is overdrawn. I have called multiple times and ***** is avoiding my calls. My loan account number is **************

Desired Settlement
I want any and all money refunded from this loan on the truck and it off my credit because I didn't have this truck running but 17 days and it has had problems every since I drove it off the lot and now the engine is blown. I would like the money down that I put which is 5,000 dollars and the payment of 1550 that was taken that shouldn't had been taken put back into my bank account on top of it off my credit because the truck mart llc is charging me for the engine and inhave total almost 20,000 dollars in this truck and I only feel its right I was lied to by ***** at calfund and Truck Mart LLC. Truck Mart is going to see about giving me the money back on all repairs I have done on the truck and I feel I am entitled to a refund of the deposit on the truck and then down payment and the payment that was taken and should not have been and it not to show on my credit as any kind of repo thank you.

Business Response
this customer purchased his truck from truck mart in Pennsylvania and we did the financing. a few weeks later we're asked for an extension on the first payment due on June 10th, without being told the truck is in a repair shop in South Carolina, with an invoice of $4,809.33 due on it, plus an estimate of over $20k to fix the truck.
we had to pay the $4,809.33 plus tow the truck out of that repair shop. attached, you'll find a copy of the invoice.

01/26/2015Billing / Collection Issues | Read Complaint Details

Purchased Commercial Tractor $20,000
Put $4000. down Leaving $16,000 payoff
Paying back almost double
$28,650 back at 29.33% int
Living on street
Bought truck at $20,000 and I am loosing and ruining my credit because I make 3.000 per month and am loosing my credit because of the outrageous credit. I am paying and cant put anything away to repair the truck and it is falling apart. It has a oil leak that will cost me $10,000 and I cant get ahead because of it is JUNK. I bought the truck from Truck Mart LLC XXX-XXX-XXXX XXXX New Castle Road Prospect Pa. who set up the financing and told me It was a good company and I would get a great rate. I took their word for the financing on the truck. I was skeptical and wasn't sure but was advised by the employees at Truck Mart that the rate was for $16,000 and I would be able to repay the loan with ease, and could double the payments. I am struggling to pay off the equipment as it has a major engine problem and will cost me 10,000 to repair the motor, as it has an oil leak and DOT can put me out of service if I get Caught by a DOT Officer. I make 3000.00 per month spend 1190 per month for the truck leave me 2000.00 per month to pay off the other bills, auto, pickup insurance gas food electric, water and the credit cards. I go hungry more so each month than I have food. I have to use my Military retirement pay at times on the road to buy fuel, food, and other items to survive with. I have gone back and checked the payoff and calculated that I am paying 48% interest, if one takes a loan of $20.000 an put down $4000 down leaves 16,000 and paying back 28,560 comes out to 48 % interest rate but it says I am paying $18000 at a 29.33% interest rate why am I paying an interest rate when I had a credit rating at the time of 690/712 when I signed the loan think because I was told it was the best rate for the truck and I also paid Late fees on the loan and I was told by GreatWide the payments were taken out in October 2012 when I signed the loan.
I called the company Calfund and complained about the High Interest rate and the payment on the truck being more than what I was informed to be paying. I complained on the phone and left a my complaint on the answering machine why are they cheating me out of money, and I am struggling to live. I got a call back from a male person from CALFUND left in my voice mail to call back so they could give me an ear full of the answer I was wanting to get. I guess it was OK to call back and thretten a customer and wanting to cuss me out because of the complaint I left.
Buy Truck $20,000 - $4000.00 down leaves $16,000 to pay off. Why am I paying on $18,000 when I borrowed $16,000 and why the 29.33 % interest? do they cheet everyone that way or was it just me that they took advantage of. I feel I was taken to the cleaners when I had 712 Credit rating at the time. WHY AM I BEING CHEATED OUT OF MONEY?

Desired Settlement
I am asking for the interest rate to be dropped to a reasonable prudent rate. I can't figure why the outrageous rate of 29.33% on $18,000 that I am paying for. I only borrowed XXXXX and not the XXXXX that is in the loan. I am wanting some of the interest returned to buy the repairs the truck needs. Why am I paying back $12560.00 on a loan of $16,000.00 I am being cheated out of money to operate on, and to repair the equipment with there are times that I cant buy food because I don't have the money. This loan is affecting my credit because I cant pay all the bills to include Rent on a home to live in. Why am I being cheated out of money and

Business Response
Contact Name and Title: ***** *******,****
Contact Phone: XXX-XXX-XXXX
Contact Email: *****
As the lender, we financed the purchase of the Complainant's (hereinafter referred to as the "Customer") truck on February 25, 2013, for a period of 24 months. Accordingly, the loan shall be maturedin less than two monthson March 1, 2015. Now that the account is on the verge of being paid off, the Customer has decided to make his false allegations public.

While the Customer's statement regarding his credit rating of ******* (at the time of submitting his application) is true (actually it was ***), what he is not taking into consideration is the fact that not all lenders are FICO score based. Further, based on "our internal credit guidelines", there were two derogatory items on his credit report as follows: 1) a prior "COLLECTION" item pertaining to a New Mexico "CHILD SUPPORT" Account and 2) a paid account regarding an AUTO loan after being delinquent for 180 days. Since we are not a credit score based lenderbeing in transportation/truck lending businesswe considered the customer's application (upon receipt) falling under a tier 3 loan program. Generally, we do not even consider funding transactions for customers who have "child support-related" issues, which are referred to collection agencies.

Furthermore, the Customer is claiming that he purchased the truck for $20,000.00 with a $4,000.00 down-payment; hence, the finance amount should have been $16,000.00. Although the dealer's invoice reflects a $20,000.00 purchase price, the down-payment that the Customer ended up paying to the dealer was $3,220.00, leaving the balance of $16,780.00 to be financed. We have the dealer's invoice in our file with the Customer's original signature confirming all the facts. Accordingly, the final finance amount came to $18,000.00 ($16,780.00 finance amount + $1,220.00 (our own lender's feesa very reasonable amount all documented in the contract that the Customer signed)). On a side note, due to his lack of initial funds, we agreed to finance the feesvery customary in lending business, especially in our industryjust to be accommodating to him.

In conclusion, we would like to address our Customer's concerns hopefully by being able to communicate with him directly. In the past, especially on one particular very important matter, we had to seek the "person search" services offered by LexisNexis to find this individual in order to obtain from him a copy of his truck insurance policy which had already expired. After leaving several telephonic messages and sending him letters for months, the Customer finally got back to usvia emailinforming us that he was deployed to Qatar.

Industry Comparison| Chart

Loans - Small Business, Consumer Finance & Loan Companies

Additional Information

Business started: 05/01/2000
Licensing, Bonding or Registration

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

Type of Entity

Limited Liability Company

Business Management
Principal: Harry (Haroon) Saghian (Chief Operating Officer)
Contact Information
Mayer Separzadeh (Owner)
Number of Employees


Business Category

Loans - Small Business, Consumer Finance & Loan Companies

Customer Review Rating plus BBB Rating Summary

Calfund, LLC has received 3.7 out of 5 stars based on 1 Customer Review and a BBB Rating of A+.

BBB Customer Review Rating plus BBB Rating Overview

Map & Directions

Map & Directions

Address for Calfund, LLC

807 E 12th St #213

Los Angeles, CA 90021-2178

To | From


1 Locations

  • 807 E 12th St #213 

    Los Angeles, CA 90021-2178(213) 747-4949

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in the Counties of Los Angeles, Santa Clara, Santa Cruz, Monterey and San Benito. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*Calfund, LLC is in this range.


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Industry Tips for Loans - Small Business


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