ComplaintsforEnvision Capital Group LLC

• Initial Complaint

  07/12/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I own and operate a garbage company that I purchased in 2004. Over the past many years I have done several equipment leases to finance buying of equipment. I just made my last payment on one such lease and found that the dollar buy out that I had been promised was not an option. I was misled, lied to, and taken advantage of by the lender as well as the broker. I don't know how they did it, but they distracted me enough to bait and switch the paper work. I have a history of doing only leased with dollar buy out options. I have between 6 and 10 other leases completed always with a dolllar buy out. I was not desperate for funding, I have a high credit score, and there is no reason for me to have taken on a lease with these bad terms. Something preditory happened here, I see the paper work, but I would never have signed this, and do my recollection did not sign any lease that did not have a dollar buy out. If you look at the situation you can see a predator did this.

  

  Business response

  07/13/2021

  Mr. *********,
  
  We are sorry that you feel you were misled but we are not in the business of bait-and-switch. On the first page of your documents, “Fair Market Value Purchase Option (FMV)” is clearly listed in bold as the “End of Term” option; both you and the other signer were required to sign two separate places on this page alone. Additionally, all other pages throughout the documents reference “Lease” and “Lessee,” as does the separate commitment agreement that you signed. As discussed with you on the phone, our team prioritizes relationships and therefore is willing to discuss a discounted buyout, but to say that this was predatory is patently false.

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

  Customer response

  09/28/2021

  They are missing the point.  
  

  
  

  The fact of the matter here is that I was misled by an agent.  
  

  
  

  I asked why it said "market value" and the answer I got was that the company would have depreciated the items to zero so the market value will be the usual 1 dollar buy out" 
  

  
  

  I was bait and switched for sure, and you can tell this by my track record.  I have fully paid off many leases in my time in business and all for the usual 1 dollar buy out.  My credit score is excellent and there would be no reason for me to take a deal with terms like this. 
  

  
  

  I question the loyalties of the agent involved,  do you pay agents more for pushing me into a lease with bad terms?  
  

  
  

  If so then you are part of the problem because rather than getting me the best deal possible they pushed me into a bait and switch program and lied to me about the buy out. 
  

  
  

  I am not here saying I did not sign,  I am here saying that your agents took advantage of customers, lied, and then left me hanging when the lease was up.  Look back at my credit scores, why would an agent put me into a lease with bad terms when my history and credit score deserve better? 
  

  
  

  I would guess that is because you pay more for sub prime deals.  I expect to find out that this agent received a higher commission due to the fact that I was baited and switched.  
  

  
  

  I don't know why I would be put into a program like this,  in all my other dealings (not with this agent) I have always had an agent who was looking out for my best interest.  
  

  
  

  If you look at customers with a similar profile as me what products do they receive?   I am sure you can see that most people in my good credit position and with such robust history would never take a deal like this.  That track record is proof enough that I was lied to.  
  

  
  

  I am used to dealing with companies and agents who protect my interests, so I was not suspect of the excuses made.  
  

  
  

  Your company is guilty of being involved in a bait and switch, with a client who has the credit score and history to book a normal 1 dollar buy out deal. 
  

  
  

  Look at my history and credit score then ask yourself if I was treated by my agent in an honest way, the answer is no, 
  

  
  

  Look at the other deals people with my score and history were getting and tell me you got me the best deal possible, again the answer is no, you were not looking out for me.   You were booking me not into the best deal to suit my needs, but into the best deal for your profit margin.   This shows intent to defraud me.
  

  
  

  All you have to do is compare the deal you sold me to the deals people with my credit score and history were making at the time.   You will see that this deal was way outside "normal" for someone with my score.  
  

  
  

  Was this a fair deal for me?    No it was not a fair deal, it was someone taking advantage.  

  

  Business response

  09/28/2021

  **********************,
  
  As already mentioned, we are not in the business of bait-and-switch; the end-of-term for your lease was listed in bold on the first page of the agreement and on several other signed documents. Also, contrary to your claims that true leases are tailored to subprime clients, we have experienced just the opposite: it is typically the clients with higher credit scores who prefer a true lease for tax purposes (Section 179 is commonly used in these instances).
  
  We will not be discussing our employees compensation plans or the structure of other clients transactions; those are of no concern to this matter.
  
  If you did not believe you were getting a fair deal, then this should have been discussed prior to entering the agreement rather than when the buyout was due (which again, was agreed to upfront). Even so, we have offered to work with you regarding the buyout costs associated with your lease because it is our priority to maintain a relationship with our clients.
  
  We cannot express clearly enough that the terms of your agreement were consistently stated numerous times, in bold writing, on several documents that required multiple signatures prior to contract execution. Your feelings aside, you were neither taken advantage of nor misled.
  
  Envision Capital Group LLC

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