Partners Capital Group

Customers Complaint and our answers in Black:
I contacted Partners Capital in August to help with financing for an ultrasound machineFirst issue I have is we were quoted an interest rate that was not what they ended up giving usI trusted the sales guy based on his relationship with our Vendor whom I trustedHe gave me an interest rate quote and payment amount, only the payment amount was stated on our loan docs. We agreeOften times we quote rates and payments prior to securing an approval and sending documentsAs the customer states, this was only a “quote”The customer agreed to a monthly payment and signed an agreement that clearly listed the monthly paymentWe funded the loan and have been billing monthly payments exactly as the agreement states. I went back to verify later and realized the interest rate being charged based on the amount we borrowed was 6% higher than quotedAs we had talked on a recorded line I reviewed our conversation to verifySecond issue, we signed an Agreement that outlines that the first of my payments is to start the first of the month after the loan was fully fundedThe vendor was paid 100% on August 20th which would mean my first loan payment would begin September 1, The first payment was paid upfront at loan signingI received and paid an invoice for prefunding and origination fees for AugustThey then sent an additional bill for September "usage" which does not follow the terms of our Agreement. Not correctWe prefunded the vendor on 8/20/The customers advance payment was applied to the 9/1/due date and we didn’t bill for the second payment until 10/1/15, days later as the agreement states. They are trying to collect a month of interest they are not entitled to based on the documentsThey funded the loan August 20th and are refusing to follow the terms of the loan as agreed to in the documents. Not true, we are only following the terms of the agreementThe customer paid one payment in advance with more payments dueThe bill that was sent for the second payment with a due date of 10/1/This is payment #as the agreement statesAll attempts to remedy the situation result in threats to take back the machine and damage my personal credit. Customer has made no attempts to remedy other that refusing to pay and therefore being in default of the agreement.They are not following the terms of the Agreement we signed and are trying to bill an extra month of "usage" which is equal to my monthly payment. Not true, we are not billing for any extra paymentsI specifically requested that this amount be credited towards my monthly payments as stated in the AgreementAfter many vague responses they finally said no, I then told them it was not right based on Agreement and not to deduct it from my bank accountThey ignored my request and did an ACH from my accountI had to close my account and have the charge reversedThen I get threatening calls saying I am not in compliance. The customer signed a non-cancelable non irrevocable ACH agreement and is now in default of the agreement by closing the accountFacts:
We financed a GE Ultrasound for this customer back in March Customer agreed to a month term and payments of $1,We have been billing the customer $1,per monthTo my understanding the customer has no issue with this loanOn August 20, we financed another GE Ultrasound for this customerThe customer agreed to a month term and payments of $1,188.66 ($a month lower than the previous loan)The customer was sent an invoice #*** that was not paidBill was for $1,the exact amount of the payment on the agreementCustomer was then sent a nice collection letter and the bill was not paidCustomer was then sent a second collection letter and the bill was not paidThe customer was then send a day demand letter with a due date of October 30th and the bill was not paidThe account is currently with our attorney to proceed with legal actions to get this account paidAttached documents:
1) Copy of agreement
2) Delivery guarantee formCustomer instructed us to prefund their vendor and agreed to start making payments
3) Copy of check paid to vendor dated and sent on 8/20/3.5) Copy of bill for $1,4) Copy of first collection letter
5) Copy of second collection letter
6) Copy of day demand letter
Please let me know if you need any additional information*** ***
Dirof ***eting
Office: 949.*** Fax: 949.***
m***@partners-capital.com

Revdex.com:
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
Almost every statement made by Partners Capital Group ("PCG") in its response is untrue.
1. The equipment was just financed this year in April 2014, not last year as claimed by PCG
2. Invoices have never been received timely, despite PCG's assertions and promises to the contrary. Typically, we have needed to request copies of invoices late in each month because we had not receives them by mail in a timely fashion
3. We did not make the 8/1/payment by check because PCG was making and was supposed to continue making automatic ACH withdrawals each month, as authorized under the agreement. All previous payments were ACH transactions initiated by PCG on the first of each month without waiting to see if a check would first be received from usThere was no reason that we should have expected the August payment to be any different from previous months' payments
4. PCG did not provide "a few days grace period" before charging a late fee. If the payment was due on 8/1/2014, then a few (3) days grace period would have allowed payment to be made on 8/4/without a late fee being assessed. PCG did not wait a few days and, therefore, is again not accurate in its statement
5. Despite PCG's claim, neither the July nor August invoice was ever mailed to us. We specifically requested both invoices when they were not received timely and then later received them by email in response to our requests
6. We should not have been subject to a late fee, since PCG was supposed to automatically debit our bank account on 8/1/
PCG's explanations are thoroughly inadequate and inaccurate. They simply create facts to fit its narrative and to cause a fraudulent revenue stream of late fees and other fees to continue. Interestingly, PCG never addressed our claim that it made several previous unauthorized ACH withdrawals, which would have further increased its revenue (and continued to do so) had we not uncovered its wrongful conduct. PCG's behavior has been unconscionable. It is astounding that, rather than refunding the appropriate funds to a relatively new customer, PCG would rather create a story to perpetuate its unauthorized debits from our bank account. This should not be permitted to continue
Regards,
*** ***

Revdex.com:
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 refund provided in November was due to an overcharge on my last payment and not the insuranceEven refunding the overcharge took months for them to arrangeAll along the company has been slow to respond to issuesMy business has not yet sold so they don't even listen to clients and keep facts straight when they do reply to complaintsI decided to pay off the lease because it was so time consumiing to deal with themI wonder how many clients just give up and pay them just to not have the miserable experience I had
The insurance was not refunded and I have emails from them stating that they would not refund itWhen the first bill came I tried to contact them to let them know the eqipment was already insuredThey took months to reply and thus charged me insurance the whole time I was waitingAs long as they fail to refund my insurance payments this will not be resolved\
Just to clarify, what action did they propose? There is no proposal in the letter, only claims that they satisfied my concernsThey have not.
Regards,*** ***

We have called and emailed the customer multiple times and have provided them with everything they requestedOur position remains the same, the customer has been contacted and provide with everything they requested

We have agreed to offer a refund up to $2,provided the remaining last payment is made

Revdex.com:
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
Regards,
*** ***

*** *** provided us with a copy of their insurance on November 13, (See attached fax cover and insurance certificate)
On November 13th, we stopped billing for insurance
The lease agreement is very clear and states that the customer is responsible to make the insurance payments until they provide us with a copy of the insurance which took place in November
*** ***
Dirof Marketing
Partners Capital Group

I personally sent [redacted] the following email and will refund him $30.75
"border-bottom-width: 1px; border-bottom-style: dashed; border-bottom-">on Monday
(Email sent)
[redacted],
I was just given a copy of a complaint you filed requesting a refund of $and a "paid as agreed letter"
Is this something you still want or need? Please let me know so I can issue a refund and email you a "bill of sale" form
(Here is his response)
From: [redacted] Sent: Saturday, May 31, 7:PMTo: [redacted]Cc: [redacted]Subject: RE: Revdex.com
Thank you very much

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted] and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
[I tried to call [redacted] at Partners regarding the resolution he claims he will offer, and was finally transferred to [redacted] (associate who told me I was getting a loan that turned out to be a lease) voicemail.  I didn't expect a call back, because every time I have ever called them after funding was complete, I could not get a call back after leaving voicemails for sometimes days, and then would get transferred to someone who they claim I was never supposed to be talking to. I would finally get to talk to someone when I called from a private number over and over. So, I tried to email and got a message stating that my response is considered spam, so, I have no other way to contact him regarding his offer to make it better either.
I have emails from [redacted] (sales associate at Partners who was contacting me offering a loan for several months before I looked them up and never saw any bad reviews on the Revdex.com website), [redacted] and [redacted] that all refer to my lease as a "Loan" and [redacted] is with the Documentation and Funding department.  [redacted] (the company that provided the wood chipper) representatives had never used their services before or heard of them (that should have been my red flag) and will no longer work with this company for future buyers because of how Partners Capital conducted business with us. OF COURSE the contract states what they wanted and not what we wanted; what kind of contract says both Loan and Lease at the top? The [redacted] Rep that was there during signing suggested [redacted] call and ask why the contract said "lease". 
 Everyone in the room heard him on speaker phone say "Don't worry about it, it's the same paperwork, it just the heading say lease/loan, just sign it and send it back..." we were in a hurry since he hadn't returned my call all day when the [redacted] Rep had been since the morning. After contacting them several times regarding strange charges to our account occurring after the down payment and asking why I've never gone through this with a loan, (with different reps saying, "every loan is like this"), I get a bill for property tax.  They all kept avoiding it, until finally [redacted] or [redacted] says, "Yeah, it's a lease, he never explained how the lease works?" I don't remember, I talked to so many people, but I'm pretty sure it was [redacted] he talks to [redacted] and claims he told us he could not qualify us for a loan quick enough, then he just changed it to a lease without ever mentioning it, or explaining it, and even lies about it. Everyone was dodging it. Then, [redacted] tried to make it better by offering us a $500 off of our next lease certificate to which I said we will never refer them or buy anything from them again, and why would they think I wanted another lease. I have never leased anything because it is a waste of money. So finally, in January (the loan took place October 22, 2013) [redacted] comes out with the truth that it's a lease, and tried to smooth it over by saying we would benefit from a lease because by using section 179, we could write off the entire cost of the lease, but since they worded the contract wrong with regards to end of the lease options, we could not. I can have both the sales rep that thought we were getting a loan and the documentation and funding rep from [redacted] who thought we were getting a loan confirm their witness accounts.  They claimed [redacted] demanded a $100 prefunding fee, which they demanded we pay along with several other charges we never expected and are still paying.  We have exceptional credit too, which is why we should have went through a bank, but we were in a hurry.  Shame on us for not reading the entire contract, but this business is shady and I have spread the word to several potential buyers as I work with many local businesses, and I know at least [redacted] with be dissuading any buyers from using Partners Capital to fund their equipment purchases.]
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Interest Rate:   I was given the payment amount AFTER my credit had been run and I was told by [redacted], on a recorded phone call, that my credit was great and came back in the high 700's.  He gave me three loan rates and the payment amounts that corresponded to each.  I chose the longer term, 60 monthly payments at 5.5% with a payment of $1,188.66 as I was assured by [redacted] that there were no pre-payment penalties.  I specifically asked him if that meant I could pay off the balance of the loan due earlier and avoid paying the total interest that was on the loan or if that just meant I could make all the payments early and end the loan.  He stated that I would not pay any the total interest due on the loan if I paid it off early.  After talking to the company they sold the loan to this is also a LIE.  I am responsible for 60 monthly payments of the loan amount regardless of if I pay it off tomorrow.  This payment amount did not seem unreasonable as I was originally financing almost $10,000 more on the loan.  I had forgotten that they were going to be financing $10,000 less as we were trading in our old machine.   As their Agreement lists no interest rate or even the amount you "borrowed", characteristic of most predatory lenders, once I realized that the interest rate on the amount we borrowed did not match what was quoted I asked [redacted] for an amortization schedule to verify.  They have never been sent, nor did I receive any return phone calls once I questioned his calculations.  As I agreed to that payment, although it was based on misrepresentation,  I have every intention making the 60 monthly payments I agreed to.  In fact, I have already made two of them to the new owner of the loan, [redacted] Funding.
I did agree to pay the vendor before I received the equipment, payment was made to them on August 20th.  I was set to receive the machine on August 25.  I paid the "pre-funding", origination and loan fees for August via ACH in the amount of $700 plus dollars.  Per the Agreement,  it does allow them to collect an amount equal to 1/30th of the payment until the end of the month when the loan is fully funded.  Then per the language of the Agreement, my 60 monthly payments were to start the first of the month after the vendor is paid in full.   This would mean that the payment I sent in with the loan should have been sent to the vendor and the loan commencement date should have been September 1st.  What they did was purposely leave the commencement date off of the Agreement so they can try to alter it to their advantage.   The vendor was paid in full August 20th ( I asked and was sent proof from the vendor that this was the case), the equipment was received in August, they delayed contacting me until September 1st.  On that day I received an email from [redacted] where she states she emailed to "verify" that the equipment was received so she can pay the vendor.  It seemed odd to me that she said this as I had talked to my Vendor and they had received payment in full before we even received the machine.  Then I receive an invoice for "usage" for September.   I talked to [redacted]. their finance guy and told him that I have no problem making the payment,  I just wanted verification that this was going to count as one of the 60 monthly payments I agreed to.   After much run around I finally received an honest answer that it was not, they are just charging me $1,188.66 because they purposely delayed "commencing" the loan until October so they can try and collect extra interest that based on the terms of the Agreement they are not entitled to.   They deliberately waited until the first of the next month and then lied and said my vendor had not been paid in an attempt to charge a whole month of "usage" which is equal to a monthly payment.  In the Agreement it does allow them to do this for the whole month before the vendor is paid in full, it does not allow them to do so for an additional month.  They are threatening to take back the machine and destroy my credit not because I am not making or am not willing to make the monthly payment I agreed to, in fact I have already made two payments to the new owner of the loan.  They are simply doing this because I do not want to pay their fraudulent "usage" fees that they are billing me.  Based on their misinterpretation of the Agreement, and their delay of over a week to send an email  to "verify" I had my equipment they want me to pay them $1,188.66 that is not one of my 60 monthly payments and not a valid charge if they are following the terms as outlined in their own Agreement.  I want them to honor the terms of the Agreement and start the monthly payments when they should have been started, not a month later so they can try and charge $1,188.66 more when I am already being charged 6% more interest on the loan then I was quoted.
 
Regards,
[redacted]

No they have not clear this complaint up to date.

Insurance policy was cancelled on the day the customer requested. Billing was also stopped on that day. No insurance premium is due. Thank you

Customer has a few issues.
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1)      He wants a supervisor to call him. I just left him a message on [redacted]
2)      He states he did not authorize us to debit his account. Page two of the agreement (see attached) states he give us permission to ACH the monthly payments due.
3)      He thinks he was billed incorrectly. (Attached) are his two monthly bills that were sent and paid. No mistake was made with the bill.
 
Any other issues or questions please have [redacted] email or call me direct.
 
[redacted]
Dir. of Marketing
Partners Capital Group

Mr. [redacted],We got notice yesterday that your loan request was denied and we processed a full refund yesterday. The check was sent today and you should get your full refund by early next week. If you have any questions or need a copy of the check please let me know. [redacted]...

[redacted]@Partners-Capital.com

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Partners Capital continues to lie and misrepresent the agreement as well as what they have done.  The attachment is from the tracking of the check.  As you can see, it clearly states that it was sent USPS "3 Day", not the "overnight" they claim that they "always" send.  The check was not received until December 17th.  Also, we never requested 100% "Pre Funding".[redacted], from our office spoke to [redacted] at Partners Capital yesterday and she stated that what we should have been billed for was the time between when the vendor received the check and when the equipment was received by us and installed.  This would mean that we should have been billed the $30 daily interest from December 17th, when the check arrived to Transmille and December 22nd, when the equipment was received by us and put into service.  This calculates out to 5 days @ $30 per day for a total of $300.  So we should receive a refund check for $671.00.  I expect to have this amount "Overnighted" to us and a tracking number supplied within 3 business days to close this matter.I have also been in contact with [redacted] since posting the complaint and she is more than happy to give her recount of the events just as I have stated them.
Regards,
[redacted]

This "non cancelable" agreement funded last month and we no longer own the lease and therefore do not have the ability negotiate on a loan we do not own.

I'm not sure what the customer wants. Customer stated we started billing them when we did just that. They borrowed the money and we funded the loan and started billing for the payments as the agreement states. Customer stated we electronically deducted a payment without his authorization when we have his authorization.
Please be specific with what the customer wants and why they want it? We can't just refund two payments when the payments were due.

Better...

Business Bureau:
I have reviewed the response made by the business in reference to complaint ID [redacted], 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,
[redacted]

Ms [redacted] leased equipment for her business. We billed and collected the lease payments and at the end of the original lease term, Ms [redacted] has the option to purchase, return or keep making payments. Ms [redacted] did not return the equipment nor did she purchase it. We are allowing the customer to...

cancel and terminate this lease with no additional payments due.

We agree to waive the UCC fee and refund the $2,379.55 as the customer requests.