Balboa Capital Corporation

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.
no, Balboa Capital did not update our bank account information in a timely manner which is why we incurred all these fees and asking for a refund. In addition, they have never complied with our requests to send us statements regarding our balance, fees, etc. NEVER! Even after we requested this from our Portfolio Manager, [redacted], he said the office was working on it (this was back in April). I sent him 5 follow up emails and have virtually given up on this, which is why we have taken so many various measures to reach out to you. 
Regards,
[redacted]

We have reached out to the customer and reached a resolution that is satisfactory for both parties.

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.
Problem: I filed a complaint last year about this business. Nothing was resolved. I am now at the end of another lease. I sent Balboa two emails asking for the year end price for the equipment that I have been leasing from them the past couple of years so that I can know if I want to return it or if it will be worth keeping it. They refuse to give me even an estimate. All they say is to send a certified letter stating what I want to do. Is.this legal. I have to send it in to them at least 180 days before end of lease but no more than 270. If they get it any later then,my contract automatically renews for another year. Do I not have any right to know what I will be facing at the end of my lease so that I can know if I can afford it? I have already paid for the equipment twice since leasing the equipment back in 2013. I didn't realize I was leasing unail the end of first lease when I contacted them for the bill of sales for the equipment and they gave me some astronomical buyout amount. That was when I contacted you guys. Since nothing was accomplished I started paying the lease again. Now I'm coming to the end and would like to do everything according to the lease but now they refuse to give me a buyout price. On April 4,2016 I first contacted them. They stated that they would email me the amount in 3 business days. I never received it so I started emailing them. Still nothing. What else can I do?
Desired Outcome: Would like to know buyout price before I have to enter into another year of leasing.
Regards,
[redacted]

Revdex.com:
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.  The business...

has satisfactorily resolved our issues and I consider this complaint resolved.
Regards,
[redacted]

Revdex.com:
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.  The business has satisfactorily resolved our issues and I consider this complaint resolved.
Regards,
[redacted]

Revdex.com:
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]

We have spoken with the customer and reached a resolution that is satisfactory to both parties.

[redacted],
font-family: arial, sans-serif;">We have contacted the customer and reached a satisfactory resolution for both parties.

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.
Attached is the application to by the business.  As you can see I did NOT authorize a credit check.
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.
[I am not satisfied with the response.  Because I signed the documents, I see that they are not willing to allow me to buy it outright without buying it again at the end of my contract.  So I guess I am stuck with this contract.  In the future, I will not do business with this company again, nor will I recommend anyone that I know to do business with them.  I feel that I was tricked into this contract and from reading their blogs, I can see that this is a normal practice for them.  So many people cannot be wrong.  The sad part is that they refuse to do anything about it.   So I will continue with the contract, as I have no other choice but I am truly unimpressed with the American way of business.  The fact that it is ok to trick people into making someone rich.  What happened to standing by your product as I have to do in my business.  If there is a problem, where the customer is not satisfied with our food, we refund their money.  Are we doing bad business or is it ok to rip someone off, just so long as you get paid?  I don't want to stay in business if that is the way it works.   Sad. 
Regards,
[redacted]

Revdex.com:
I have received a response from the business that indicates "
sans-serif; color: #1f497d;">there are no more payment obligations on my account and no reporting to the credit bureaus have been made on the guarantors on the lease" 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]

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.
Balboa capital didn't refund my complete deposit. They took $150 from my deposit for the UCC search. UCC search is done by a company for their own protection. I did not agree to pay any fee for any such service. Finally, I did not take any service from Balboa Capita and should not be charged any such fee. Also, money was removed from my bank without the completion of the entire process. I was consistently told everyday that they would deposit $50,000 in the bank account. However, they never did. Frustrated, I decided not to go with them. Since, I did not receive any payment from them, they should refund all my money back.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.A. Attached is the first piece of correspondence (See C1), I believe, between myself and [redacted] (Balboa). [redacted] had solicited my business for 12-18 months, with a dozen or more phone calls in which we discussed lots of issues within the industry. [redacted] has assured me he processed the fork truck as a lease/purchase agreement, and had sent same upstairs/downstairs for processing. According to [redacted], the only person that could have changed his paperwork from a lease/purchase agreement to a rental agreement was his boss [redacted], which is you.
B. Why did you ignore my e-mail clearly stating that I wanted a lease/purchase agreement? (See ?1)
C. Did you tell [redacted] you did not want to offer a lease/purchase agreement, but instead wanted to change to a rental agreement?
D. Did you notify me at any time that you or your company was only interested in making a rental agreement, and provided the full disclosure of the cost of the rental agreement — including automatic renewal of the lease – if notification dates were not exercised timely and that the payoff was only an option that would include FMV plus any and all costs, etc., etc. that you deem appropriate? I have serious doubts that the outrageous demands in your lease would be upheld in a federal court without a statement of full disclosure.
E. When I sent e-mails to you and others in your company requesting information regarding the transactions for purposes of maintaining [redacted] ([redacted]) tax records, interest, taxes, capital assignments, etc., etc., you should have responded with "you only have a rental agreement, you have nothing to capitalize unless you exercise the FMV purchase option at the end of the rental agreement."
F. You chose to dodge the core issue by focusing on the wrongful deductions for sales tax, insurance, etc. You said the insurance was being charged because we had never sent you demonstrate reflects we had notified you that we had notified our insurance carrier and told them we wanted the equipment covered. But, for the equipment I rent for plant use, I pay for the insurance with the company I'm renting from, or the owner of the equipment, and the cost is included in the rental invoice. In addition, the company insurance that covers rental equipment is under the block of coverage known as "property of others"; in our company, or [redacted] Inc., this is a $4–$6 million block of coverage. A special call out for the $17,000 fork truck and the $100,000 press that were both rented was not required. In summary, all the e-mails and correspondence on this issue is nothing but a fog of confusion leaving us thinking it was a standard lease/purchase with no FMV clause, because we indeed did increase our base insurance coverage for the purchase of both pieces of equipment and paid the additional premium cost. (See Document C13) .
G. Your billing department started out and consistently billed sales tax each month on both the fork truck and press premium payments. I had correspondence with you that explained since we owned the equipment in the state of [redacted] that we did not have to pay sales taxes. We had to pay the state of [redacted] based on our asset values at the end of each year. In addition, both pieces of equipment are on our company asset records as being purchased. We have paid, and will continue to pay out, taxes for local, state, and federal as a lease/purchase agreement. We called the state of California to inquire about why sales tax was being attached to our invoices, and they said no sales tax was due because the equipment was in use outside the state of California. You never provided an explanation for the erroneous invoicing. (See Document C13) .
H. In the many phone calls between [redacted] and myself over the 18 months, one of the topics we discussed extensively was the period in the 1990's when the IRS printed a new publication for interpreting lease/purchase agreements and that the clause of fair market value (FMV) had to be used at the end of the contract term. Consequently, this new change by the IRS almost shut down the entire leasing industry, and companies that had used them for decades turned their business back to the local banks. documents saying the equipment was covered by our company insurance. The end results of the IRS interpretation of the FMV clause meant that companies had to pay 2 or 3 times the value of the equipment. He agreed with me on the industry debacle and said it took a lot of political push from the finance industry to modify the IRS interpretation. [redacted] and I basically agreed about the impact for both manufacturers and financial institutions. I stopped using the lease/purchase approach and went directly to my bank. [redacted] was interested in me as a long term customer because we were spending anywhere between $100,000 and $200,000 per year on capital equipment, and had been for the last 28 years. I was, at the time, negotiating the purchase of a 300 ton press with robot and a 700 ton press with robot, and somewhere in between we discovered we needed a larger fork truck because of the large size of the tools going into the larger presses. I called [redacted] and advised him of my interest in purchasing a $17,000 fork truck. I said to him this is not much business, but you have been knocking on my door for 18 months, and this is the first opportunity I can give you a chance to demonstrate your company's capabilities. We could treat this as a small level of business to get our companies acquainted so we have a heads-up on each other before dealing with the $100,000 and $200,000 blocks of business that will be coming in the few weeks or months ahead. He quickly agreed and wanted the opportunity to his company's capabilities, and was eager to process the loan. I could very much sense his excitement over the next $200,000 and $300,000 blocks of business. As to the issue of the lease/purchase agreement that [redacted] had requested, there was no doubt in my mind that he intended to process the paperwork just as I requested because he openly stated he was more interested in the long term relationship for $200,000 per year for the next decade. Consequently, it took me months to understand why [redacted] left his employer so quickly. It is my belief that [redacted] resigned his position in your employment when you, or somebody else in your organization, acted as a gatekeeper and changed the contract to a rental agreement. He had no future for repeat customer business.
I. Attached are two cover sheets of complaints for your company listed on the Revdex.com website. One was printed in April 2015 and the other in September 2015. Let's assume both recap sheets covering the 31 and 41 complaints as document A. The B document consists of three pages and represents a summary of some of the complaints, Documents C through H represent complaints obtained outside the Revdex.com system by doing a random internet search. My purpose for securing this information and analyzing the nature of your customers' complaints was to provide me an opportunity to evaluate and determine what type of company you are. The motivation was simply a self-check on how you fraudulently acquired my signature for a rental agreement. All the actual complaints are available on the site, you only have to print them out. Your company has perfected a scam, fraud, bait and switch system to an art. In reading their complaints and their summaries, I can see your fingerprints and DNA on some of these transactions, [redacted]. Further, you are not the only person in this organization that is employing the same basic methodology in consummating corrupt transactions. You not only delay, camouflage, and dodge direct questions of my lease/purchase of equipment, you've done the same to others. When I consider that the manufacturing sector of the U.S. economy in 1960 constituted approximately 40% of the total gross national product with about 38 million people employed; today, manufacturers represent about 17% of the total U.S. economy with only about 15 million employed. For those of us left in the manufacturing sector, we compete on a worldwide basis. Our little company exports over $1 million to other countries around the world. (We even ship products to China.) If we weren't the best or the cheapest, they wouldn't be buying our products. Sadly, for our nation, we have a negative trade import balance and the demise of the U.S. manufacturing employment levels represents a 50 to 60 million net loss of jobs in the U.S. To have a company like yours preying on small manufacturers in the U.S., while having to compete in the world market to keep the manufacturing section of our country alive is a national disgrace. You represent everything that is horrible about unbridled capitalism and a business model without ethics, that believes "there's a sucker born every minute", and your company's mission is "find him and empty his pockets." In summary, it is my personal belief there is a lot more to the law and justice in the U.S. system than just fraudulently acquiring signatures on loan documents.
J. In this section, I’m attaching correspondence communication with you and your company. Each piece will be identified as C1 – C13. On C1 is a letter that I wrote to [redacted] clearly spelling out a lease/purchase agreement. I did not include the statement of the $1 buy out at the end of the lease because [redacted] and I had pointed out in a previous correspondence the negative impact the FMV had on it. "I did say to him on our phone conversation that I didn't care if it were $1 or $50 but not more than that." My intention was to purchase the equipment with or without him. I was only offering the opportunity to make a little money after his many phone calls. C2 is an insurance required notification sent to us by your company and our [redacted] forwarded the document to [redacted] for a fork truck we were purchasing. C3 is the response to Pat's document requesting the coverage on the 30 day certificate of insurance, a standard practice for a lease or an outright purchase. C4 is a piece of correspondence to [redacted] announcing my interest in working with him on an additional purchase of a press. C5 has several documents attached that will be identified as C5. This information on C5 was sent to you, [redacted], per your request. We had already submitted all of these documents for a previous request from [redacted] on December 5, 2013. [redacted]led the December 5" request and you took over on December 12, 2013. These are all confidential documents and I expect you to maintain their privacy. They are not for public publication or use, My question to you is why would I send all this personal financial data for me and my company if I only wanted a rental agreement? I can rent anything in the country and only have to provide the ability to pay the monthly rental payments, without having to provide this kind of and as much information, [redacted] asked first and seven days later you made the same request, C6 is a document that [redacted] sent to you, [redacted], per my request advising that I had been working with [redacted] on an interest rate in the 5.0% - 5.3% range. C7 is a confirmation email I sent to you confirming a phone call I received from you advising that my loan had been approved and that you got me an interest rate of 4.9%. My other comments with you on the phone were that I'd like to include 3 payments with the down payment to ensure that I had equity in the equipment when it showed up in my plant. The rest is self-explanatory, C8 is a document from a competitor, [redacted], and [redacted]. I had four or five other companies trying to provide lease/purchase agreements in addition to [redacted] at Balboa Capital. On December 7, I informed him of my decision to use Balboa Capital for my financing instead of him. He sent me the attached document and was planning a visit in the spring to [redacted] because I had a 700 ton press purchase that I wanted without a FMV. It is really remarkable and shocking concerning the advice he gave me about your company and the "heads up" of what to look for, C9 is multiple email documents. Our office manager, [redacted], was requesting information from you and you were on vacation in Hawaii at the time. She was inquiring the loan balance and interest so that she could make the book entry for an asset and create a depreciation schedule. I found it very interesting your comment of "were we about to sell it" (fork truck). Were you afraid you were about to be forced to disclose that we didn't own the fork truck before you felt it was the appropriate time to disclose it was a rental agreement? C10 and C11 are letters I wrote to [redacted], the CEO of Balboa Capital. At the end of the letter, I requested that he "please, please" involve himself and give me the documents that I am entitled to. The communication between Balboa Capital and [redacted] worsened. I wrote a second letter with my latest findings concerning the automatic withdrawal issue and removing your authority. Please go back and review the 72 complaints on both print outs and look for administrative incompetency, confusion, not providing data, not cooperating, and not answering direct questions, etc., etc. Why didn't you or your President respond to my letters with "you don't have any ownership, you only have a rental agreement"? C12 represents communication between our two companies and you filing a notification of intent to Default notice. 
Summary:
! just finished reading our completed response after dictation and I am more than satisfied beyond any doubts we've proven that:
A. [redacted] knew [redacted] wanted a lease/purchase agreement with no FMV clause.
B. [redacted] knew and in fact requested and received personal and financial data to accomplish this objective. [redacted] further acknowledged the same when he called me to advise that my loan had been approved and he got me a 4.99% interest rate. (See C7)
C. Between the loan approval and interest rate notification; someone decided to switch contracts that were sent to me for my signature.
D. A competitor of Balboa's, who had already quoted the same business, knew what I wanted and had the courage to send me an email cautioning me of Balboa's sorry reputation in the industry. (See C8)
E. I choose to do business with [redacted] and told him of my decision in which, he told me he appreciated. Every human experience is calibrated to be influenced by your relationship with others. I thought [redacted] was smarter than the average bear. He demonstrated excellent social and conversational skill, he had interest and knowledge of his own industry and an awareness of the U.S. economy. I concluded that he was a man with integrity and could be trusted, which is why I chose him.
F. The [redacted] and [redacted] insurance carrier knew it was a lease/purchase
G. [redacted], our office manager knew it was a lease/purchase because she personally typed every piece of correspondence that I sent.
H. The factual data submitted will amply confirm that Balboa Capital committed approximately 70% of every complaint spelled out in 72 listed customer complaints against them. Such as: bait and switch, charging sales taxes, insurance not owed, constant change in personnel handling your business within Balboa, different people telling you different stories of what was required, no response to request for customer service, a constant theme of mishandling monies that are down payments, pre-payments, over payments, refunds, etc., several instances of aggressive filing of "notice of intent to file a Default Notice", see document C12, Most finance companies are reluctant to take this step. They are interested in repeat business. It appears this overzealous approach in your business model leads to a "pot of gold". I don't fully comprehend. Please see document C12, your notice to me. I think Balboa Capital has a corrupt business model that has refined a screening methodology, or gatekeeper, that selects those new clients most susceptible to administrative threats and intimidation. If Balboa Capital had a $20 million package from [redacted], **, or [redacted], I would bet money they would do a first class job.
I. In reference to the press – [redacted] already had a lease/purchase agreement in place with no FMV clause and an interest rate and terms that met our requirements. Why would turn down that deal to accept a lease/rental agreement with Balboa that included an FMV clause? The FMV clause automatically forces a cost of 200% to 300% of purchase price instead of the 125% to 130% of purchase price with a lease purchase agreement, including interest.
J. In reference to the fork truck – If [redacted] had wanted to rent a fork truck, I could have gone to the local dealer who already services all of our fork trucks and rented it from him. I have already purchased 2 used fork trucks from that dealer, I have, in the past, rented fork trucks from him cheaper than renting from Balboa. I could have rented this same fork truck from the dealer that I authorized Balboa to purchase it from for 50% of the cost of renting it from Balboa.
Settlement Requirements for [redacted]:
A. With my simple little life having a cumulative 60+ years of experience dealing with people, government, family, or business affairs; I've never witnessed any successful relationship in any category that could withstand the challenge where one or both parties are pathological liars.
B. By age 25 I concluded I wanted nothing to do with liars, my personal experience was every relationship ends in disaster. Consequently, I have 50 years of purging, avoiding, bypassing, or eliminating liars out of my life. My opinion of Balboa Capital, Inc. and its business integrity is such, we need closure ASAP on the fork truck and a buyout on the press.
C. Both transactions should be recalculated as a lease/purchase with no FMV clause. All monies paid and received and reapplied according to lease/purchase contract.
1. Fork truck — Total monies refunded ? plus the fork truck title; spell out interest, note reduction, and other charges.
      2. Press — Total monies received; __?__ to interest, __?__ to note reduction, __X__ to other charges to be discussed and agree to an open loan balance; [redacted] will arrange for payoff.
      3. My lawyer has counseled me to remove my personal feelings out of this settlement agreement and conduct myself as if I represented a 3rd party, using common sense highly motivated   by a desire to end our relationship without retribution.
As previously stated, I am available 24/7 to consummate these proceedings.
[redacted]
Regards,
[redacted]

We have reached out to the customer and reached a resolution this is satisfactory to both parties.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted].  As stated, we are in the process of resolving this issue. I will wait for...

the business to review the information and discuss the situation further.  
We hope to come to a conclusion on this soon.
 
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.
Per the Revdex.com system the response from the business says "we are reviewing this file in order to find a resolution to the complaint".  I don't believe that is true since I received an email from the company that says "at this point you have a commenced lease that cannot and will not be changed".  That sounds like they don't plan to find a resolution to the complaint.
Regards,
[redacted]

Revdex.com:
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]

We have reached out to the customer and found a resolution that is satisfactory to both parties.

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.
We are demanding that the company Balboa Capital stop ignoring our requests. Calling us ONCE and arguing over the phone over something frivolous is not considered resolved. We would like our balance and be reimbursed for our bank fees. We will take this up in court if it is not resolved within a reasonable time.
Regards,
[redacted]

Revdex.com:
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]