Balboa Capital Corporation

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 leased a truck through this company in 2010, the end of our lease was in beginning of 2015 in Sept. & Oct. 2015 we requested the final buy out figures to end the lease. Nov. 2015 we finally received papers of buyout for $48,238.50 including tax etc. When we bought the vehicle in 2010 it was only valued at $40,000.00 now 5 years later it is valued at over $8000.00 more than it was 5 years ago????? When we questioned this amount no one had answers other than if you want the equipment pay this price to keep it. After several phone calls & messages NO ONE would return our calls, our lawyer contacted them by phone & mail to no avail. We did not contact them again nor did they contact us until 1 year later Nov 2016, by letter, now stating the buy out/payoff is $20,621.65. ONE year later & the price has dropped from $48,238.50 to $20,621.65 a difference of $27,616.85 and then as of Dec, 2016 now it has dropped to a grand total of $17,169.56. I have called (Jessy) "he is the ONLY person that can take care of this" on his direct line and left him 10 messages to please return my call, as well as 5 messages with the switch board people. NO ONE RETURNS MY CALLS.....I wanted this problem resolved before the end of 2016.... Their rating with the Revdex.com is a A+ but after reading the negative & reviews HOW DOES THAT HAPPEN? PLEASE DO NOT DO BUSINESS WITH THIS COMPANY THEY HAVE NO CUSTOMER SERVICE & DON'T CARE THAT THEY DON'T

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.
Ms. [redacted]
Revdex.com of Middle [redacted]
 
 
Dear Ms. [redacted],
 
I represent Mr. [redacted] and [redacted] in connection with their leasing agreement with Balboa Capital (“Balboa”). Balboa has misled, mistreated, and misused Mr. [redacted] and his company. We respectfully request your assistance in remedying this situation.
 
[redacted] designs and manufactures tools, among other services. This work requires heavy machinery. Over several decades of successfully running his business, Mr. [redacted] has discovered that lease-purchase agreements are the most economical means of acquiring this equipment.
 
Beginning in approximately January 2012, Balboa began soliciting Mr. [redacted]'s business. From the beginning, Mr. [redacted] made it clear, in no uncertain terms, that he was seeking a lease-purchase agreement to acquire two pieces of machinery. In other words, Mr. [redacted] was seeking a finance company who would pay the purchase price for his equipment. At that point Mr. [redacted] could take possession, repay the finance company over an extended period of time, and, having completed the terms of the lease, take title to the equipment at no additional cost (or a very minimal cost, depending on the duration of the lease portion of the agreement). Balboa repeatedly represented that it understood Mr. [redacted]'s request and would be happy to provide the desired lease-purchase financing agreement. In a June 28, 2013 letter to Balboa (the first written exchange between the two parties), Mr. [redacted] once again emphasized that he was seeking to "lease purchase" the equipment in question. In response to this letter, Balboa sent the first of two leases, which Mr. [redacted] signed in reliance on their representations that it was a lease-purchase agreement. Relying upon those same representations, Mr. [redacted] signed a second, substantially similar, lease for a separate piece of equipment later that year. As a result of Mr. [redacted]'s repeated statements of his desire to enter into a purchase lease agreement and Balboa's repeated representations that they would enter into exactly that type of financing arrangement, Mr. [redacted] reasonably believed that he had signed two lease-purchase contracts.
 
Problems with Balboa quickly arose. Despite their knowledge that [redacted] was tax exempt and receipt of a tax exempt form, Balboa abused their right to access [redacted]'s bank accounts by withdrawing unauthorized funds, purportedly for sales tax. Likewise, Balboa withdrew funds and applied them to the wrong leases. Frustrated by Balboa's poor business practices, Mr. [redacted] requested a pay-off estimate to determine how much it would cost for him to simply pay-off
the remainder of the lease and take title to the purchased equipment, pursuant to his long-established wishes and understanding with Balboa.
 
In the pay-off quote sent to Mr. [redacted] on March 18, 2015, Balboa finally, for the first time, revealed that the contract they sent to Mr. [redacted] was not what they represented. Mr. [redacted] would be required to buy the equipment from Balboa, at an inflated price arbitrarily set by Balboa, at the conclusion of the lease if he wanted to keep it. (In fact the price set by Balboa was substantially greater than the fair market value of the equipment, and it gave no credit for the payments already made by Mr. [redacted].) This is not the deal that Mr. [redacted] requested. Nor is it the deal that Balboa repeatedly represented they were giving him. The purchase option presented by Balboa would essentially require Mr. [redacted] to pay twice the purchase price for the equipment--once for his payments under the lease, and again upon his exercise of the purchase option. Furthermore, as a result of Balboa's misrepresentations regarding the nature of the leases sent to Mr. [redacted], Mr. [redacted] missed the automatic renewal provisions hidden in the lease's fine print. As a result, Balboa is now attempting to saddle Mr. [redacted] with yet another year of lease payments.
 
These business practices are unacceptable, unethical, and tortious. In particular, such practices violate [redacted] Code Annotated § 47-18-104(b)(12), the [redacted] Consumer Protection Act and constitute fraudulent inducement to contract. As a quick review of previous complaints against Balboa listed on your website demonstrate, Balboa has employed precisely this kind misleading, bait-and-switch routine many times before. Of the thirty-one complaints currently on file against Balboa, several involves exactly this kind of mistreatment. Mr. [redacted]'s first lease with Balboa is nearing the end of its original term. Mr. [redacted] would simply like what he bargained for. He agreed to a lease-purchase financing deal, and would simply like title to the equipment that he has already paid for and to which he is already entitled.

I request your assistance in forcing Balboa to do the right thing by allowing Mr. [redacted] to pay off the balance of the leases and transferring title to this equipment to Mr. [redacted] without any additional payments, as agreed in their original negotiations.
 
 
Sincerely,
 
 
 
 
[redacted]
 
 
 
 
cc [redacted], Balboa Capital Corporation
Regards,
[redacted]

Since Balboa's Revdex.com record has for some reason had nearly all of its complaints removed (?!?!), I will give you the short story about what happened when I tried to get a small business loan from them:
In January 2013, Balboa didn't show up with the funds for a loan on CLOSING DAY without notifying us that they decided not to fund (which is another sketchy story in itself). They tried very hard to keep our deposit of over four thousand dollars. After getting the run around and having our phone calls ignored, we got the bright idea of using a different phone to call and they miraculously answered THAT call (while our other phone was still ringing through unanswered). They still tried to give us the run around so we filed a Revdex.com report. That got Balboa's attention and they finally refunded the deposit. Bottom line....This company will try their hardest to scam you out of your hard earned money!

Balboa Capital is abiding by the authorization signed by the customer.

We are reaching out to the customer in order to find a satisfactory resolution for both parties.

We have reached out to the customer and advised we will review any other documentation they can provide in regards to the terms of the agreement.

We have reached out to the customer numerous times via phone and e-mail and are awaiting a response in order to reach a satisfactory resolution.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID .[redacted], , and find that arbitration is necessary.  At this point, I will be able to submit all my emails and communication history to prove that this company is defrauding their clients. I would like the Arbitrator to contact me ASAP as our payments are coming to a close and would like to get this settled as soon as possible. 
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.
Problem:
Balboa Capital Corp. and [redacted] entered into a lease for equipment on or about December 2013 (Lease No. [redacted]) (the "Lease"). For the duration of the Lease, Balboa has overcharged [redacted], debiting over $1,500 each month instead of the express $1,335.37 lease rate. Then, the Lease was automatically renewed without [redacted]'s consent because of language buried in fine print under Section 16 of the Lease. Now that the renewal period has ended, Balboa refuses to allow [redacted] to return the leased equipment. On February 9, 2016, [redacted] provided Balboa with its timely Notice of Intent to Purchase Equipment and Non-Renewal of the Lease, advising Balboa of [redacted]’s intent to terminate the Lease, [redacted]’s non-renewal of the Lease for an additional term, and [redacted]’s intent to exercise its right to purchase (or alternatively, return) the equipment for fair market value under Section 16 of the Lease. [redacted] was unable to obtain any response from Balboa until August 10, 2016 when Balboa acknowledged receipt of [redacted]’s timely Notice. Balboa informed [redacted] via email that the renewal lease term did not end until October 2016, and that Balboa would send return instructions for the equipment two (2) weeks after [redacted]’s final payment in October 2016. [redacted] sent an email and letter confirming the agreement and requesting an exact date for termination, but Balboa has failed to respond to any communications after purportedly directing [redacted]’s communications to Balboa’s legal department twice. On September 27, 2016, [redacted] sent its Offer to Purchase the Equipment for fair market value, and preserving [redacted]’s alternative right to return the equipment pursuant to its February 9, 2016 Notice and follow-up communications. [redacted] sent additional emails on October 26, 2016 and November 8, 2016 demanding return instructions. To date, Balboa has not responded to [redacted]’s Offer or demands for return instructions. However, Balboa is continuing to debit payments from [redacted]
Desired Outcome:
[redacted] would like Balboa to: (1) honor the non-renewal and termination of the Lease as of October 2016, (2) stop debiting payments from [redacted]'s account, (3) IMMEDIATELY send instructions for return of the equipment, and (4) refrain from fraudulently submitting a negative credit report against [redacted] for ceasing monthly payments when the Lease has already been terminated.
Regards,
[redacted]

We have reached out to the customer again and provided the information (payoff/acct balance, breakdown, etc.) per request.

Re: Complaint Number: [redacted]I would like to supplement my complaint.This morning at approximately 9:15 am, Balboa Capital contacted me directly in a retaliatory effort to intimidate me and circumvent the Revdex.com complaint process.  Balboa Capital clearly has not demonstrated good faith in attempting to resolve this issue.The details of our exchange are as follows:Around 9:15 am I received a call from a woman purporting to be the director of the legal department at Balboa Capital.  I did not get her name but she called from this number: [redacted].She demanded that I produce the documents stating my agreement to a $1 buyout lease.I replied that I need to look into it.Without further inquiry, the woman immediately accused me of filing a fraudulent Revdex.com claim and alleged that I was a liar.  At this point the conversation escalated.Midway through the conversation she declared that the conversation was being recorded (which I believe is illegal) and that she was going to direct her counsel to file a fraud claim against me.She said she would use the recording against me in court and also share the recording with the Revdex.com.After several minutes of repeated threats of legal action, I politely said I had to leave and hung up.It is my sincere I hope that she did record the conversation because it would be definitive proof of how unethical Balboa Capital is toward its customers.Further, based on the content and manner of our exchange, I suspect the caller was not a lawyer, but rather that she was posing as one for intimidation purposes.  And, even if she was a lawyer, she may be violating several ethical rules.I would like to settle this dispute amicably and I anticipate we will need intervention by the Revdex.com to do so.  Balboa Capital has threatened litigation without making any genuine attempts at settlement.  I would like to avoid the cost of litigation and would be open to arbitration by the Revdex.com if that would be feasible.Thank You For Your Cooperation,[redacted] fax

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.I got email and phone call from BALBOA CAPITAL
Please see below.
 
[redacted]
Per our conversation, once the Revdex.com complaint (#[redacted]) has been satisfied, we can issue a refund of the security deposit in the amount of $7,845.  Let me know if you have any questions.
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by Balboa Capital 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]