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.AAttached is the first piece of correspondence (See C1), I believe, between myself and [redacted] (Balboa) [redacted] had solicited my business for 12-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 processingAccording 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 BWhy did you ignore my e-mail clearly stating that I wanted a lease/purchase agreement? (See ?1) CDid you tell [redacted] you did not want to offer a lease/purchase agreement, but instead wanted to change to a rental agreement? DDid 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., etcthat 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 EWhen I sent e-mails to you and others in your company requesting information regarding the transactions for purposes of maintaining [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." FYou chose to dodge the core issue by focusing on the wrongful deductions for sales tax, insurance, etcYou 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 coveredBut, 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 invoiceIn 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 $4–$million block of coverageA special call out for the $17,fork truck and the $100,press that were both rented was not requiredIn 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) GYour billing department started out and consistently billed sales tax each month on both the fork truck and press premium paymentsI had correspondence with you that explained since we owned the equipment in the state of [redacted] that we did not have to pay sales taxesWe had to pay the state of [redacted] based on our asset values at the end of each yearIn addition, both pieces of equipment are on our company asset records as being purchasedWe have paid, and will continue to pay out, taxes for local, state, and federal as a lease/purchase agreementWe 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 CaliforniaYou never provided an explanation for the erroneous invoicing(See Document C13) HIn the many phone calls between [redacted] and myself over the 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 termConsequently, 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 banksdocuments saying the equipment was covered by our company insuranceThe end results of the IRS interpretation of the FMV clause meant that companies had to pay or times the value of the equipmentHe 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 institutionsI 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,and $200,per year on capital equipment, and had been for the last yearsI was, at the time, negotiating the purchase of a ton press with robot and a 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 pressesI called [redacted] and advised him of my interest in purchasing a $17,fork truckI said to him this is not much business, but you have been knocking on my door for months, and this is the first opportunity I can give you a chance to demonstrate your company's capabilitiesWe could treat this as a small level of business to get our companies acquainted so we have a heaon each other before dealing with the $100,and $200,blocks of business that will be coming in the few weeks or months aheadHe quickly agreed and wanted the opportunity to his company's capabilities, and was eager to process the loanI could very much sense his excitement over the next $200,and $300,blocks of businessAs 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,per year for the next decadeConsequently, it took me months to understand why [redacted] left his employer so quicklyIt 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 agreementHe had no future for repeat customer business IAttached are two cover sheets of complaints for your company listed on the Revdex.com websiteOne was printed in April and the other in September Let's assume both recap sheets covering the and complaints as document AThe 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 searchMy 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 areThe motivation was simply a self-check on how you fraudulently acquired my signature for a rental agreementAll the actual complaints are available on the site, you only have to print them outYour company has perfected a scam, fraud, bait and switch system to an artIn reading their complaints and their summaries, I can see your fingerprints and DNA on some of these transactions, ***Further, you are not the only person in this organization that is employing the same basic methodology in consummating corrupt transactionsYou not only delay, camouflage, and dodge direct questions of my lease/purchase of equipment, you've done the same to othersWhen I consider that the manufacturing sector of the U.Seconomy in constituted approximately 40% of the total gross national product with about million people employed; today, manufacturers represent about 17% of the total U.Seconomy with only about million employedFor those of us left in the manufacturing sector, we compete on a worldwide basisOur little company exports over $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 productsSadly, for our nation, we have a negative trade import balance and the demise of the U.Smanufacturing employment levels represents a to million net loss of jobs in the U.STo 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 disgraceYou 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.Ssystem than just fraudulently acquiring signatures on loan documents JIn this section, I’m attaching correspondence communication with you and your companyEach piece will be identified as C– COn Cis a letter that I wrote to [redacted] clearly spelling out a lease/purchase agreementI did not include the statement of the $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 $or $but not more than that." My intention was to purchase the equipment with or without himI was only offering the opportunity to make a little money after his many phone callsCis an insurance required notification sent to us by your company and our [redacted] *** forwarded the document to [redacted] for a fork truck we were purchasingCis the response to Pat's document requesting the coverage on the day certificate of insurance, a standard practice for a lease or an outright purchaseCis a piece of correspondence to [redacted] announcing my interest in working with him on an additional purchase of a pressChas several documents attached that will be identified as CThis information on Cwas sent to you, ***, per your requestWe had already submitted all of these documents for a previous request from [redacted] on December 5, [redacted] ***led the December 5" request and you took over on December 12, These are all confidential documents and I expect you to maintain their privacyThey 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, Cis a document that [redacted] sent to you, ***, per my request advising that I had been working with [redacted] on an interest rate in the 5.0% - 5.3% rangeCis 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 payments with the down payment to ensure that I had equity in the equipment when it showed up in my plantThe rest is self-explanatory, Cis 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 CapitalOn December 7, I informed him of my decision to use Balboa Capital for my financing instead of himHe sent me the attached document and was planning a visit in the spring to [redacted] because I had a ton press purchase that I wanted without a FMVIt is really remarkable and shocking concerning the advice he gave me about your company and the "heads up" of what to look for, Cis multiple email documentsOur office manager, [redacted] ***, was requesting information from you and you were on vacation in Hawaii at the timeShe was inquiring the loan balance and interest so that she could make the book entry for an asset and create a depreciation scheduleI 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? Cand Care letters I wrote to [redacted] ***, the CEO of Balboa CapitalAt the end of the letter, I requested that he "please, please" involve himself and give me the documents that I am entitled toThe communication between Balboa Capital and [redacted] worsenedI wrote a second letter with my latest findings concerning the automatic withdrawal issue and removing your authorityPlease go back and review the complaints on both print outs and look for administrative incompetency, confusion, not providing data, not cooperating, and not answering direct questions, etc., etcWhy didn't you or your President respond to my letters with "you don't have any ownership, you only have a rental agreement"? Crepresents 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 clauseB [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) CBetween the loan approval and interest rate notification; someone decided to switch contracts that were sent to me for my signature DA 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) EI choose to do business with [redacted] and told him of my decision in which, he told me he appreciatedEvery human experience is calibrated to be influenced by your relationship with othersI thought [redacted] was smarter than the average bearHe demonstrated excellent social and conversational skill, he had interest and knowledge of his own industry and an awareness of the U.SeconomyI concluded that he was a man with integrity and could be trusted, which is why I chose him FThe [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 HThe factual data submitted will amply confirm that Balboa Capital committed approximately 70% of every complaint spelled out in listed customer complaints against themSuch 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 stepThey are interested in repeat businessIt appears this overzealous approach in your business model leads to a "pot of gold"I don't fully comprehendPlease see document C12, your notice to meI 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 intimidationIf Balboa Capital had a $million package from [redacted] , **, or [redacted] , I would bet money they would do a first class job IIn 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 requirementsWhy 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 interestJIn 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 himI have already purchased used fork trucks from that dealer, I have, in the past, rented fork trucks from him cheaper than renting from BalboaI 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 BalboaSettlement Requirements for [redacted] ***: AWith 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 liarsBBy age I concluded I wanted nothing to do with liars, my personal experience was every relationship ends in disasterConsequently, I have years of purging, avoiding, bypassing, or eliminating liars out of my lifeMy opinion of Balboa Capital, Incand its business integrity is such, we need closure ASAP on the fork truck and a buyout on the pressCBoth transactions should be recalculated as a lease/purchase with no FMV clauseAll monies paid and received and reapplied according to lease/purchase contract Fork truck — Total monies refunded ? plus the fork truck title; spell out interest, note reduction, and other charges 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 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 retributionAs previously stated, I am available 24/to consummate these proceedings [redacted] Regards, [redacted] ***

They are charging us more than what is in the agreement for a lease we have with them The contract specifies total payments, but they took a full payment and called it a prorated payment retroactively and are saying prorated payments do not apply towards the total payments That prorated payment would bring us to the total payments We paid that 'prorated' payment in full They sold the lease to another company who collected of the total payments, Balboa took the first two payments It is incorrect and unfair that they retroactively claimed that one of our two payments to Balboa was a prorated payment

Per request, we have flagged this customer's info in our database to prevent any future contact

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 [Vendor agreed to apply month deposit to February & March lease payments, to deduct $buyout at the end of April and then to send final bill of sale When all of that is completed as agreed, we will accept their offer.] Regards, [redacted]

Revdex.com: Thanks for all your helpBecause of Revdex.com I got all my money back 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] ***

Rating should be non existant! They don't deserve one star! Fraudulant parasite Company! I got a $61,dump truckThis dump truck is now a $96,loanNever did they disclose that it would cost that much! We would have never agreed! Whn you get a loan you trust they do the right thing in lendingwell, lesson learned the hard way! Read every letter of the contract! After reading all over the internet I see I am not alone! They have class action lawsuits filed and hundreds of complaints of being ripped off! I pray for the ones who had to deal with these so called humansi have another name for thm

My problem started a month ago with Balboa Capital, when I realized after being charged a much different amount on the second statementWhen I called customer service they informed myself that I was leasing and not purchasing a piece of equipment that I located private saleI was lead through a process via phone / e-mail with sales manager [redacted] Wan in which I was very clear with [redacted] I wanted a loan for 25K and was certainly not interested in leasing the piece of equipment I located in Boston [redacted] Wan also told myself that Lease was their terminology and assured me it was a loan I made a mistake in not reading the fine print and signed online only looking at the payment amount we discussedpayments of $, this made sense that would figure out to the 5% interest on amount of loan over term Since 9/I have worked diligently , finding a new lender and asking for a payoff of the agreement with BalboaAfter several e-mails including my new lender , we received thre

We have reviewed the customer's complaint and resolved the matter

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 have discussed action steps with the Business involved in the complaint, but as of today, they have not done what they said they would doI do not consider this matter resolved at this point Regards, [redacted]

We have reached out to the customer and reached 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 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.HELLO thanks for your assistance with my dispute with Balboa Capital they have agreed to remove the charges from my bill 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] ***

Balboa Capital is abiding by the terms of the agreement that were signed and agreed to by both parties

This company prays on small business, they lie and provide zero customer serviceMatthew Bartlett a sales guy is worst than a use car salesman I took out loan, everything was going well until they strayed villkng me for thousands of dollars that neither their customer service or Matthew Would give me any time of clear action Finally I talked to collections, after I was told the amount owed would be paid st the end of the loan, than I find out months later that they had reported me late on my personal credit report even thought we had an agreement while I searched for answers as to why this money was awed No one in this company caresMy credit report now has s late payment, first late payment in over years No respect for their customers

This was filed in error

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 have spoken with [redacted] at Balboa Capital and let her know that I will be satisfied only when they make the refund of the forced place insurance I will not resolve until that time Regards, [redacted] ***

This company says it loans money to businessesThey actually call it rentThe terms they promise you in their email approvals are far from trueThey hit you with a prepaid interest fee from the closing date to your supposed first payment due date equal to about one month's paymentBeware that at the end of what you think is a loan you will not own whatever you boughtYou have to buy it at a very high rateThis business engages in VERY deceptive practicessI did not sign nor should you

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 have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear belowMs [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 companyWe respectfully request your assistance in remedying this situation [redacted] designs and manufactures tools, among other servicesThis work requires heavy machineryOver 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***'s businessFrom the beginning, Mr [redacted] made it clear, in no uncertain terms, that he was seeking a lease-purchase agreement to acquire two pieces of machineryIn other words, Mr [redacted] was seeking a finance company who would pay the purchase price for his equipmentAt 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***'s request and would be happy to provide the desired lease-purchase financing agreementIn a June 28, 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 questionIn 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 agreementRelying upon those same representations, Mr [redacted] signed a second, substantially similar, lease for a separate piece of equipment later that yearAs a result of Mr***'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 aroseDespite 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 taxLikewise, Balboa withdrew funds and applied them to the wrong leasesFrustrated 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 representedMr [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***.) This is not the deal that Mr [redacted] requestedNor is it the deal that Balboa repeatedly represented they were giving himThe 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 optionFurthermore, as a result of Balboa's misrepresentations regarding the nature of the leases sent to Mr***, Mr [redacted] missed the automatic renewal provisions hidden in the lease's fine printAs a result, Balboa is now attempting to saddle Mr [redacted] with yet another year of lease payments These business practices are unacceptable, unethical, and tortiousIn particular, such practices violate [redacted] Code Annotated § 47-18-104(b)(12), the [redacted] Consumer Protection Act and constitute fraudulent inducement to contractAs 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 beforeOf the thirty-one complaints currently on file against Balboa, several involves exactly this kind of mistreatmentMr***'s first lease with Balboa is nearing the end of its original termMr [redacted] would simply like what he bargained forHe 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] , [redacted] , Balboa Capital Corporation Regards, [redacted] ***

Balboa Capital is abiding by the terms of the agreement signed and agreed to by both parties