Financial Pacific Leasing

Revdex.com:  We have received requested documents from creditor via email.  Late fees of $149.35, 10% of loan and $4.00 per each phone call initiated by creditor, total $12.00.  Therefore, late fees and phone calls total owed amount of $982.04. Delinquent payment negotiated and paid at this time.  Creditor advised that online payments would be accepted at this time.  In other words, access to make online payments would be accepted. 
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
[redacted]

We received notification on 02/08/2017, through Umpqua Bank, the Consumer FinancialProtection Bureau, the Washington State Attorney General, and the Revdex.comthat you are unhappy with the service provided and have concerns regarding the terms ofyour agreement with us as well as the...

payoff amount you were provided. We sincerelyapologize for any difficulties you have experienced with regards to your equipmentfinancing. In order to help resolve the situation, we would like to provide you with thefollowing information:Financial Pacific Leasing, Inc. (FP) is a commercial equipment leasing company thataccepts third party originated (TPO) transactions. It appears that one of the TPO's we dobusiness with submitted an application on your behalf for credit consideration in June of2015. Financial Pacific Leasing did not solicit this transaction. Once the approval wasreceived by the TPO, they would have worked with you regarding the terms of the contract,and you would have had the opportunity to review any required documents prior to yoursignature.Your correspondence presents concerns regarding the term of the contract. The applicationsubmitted from National Business Capital is for 60 months. This is consistent with the waythe transaction is documented, reflecting 60 months at $981.33. You signed this documenton July 23rd, 2015. A copy is attached. Subsequent adjustments were made to the paymentamount. Adjustments were due in part to original documentation for a higher equipmentcost. The equipment cost and the payment amount were adjusted when the notarized bill ofsale for the equipment came in at a lower dollar amount. The adjustment in October was forthe removal of sales tax from the transaction. The adjustment corrected payments back to thebeginning ofyour contract to reflect $765.08. The correction was not because of a change interm. We show no documentation that a 36 month term was requested.With regards to the payoff amount, the contract you signed is an Equipment FinanceAgreement that provides repayment over a fixed term (five years in this case) at a fixed,monthly payment. You are the owner ofthe equipment. The contract is not cancelable soyou are obligated to pay the full amount due under the agreement over its term. No renewalpayments or FMV or other residual value payment will be due at the end of theterm. Therefore, if you wish to retire the contract early, the remaining unpaid balance ofpayments, including any late and other charges, must be remitted.Financial Pacific would be happy to assist you with resolution ofthis issue. If you wouldlike to discuss alternative options, such as the settlement process, you are welcome tocontact our Customer Service Department at 800-447-7107 or Customer Service Department at 800-447-7107 or [email protected] further assistance.Sincerely,Lia *. W**, CLFPA VP, Operations(253) 568-6109[redacted]@finpac.com

In response to the Revdex.com Complaint ID # [redacted] filed by [redacted]
 
Re: [redacted]
 
Financial Pacific Leasing financed carpet cleaning equipment for [redacted] and the lease commenced on March 15, 2006....

The personal guarantors on the lease are [redacted] and [redacted] and the agreement called for monthly rental payments in the amount of $440.28  for 60 months. The customers defaulted on their agreement due to nonpayment and subsequently the agreement was sold to [redacted] Financial, LLC on November 14, 2011.  I am working to ensure the credit report accurately reflects that Financial Pacific Leasing is owed a zero balance and the lease account debt was sold.  Mr. [redacted] can contact Adam B[redacted] at [redacted] Financial, LLC at [redacted] ext.[redacted] in regards to the current debt owed.