Five Point Capital

Review: Five Point Capital has used misleading marketing to advertise a one dollar lease to buy plan, in which you can buy the equipment at the end of your lease for a dollar. The catch is you must notify them at least 120 days ahead of time if you would like to buy the equipment, otherwise your lease renews for another year. As a result of this clause, we were forced into a renewed contract (after completing the 60 month lease). We have paid over 73 months now on one of our 3 lease agreements which were made at the same time.

We were told by Mr. [redacted], Senior Account Manager, who stated we could purchase our equipment for one dollar at the end of each lease agreement. So, of course, being a small family business (less than 8), we thought Five Point Capital would be a good investment. BUT, UPON COMPLETING THE FIVE YEAR LEASE AGREEMENT LAST YEAR, [redacted], Five Point Capital’s Portfolio Manager stated the clause of our company “not stating our intentions of purchased equipment”. I stated to her, from the very beginning of the lease agreements it was firmly stated to Mr. [redacted] that we want to purchase our equipment outright. So of course, at the end of the lease we were waiting for the one dollar buyout, but instead, more funds were taken from our bank account. Ms. [redacted] stated letters were sent to us asking of this, I stated to her I did not receive any, she stated it is in the agreement and that we are forced to pay another year or we, both our family business and I will face a lawsuit, she knowingly says this after I mention I have just had my sixth child. I did mention to her many times on the phone and through e-mails that I have been vigilantly trying to contact someone through Five Point Capital, since 2009, for answers on errors on our agreements to no avail. I tried contacting Mr. [redacted] through e-mail for assistance, but he e-mailed me back to contact a Sheba Frost, who on 1/30/12 stated through e-mail that she would respond to my questions. She did not, she left the company a couple weeks later.

I have also stated to Ms. [redacted] that we have never wished to continue with this lease agreement for such a long time and she repeatedly states it’s a rent agreement. I stated on the top of Five Point Capital’s form it states in clear and plain English “Lease Agreement”. Throughout 2013, I have asked multiple times on the final payment amount, knowing the “automatic renewed lease” was coming up and she did not reply until the leases expired or “matured” AGAIN! Now, after paying another two months (on three loans), she is stating we owe another $90,000.00?!

We have so far paid $246,461 on a $150,000 lease #5961B (they are trying to force us to pay another $45,000). They want a total of $291,461 on a $150,000 lease?! That is a far cry from a $1 buyout! I think we have overpaid and paid enough!

We again have so far paid $198,911 on a $110,000 lease #[redacted] (they are trying to force us to pay $30,000). They want a total of $228,911 on a $110,000 lease?! That is a far cry from a $1 buyout! I think we have overpaid and paid enough!

And $109,216 on a $70,000 lease #[redacted] (they are trying to force us to pay another $15,000). They want a total of $124,216 on a $70,000 lease?! That is a far cry from a $1 buyout! I think we have overpaid and paid enough!

We are in our 24th year of business and have dealt with many Equipment Lease Companies, but NONE has ever lied and tricked us the way Five Point Capital has.

I believe we have now paid at least three times our equipment's retail value which was originally purchased in 2007.

We believe we have paid above and beyond to Five Point Capital. We have followed their “clause rule”, but are still being taken advantage of. This sort of leasing practices exemplify big business taking advantage of unwitting small businesses for profit.Desired Settlement: We believe we have paid above and beyond what was originally agreed upon. We do not want to pay a penny more to Five Point Capital.

Business

Response:

Good Morning,

We made several attempts to reach out to this customer prior to this complaint and received no response. We have begun pursing this customer legally so we are unable to comment or respond to this situation as we have retained an attorney and are in the process of filing suit.

Thank you

Five Point Capital

Review: In 2008 I leased a [redacted] Van with 100,000 miles on it. Fiveponit Capital advertised a $1.00 buyout at the end of the lease. When the lease was up in May I was expecting a $1 buyout. They now automatically roll your lease over for another year. The did the bait and switch on me. Sending me documents that are next to impossible to read. They are not willing to work out an agreement. The Van has 300,000 miles on it now, and is not worth anything. Be careful of this company.Desired Settlement: They should honor the $1.00 buyout on a vehical that has run it's course with 300,000 miles on it.

Business

Response:

This customer has retained an attorney regarding this matter and we are communicating with them directly. Unfortunately I am unable to respond in this forum since we are communicating with the attorney directly.

Thank you

Five Point Capital

Review: Business regularly makes unauthorized credit inquiries, although I have never borrowed from them.Desired Settlement: Stop making credit inquiries.

Business

Response:

We have removed [redacted] from our system.

thank you

Consumer

Response:

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,

Review: I leased a truck through five point capital that was supposed to have a dollar buy out at the end of the 60 month lease. only to find out after sixty months they would not honor the buy out for a dollar and they want me to continue to rent the truck from them because there is no dollar buy out they just give me the run around and wont answer any questions. they just refer back to contract and say that I signed it and that is all that matters. I have paid the agreed upon amount and now I would like to get my title for the truck for the dollar buy out that was agreed upon. I have read many complaints against this company that they do this same thing to a lot of people.Desired Settlement: I would like to purchase my truck for the dollar buy out that was promised by the salesman that sold me my lease. I have kept my end of the contract for 60 months they should honor the agreement and let me buy my truck for the agreed upon one dollar amount at the end of the sixty months

Business

Response:

We are writing in response to the consumer’s complaint of [redacted]. Thank you for bringing this matter to our attention.