Providence Capital Funding Inc

Very tedious process and extremely lengthy timeline for funding Also, they do not adhere any where near their estimated timelines A lot of unnecessary motions in the leasing/financing process I will never use them again In the world of equipment financing, which is highly competitive, I am doubtful that they do well as they did not do well with transactions The second and third transactions took so long that I had to cancel 2nd and 3rd and go with a more competent company they were quick to engage but left much to be desired on speed and details I highly recommend that you do not use this company for any financing

star rating 4/14/
DO NOT SIGN A LEASE WITH Providence Capital Funding!!!! This company in unethical! They are Trying to get me to sign a document that state I have receive equipment, and that it is in good sound working condition and to my satisfactionThis would be a statement and a lie As the equipment I got was damage and covered up with a sharpieI have bought this issue up from the start They are wanting me to sign this so they can get paid, and I get stuck with not a new printer like agree on
They keep trying to push us to sign the Acceptance of Equipment Document"The document clearly is a release stating we are happy and accept the equipment even though we have stated more than twenty times that we are not happyThe printer has dents, and sharpie covering up about 30" of scratches and a good amount of material printed on itDo not do business with this company! They are now even threatening me with legal if I do not sign
How this is right is just crazyI am the client here with a damage printer from the start and all they care about is getting me to sign this doc so they can get paidThey do not care about me or my business
We also got a printer from another vendor, and finance company with no issues, and made sure that we were 100% happy with everything before we signed
If you want to find a great Finance Company use *** *** * *** ** *** *** *** *** *** *** * *** ** *** ***

As a small business, we all must watch our bottom lineWith Providence capital, their all about not caring about our bottom lineWe struck a deal with them and we had a specific date we had to have the loan fundedAfter we met all their requests and emails they could not fund by our specified dateWe paid them the deposit and doc fee that was requested by them the same day the sent it to us, yet they could not meet our requirementsThey rewarded us by keeping our deposit and telling us “ that’s life” Beware of this company, they do not care about the small business owner at all

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, 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. I was able to come to a resolution with the company, so you are welcome to close the complaint as resolved. Thank you! Please let me know if you have any questions
Regards,
*** ***

We received a proposal from ***, manager at Providence Capital on a leased equipment packageWe were initially interested in traditional purchase financing but he was trying to get us to do a lease financingWe were told we could not only write off the lease payments but when we bought out the lease we would also be able to depreciate the full purchase as new equipmentWe were told we needed to send a picture of our check made out to them and nothing would be done with it until we signed the lease paperwork We never authorized anything being done with the checkWe decided to consult on the lease write off information with our accountant because what we were told about the write off seemed too good to be trueOur accountant confirmed that cannot be done as it's double dipping on the write offSo we told *** we did not want to do the lease because we were "sold" on terms We had also asked SEVERAL times about paying off the loan early and can we reduce the interestTh

Firstly, contrary to and to address Mr***'s explanation, Providence Capital Funding (Hereafter "PCF")was sent a faxed application directly from Mr*** for an equipment lease on July 2, (File attached for edification) On December 3, PCF was contacted by Mr***, who had
requested a payoff as he was selling his routeAs per PCF policy, Mr*** was informed that it would take 24-hours to acquire this information and then it would be sent to him via emailMr*** stated that time was of the essence and that he needed the payoff that day and had requested it priorOur representative reiterated our 24-hour policy, but told Mr*** we would attempt to expedite his request as soon as possibleWe have no records of any previous requests for payoff, and stated this to Mr***Additionally, as Mr*** had mentioned his desire to sell his route, our representative informed Mr*** that a sale could not take place prior to the payoff occurring otherwise he would be in default, and we always inform our customers of any action which may cause them to breach their agreement to avoid any misstep on their partSoon after, PCF received an email from Mr*** citing his displeasure with his call and a supervisor contacted him via emailThe supervisor reiterated the fact that PCF was expediting his payoff request and also explained the reason the previous representative had informed him to not sell his equipment before it was paid off(Email Correspondence Attached) PCF was able to send him his requested payoff that same day, and no further communication came from Mr*** until December 30, On 12/30/15, Mr*** requested another payoff and then offered a settlement figure to close out his lease in fullDue to the amounts still owed on Mr***'s lease, PCF could not accept the settlement offer, but did waive some fees and amountsMr*** countered with another amount and when PCF did not accept his offer, became upsetMr*** was informed that in order for PCF to consider any further settlement amounts, Mr*** would need to provide months of bank statements to show financial distressMr*** chose not to provide theseContrary to Mr***'s statement, it is not common for banking or finance institutions to agree to a far lower settlement amount, absent financial distress or other extenuating circumstancesSuffice it to say, PCF abides by the terms of its contracts and expects its customers to do the same

THIS WAS OUR SECOND LEASE WITH PROVIDENCE
THE FIRST WENT SMOOTHLY SO WE DID IT AGAINAUTOPAY
FOR THE LEASE AND INSURANCE..SMOOTH..ANITA C WAS
ESPECIALLY HELPFUL WITH THE BUYOUT OF THE SECOND LEASE

Providence is replying to this complaint in accordance with our efforts to maintain superior customer service, however, this complaint was not made by the person with whom we have a contract in place.  In fact, in the attached emails dated today, [redacted] has reiterated that he never made a...

complaint, but his wife "may have", however Providence maintains it does not and has not had communications with her at any time, nor was she the person who executed our contract.  On May 19, [redacted] executed a Lease Proposal Contract with Providence and emailed that to us, along with a copy of a check for the deposit amount listed on the check, followed by an email to "Process Electronically".  (Attached.)  Providence processed the payment and began attempting to get the customer an approval.  Unfortunately, Providence was unable to get the full terms approved, and the customer was not happy with the apparent misinformation regarding taxes, and the inability to payoff the contract early.  (Emails attached regarding questions asked by customer and answered by Providence rep)  Customer emailed rep to tell them they were going to get financing elsewhere.  As per the Lease Proposal Contract, the Providence rep instructed the customer to submit their cancellation in writing, and the cancellation request would be turned in the following Tuesday, due to the holiday weekend and our offices closing early.  Per the signed Lease Proposal Contract, it explains that all cancellations can take up to 30 business days.  Customer misunderstood this in thinking a "refund" would be issued Tuesday.  A manager spoke with the lessee on Tuesday/Wednesday and explained that funds from the deposit may be withheld.  (As outlined and agreed to in the Lease Proposal Contract)  Per the terms agreed upon within that document, Providence is allowed to withhold the documentation fee ($299) and refund the balance.  The customer's signature on this contract memorializes his acceptance of this condition.  However, after speaking with the customer and addressing his concerns over alleged misinformation and ambiguity, Providence will waive this condition.