8/28/[redacted] ,In response to the complaint from [redacted] Owner of [redacted] ***dated 8/18/from the Revdex.com Case # [redacted] .Mr***’s complaint does not tell an accurate accounting of the timeline and services provided by STA Financial IncThe below information is in response to Mr***'s complaint.Mr***’s personal banker referred STA Financial Incto him on 12/17/This was after his bank was not able to provide additional financing for his equipment finance needsThis was due to a previous loan made to [redacted] months earlier from the same bankThe bank wanted to wait for an additional months before providing additional finance based on their current exposureHis bank also wanted copies of his corporate tax returnMr***'s bank recommended using STA Financial Incas we provide competitive lease finance solutions for this type of industry and equipmentThe banker, in a copied email to STA & Mr [redacted] then stated that “STA Financial Inc is a reputable local business and I do endorse them.” STA has also funded millions of dollars with this banker and provided competitive solutions for our customersThe next day Mr [redacted] Contacted STA Financial Inc to discuss and start the process of obtaining an approval for his current needs.After approximately days we obtained commercial credit information & due diligence for his request, STA Financial obtained a pre-approval with our participant national bank group and program [redacted] met the equipment lease program credit guidelinesThe criteria were based on clean public credit information obtained through commercial credit reportingAn “Equipment Lease Proposal Commitment” contract dated (1/22/16) was presented on 1/25/in a face to face meeting at [redacted] with Mr***Mr [redacted] requested time to review and wanted to look over the contract and options before making his final decisionMr [redacted] requested a 2nd option with a larger down payment to lower his monthly paymentSTA provided information and 2- amortization schedules for his review on 1/25/that same dayAfter his review Mr [redacted] emailed STA Financial and requested Scott [redacted] to stop by and pick up the signed Equipment Proposal Commitment on 2/3/Scott [redacted] met with [redacted] at [redacted] and went over details again for the proposal commitmentMr [redacted] signed and provided a check for the required upfront fees to move ahead to obtain the final approval for his request.The “Equipment Lease Proposal Commitment” contract is standard procedureAfter preliminary financial documentation and public credit information are obtained, the public business credit is processedThis is still subject to rejection if any undisclosed derogatory information arises in the final credit processOur national bank partner was presented [redacted] 's final documentation and request for final approvalThe final due diligence brought to light an internal default of a significant amount in a different department of the bank that was not public information ordisclosed by Mr***Due to Mr [redacted] not disclosing this default and obligation our participant bank rejected the final approval and funding.I went over this information at length with Mr [redacted] and discussed possible options for an alternate optionOn 2/16/Mr [redacted] verbally and by email requested STA Financial try to find other solutions of which was providedSTA Financial acquired additional optionsBased on the alternate programs and payment was higher and discussed with Mr***Mr [redacted] decided to terminate the process and seek other finance options on his own.Mr [redacted] requested a refund and cancellation at that timeOn 3/18/Mr [redacted] was refunded $per the Equipment Lease Proposal Commitment per his request.The “Equipment Lease Proposal Commitment” contract fully explained that “If STA Financial Incor finance partners fails to approve the transaction substantially as proposed herein, STA Financial Incshall refund said deposit in full, less the processing fee and origination.” In the commitment that Mr [redacted] signed 2/3/16, itclearly spells out the amount of $6,included the first 3- payments totaling $The remaining balance was the credit processing fee and origination required for providing services to obtain final approval for this requestMr [redacted] states that he is due the balance of $with no accounting for the months ofservices provided on his behalf along with the agreed terms and conditions of the Equipment Lease Proposal Commitment signed and agreed to on 2/3/16.If Mr [redacted] had been upfront and disclosed his previous default with our participant banks first proposal, the lower rate option would never had been offeredHowever, STA Financial did continue to pursue additional options per Mr***'s request and benefitSTA Financial was able to provide two additional options for [redacted] Mr***'s paid fees were agreed to per the Equipment Lease Proposal CommitmentRequesting an additional refund (5) months after receiving a full refund based on the terms of the contract is unwarrantedMr***’s attempt to provide inaccurate accounting of the details is also very disappointing and misleading to STA Financials’ reputationSTA Financial provided services up and beyond the Equipment Lease Proposal Commitment agreed to by Mr [redacted] & [redacted] ***STA Financial considers this matter closed on 3/18/at the time of Mr***'s request and STA Financials’ refund per signed contract terms.Regards,Scott [redacted] , PresidentS.T.AFinancial, Inc
8/28/[redacted] ,In response to the complaint from [redacted] Owner of [redacted] ***dated 8/18/from the Revdex.com Case # [redacted] .Mr***’s complaint does not tell an accurate accounting of the timeline and services provided by STA Financial IncThe below information is in response to Mr***'s complaint.Mr***’s personal banker referred STA Financial Incto him on 12/17/This was after his bank was not able to provide additional financing for his equipment finance needsThis was due to a previous loan made to [redacted] months earlier from the same bankThe bank wanted to wait for an additional months before providing additional finance based on their current exposureHis bank also wanted copies of his corporate tax returnMr***'s bank recommended using STA Financial Incas we provide competitive lease finance solutions for this type of industry and equipmentThe banker, in a copied email to STA & Mr [redacted] then stated that “STA Financial Inc is a reputable local business and I do endorse them.” STA has also funded millions of dollars with this banker and provided competitive solutions for our customersThe next day Mr [redacted] Contacted STA Financial Inc to discuss and start the process of obtaining an approval for his current needs.After approximately days we obtained commercial credit information & due diligence for his request, STA Financial obtained a pre-approval with our participant national bank group and program [redacted] met the equipment lease program credit guidelinesThe criteria were based on clean public credit information obtained through commercial credit reportingAn “Equipment Lease Proposal Commitment” contract dated (1/22/16) was presented on 1/25/in a face to face meeting at [redacted] with Mr***Mr [redacted] requested time to review and wanted to look over the contract and options before making his final decisionMr [redacted] requested a 2nd option with a larger down payment to lower his monthly paymentSTA provided information and 2- amortization schedules for his review on 1/25/that same dayAfter his review Mr [redacted] emailed STA Financial and requested Scott [redacted] to stop by and pick up the signed Equipment Proposal Commitment on 2/3/Scott [redacted] met with [redacted] at [redacted] and went over details again for the proposal commitmentMr [redacted] signed and provided a check for the required upfront fees to move ahead to obtain the final approval for his request.The “Equipment Lease Proposal Commitment” contract is standard procedureAfter preliminary financial documentation and public credit information are obtained, the public business credit is processedThis is still subject to rejection if any undisclosed derogatory information arises in the final credit processOur national bank partner was presented [redacted] 's final documentation and request for final approvalThe final due diligence brought to light an internal default of a significant amount in a different department of the bank that was not public information ordisclosed by Mr***Due to Mr [redacted] not disclosing this default and obligation our participant bank rejected the final approval and funding.I went over this information at length with Mr [redacted] and discussed possible options for an alternate optionOn 2/16/Mr [redacted] verbally and by email requested STA Financial try to find other solutions of which was providedSTA Financial acquired additional optionsBased on the alternate programs and payment was higher and discussed with Mr***Mr [redacted] decided to terminate the process and seek other finance options on his own.Mr [redacted] requested a refund and cancellation at that timeOn 3/18/Mr [redacted] was refunded $per the Equipment Lease Proposal Commitment per his request.The “Equipment Lease Proposal Commitment” contract fully explained that “If STA Financial Incor finance partners fails to approve the transaction substantially as proposed herein, STA Financial Incshall refund said deposit in full, less the processing fee and origination.” In the commitment that Mr [redacted] signed 2/3/16, itclearly spells out the amount of $6,included the first 3- payments totaling $The remaining balance was the credit processing fee and origination required for providing services to obtain final approval for this requestMr [redacted] states that he is due the balance of $with no accounting for the months ofservices provided on his behalf along with the agreed terms and conditions of the Equipment Lease Proposal Commitment signed and agreed to on 2/3/16.If Mr [redacted] had been upfront and disclosed his previous default with our participant banks first proposal, the lower rate option would never had been offeredHowever, STA Financial did continue to pursue additional options per Mr***'s request and benefitSTA Financial was able to provide two additional options for [redacted] Mr***'s paid fees were agreed to per the Equipment Lease Proposal CommitmentRequesting an additional refund (5) months after receiving a full refund based on the terms of the contract is unwarrantedMr***’s attempt to provide inaccurate accounting of the details is also very disappointing and misleading to STA Financials’ reputationSTA Financial provided services up and beyond the Equipment Lease Proposal Commitment agreed to by Mr [redacted] & [redacted] ***STA Financial considers this matter closed on 3/18/at the time of Mr***'s request and STA Financials’ refund per signed contract terms.Regards,Scott [redacted] , PresidentS.T.AFinancial, Inc