Union Capital Associates

Good Afternoon Ms. [redacted],
 
Thank you for your correspondence, Revdex.com has always been a fair and reliable source for us and it’s appreciated.  As I’m sure you’re aware there are other less reputable entities in the marketplace that do not complete their due...

diligence.
 To the matter at hand, not one time were we informed that the client’s intent was to use our company’s resources, time, labor, and effort to expedite the purchase of the trailer in question only to buyout of the loan before they had made a single payment. It is now very clear that their intent all along was to simply utilize our services while their banker was out of town (as was admitted to in writing in their letter to the Revdex.com).  Had they been honest with us from the start, I would have expressly informed them that we do not provide bridge loans (even bridge loans need to be carried out for a minimum of three months of interest only payments and that’s on the low side) and all this could have been easily avoided, but alas they were not forthright with us as to their true intensions. 
 In short, we dispersed our funds, facilitated and expedited the delivery of the trailer to this client.  Once they had possession of the trailer, then and only then were we informed that they wanted to buyout of the loan immediately.  Moreover, they wanted to exit the transaction at no cost to them.
 Apparently, our time and effort is worth nothing to Mrs. [redacted].  If we ran our business how she’d intend us to, we’d have to close our doors tomorrow.  I’m sure [redacted] Dozer does not offer their services free of charge yet that was their expectation of us.
 In regard to the pre-payment penalty, I was specifically asked by the client if they could buyout of this transaction after a couple of years without a pre-payment penalty (we now know that the time period mentioned was devised to hide the truth from us; which again was their intent to pay the loan off immediately yet still use our services to obtain the trailer weeks before they would have been able to had they financed with their local bank).  My response was none of our notes carry a pre-payment penalty which is absolutely the case.  In general conservative banks will charge a prepayment penalty of 5 points in year one, 4 points in year two, decreasing by one point each year; this is how traditional banks ensure that they won’t take a loss on a loan and allow clients to take advantage of their services at no cost to the borrower. 
 Of course there will an interest charge to get out of any loan before the borrower has made a single payment when there is no pre-payment penalty built into the transaction; why would any lender take on a loan and risk their funds without realizing a profit.  To that point, never once did I tell the client that their interest cost would be zero if they wanted to buyout of the loan two weeks after the transaction funded and before they had made a single payment to us.  It would have been impossible for me to do so as I was not informed of their true plans.  I see that Mrs. [redacted] has a stated in her letter to you that I informed them to the contrary in writing.  I would like to see this written statement as I know it does not exist. 
 I also see that Mrs. [redacted] stated:  “We were required to send 10% of the lowboy via overnight mail prior to the finance company even providing any terms.”  This is a complete falsehood.  The terms were specified in writing within our proposal to the client.  This proposal was signed and dated by the client and sent back to us by the client along with the ten percent down payment that was due. Both the proposal and down payment check were dated for the same date.
 Mrs. [redacted] also stated in her letter to you “When asked for the payoff, [redacted] avoided us and told us that it was a strange request. After a week, I finally got aggressive and they gave us a payoff……”  Never was this client avoided, but yes I do expressly remember stating that it was a strange request.  The reason I found this to be a “strange request” is due to the fact that in my 15 year career this is something that has never been requested.  In addition, the President of our bank line who has been in the industry for 27 years has also never had a client make this request in the past.  Between the two of us that’s a sample size in the tens of thousands of transactions.  Thankfully this is the only client that has ever thought it was acceptable to take advantage of us like this client has done.  So, yes, it was indeed a very strange request; in fact an unprecedented request. Nonetheless, we provided this client with a buyout letter in a very timely manner.  The buyout letter was requested on Friday August 22nd at 2:25pm (that’s 5:25pm Eastern Time which is the location of our office where the buyout letter would need to be generated) and delivered to the client on Tuesday August 26th at 10:25am (should you like to see evidence of this time frame in writing, the emails can be made available to you).  The time frame referenced in Mrs. [redacted]’s letter and the statement of avoidance is yet another fabrication.
 In spite of the client looking to buyout of this loan within two weeks of the transaction funding we still discounted the interest by a significant margin which we did not have to do.  Obviously that wasn’t good enough.
 
Over and above all of this, the client signed contracts that are very clear and concise as the parameters of the transaction.  It’s all spelled out in black and white and is a legally binding contract.  In addition, we have a recording of Mr. [redacted] verbally accepting the terms of the contract in our final “verbal verification” that was made directly before the release of funds.
 
All this being said, we could not allow the transaction to be refinanced at zero cost to the client; it’s just not possible.  So what we did do is speak with the seller of the equipment, obtained a refund from them, and unraveled the transaction.  We did this at the request of the seller and in an effort to keep everyone happy.  Apparently, once again our efforts were taken for granted even though the client was allowed to exit the transaction.
 
Moving forward should this client slander our good name in any way whatsoever, we will take legal action against them.  If this client does not retract any inflammatory information that has been made, a defamation and loss of earnings lawsuit will be filed against them as is our right.
 
It is truly egregious that this client has taken advantage of us, expended our resources, taken up our time, and expended our effort all at a loss to our company.   We unraveled the transaction for them which we legally did not have to do as our contracts, that they signed, will attest and stand up to in any court in the nation.  It is truly disgraceful for them to attempt to discredit our good name after all they have put us through and we done for them.
 
Again, I thank you for your help and attention to this matter.  Please don’t hesitate to contact me with any questions.
 
Sincerely,
 
[redacted]

Review: We purchased a lowboy from a dealership who uses this company for their financing while our banker was on vacation with the intention of refinancing it within 30 days. I asked repeatedly if there were any type of penalties or interest when paying off the loan early, and I was told in writing that there were none.We were required to send 10% of the lowboy via overnight mail prior to the finance company even providing any terms. Once they had our down payment, we kept asking questions about the contract to ensure there were no fees to paying it off early.When we asked for a payoff, [redacted] avoided us and told us that it was a strange request. After a week, I finally got aggressive and they gave us a payoff that was $8,064.42 more than what we borrowed only 2 weeks ago. Apparently, they feel they are owed the interest for the entire 60 month loan if we pay it early, and they do not consider that a penalty. I consider over $8,000 a hefty penalty. I hope all of the dealerships and hard working folks alike avoid this shyster company. They misled us, and so did Navitas aka RLC Funding. Be warned!Desired Settlement: I would like to pay off what I borrowed without penalties as promised by [redacted].

Business

Response:

Good Afternoon Ms. [redacted],

Thank you for your correspondence, Revdex.com has always been a fair and reliable source for us and it’s appreciated. As I’m sure you’re aware there are other less reputable entities in the marketplace that do not complete their due diligence.

To the matter at hand, not one time were we informed that the client’s intent was to use our company’s resources, time, labor, and effort to expedite the purchase of the trailer in question only to buyout of the loan before they had made a single payment. It is now very clear that their intent all along was to simply utilize our services while their banker was out of town (as was admitted to in writing in their letter to the Revdex.com). Had they been honest with us from the start, I would have expressly informed them that we do not provide bridge loans (even bridge loans need to be carried out for a minimum of three months of interest only payments and that’s on the low side) and all this could have been easily avoided, but alas they were not forthright with us as to their true intensions.

In short, we dispersed our funds, facilitated and expedited the delivery of the trailer to this client. Once they had possession of the trailer, then and only then were we informed that they wanted to buyout of the loan immediately. Moreover, they wanted to exit the transaction at no cost to them.

Apparently, our time and effort is worth nothing to Mrs. [redacted]. If we ran our business how she’d intend us to, we’d have to close our doors tomorrow. I’m sure [redacted] Dozer does not offer their services free of charge yet that was their expectation of us.

In regard to the pre-payment penalty, I was specifically asked by the client if they could buyout of this transaction after a couple of years without a pre-payment penalty (we now know that the time period mentioned was devised to hide the truth from us; which again was their intent to pay the loan off immediately yet still use our services to obtain the trailer weeks before they would have been able to had they financed with their local bank). My response was none of our notes carry a pre-payment penalty which is absolutely the case. In general conservative banks will charge a prepayment penalty of 5 points in year one, 4 points in year two, decreasing by one point each year; this is how traditional banks ensure that they won’t take a loss on a loan and allow clients to take advantage of their services at no cost to the borrower.

Of course there will an interest charge to get out of any loan before the borrower has made a single payment when there is no pre-payment penalty built into the transaction; why would any lender take on a loan and risk their funds without realizing a profit. To that point, never once did I tell the client that their interest cost would be zero if they wanted to buyout of the loan two weeks after the transaction funded and before they had made a single payment to us. It would have been impossible for me to do so as I was not informed of their true plans. I see that Mrs. [redacted] has a stated in her letter to you that I informed them to the contrary in writing. I would like to see this written statement as I know it does not exist.

I also see that Mrs. [redacted] stated: “We were required to send 10% of the lowboy via overnight mail prior to the finance company even providing any terms.” This is a complete falsehood. The terms were specified in writing within our proposal to the client. This proposal was signed and dated by the client and sent back to us by the client along with the ten percent down payment that was due. Both the proposal and down payment check were dated for the same date.

Mrs. [redacted] also stated in her letter to you “When asked for the payoff, [redacted] avoided us and told us that it was a strange request. After a week, I finally got aggressive and they gave us a payoff……” Never was this client avoided, but yes I do expressly remember stating that it was a strange request. The reason I found this to be a “strange request” is due to the fact that in my 15 year career this is something that has never been requested. In addition, the President of our bank line who has been in the industry for 27 years has also never had a client make this request in the past. Between the two of us that’s a sample size in the tens of thousands of transactions. Thankfully this is the only client that has ever thought it was acceptable to take advantage of us like this client has done. So, yes, it was indeed a very strange request; in fact an unprecedented request. Nonetheless, we provided this client with a buyout letter in a very timely manner. The buyout letter was requested on Friday August 22nd at 2:25pm (that’s 5:25pm Eastern Time which is the location of our office where the buyout letter would need to be generated) and delivered to the client on Tuesday August 26th at 10:25am (should you like to see evidence of this time frame in writing, the emails can be made available to you). The time frame referenced in Mrs. [redacted]’s letter and the statement of avoidance is yet another fabrication.

In spite of the client looking to buyout of this loan within two weeks of the transaction funding we still discounted the interest by a significant margin which we did not have to do. Obviously that wasn’t good enough.

Over and above all of this, the client signed contracts that are very clear and concise as the parameters of the transaction. It’s all spelled out in black and white and is a legally binding contract. In addition, we have a recording of Mr. [redacted] verbally accepting the terms of the contract in our final “verbal verification” that was made directly before the release of funds.

All this being said, we could not allow the transaction to be refinanced at zero cost to the client; it’s just not possible. So what we did do is speak with the seller of the equipment, obtained a refund from them, and unraveled the transaction. We did this at the request of the seller and in an effort to keep everyone happy. Apparently, once again our efforts were taken for granted even though the client was allowed to exit the transaction.

Moving forward should this client slander our good name in any way whatsoever, we will take legal action against them. If this client does not retract any inflammatory information that has been made, a defamation and loss of earnings lawsuit will be filed against them as is our right.

It is truly egregious that this client has taken advantage of us, expended our resources, taken up our time, and expended our effort all at a loss to our company. We unraveled the transaction for them which we legally did not have to do as our contracts, that they signed, will attest and stand up to in any court in the nation. It is truly disgraceful for them to attempt to discredit our good name after all they have put us through and we done for them.

Again, I thank you for your help and attention to this matter. Please don’t hesitate to contact me with any questions.

Sincerely,