US Capital Equipment Leasing Inc

June 9, 2015Via emailMs*** ***Revdex.comViewridge AvenueSuite 200San Diego, CA 92123Mr***:Thank you for your Letter dated June 4, regarding the concerns of *** *** ofFranktown Firewood & Patio, LLCWhile we
empathize with Franktown Firewood & Patio, LLC (“FFP”) for the issues theyhave regarding the proposed Lease we attempted to provide them, however, Ms***has made several and misleading characterization in her complaint informationstatement.On October 13, 2014, FFP contact US Capital and request a quote for lease financing fora truck they wanted for their businessThat same day we received our standard AccountVerification Form (“AVF”) signed by *** ***The application requests the applicantto full in all the details of what they are attempting to lease along with corporate andpersonal financial informationThe application must be signed below the authorizationfor us to run personal and business credit backgrounds on the applicantNo statements of“preapproved for funding” exist in the applicationA copy is attached hereto as “ExhibitA”, with the account numbers and personal information blacked-out.On October 23, 2014, US Capital sent a Master Lease Proposal (“Proposal”) to FFPTheProposal was based on our conversations with FFP and the information in the AVF.Section of the Proposal reads as follows:“SECURITIZATION FEE- INITIAL DEPOSIT: The lease payments for theEquipment leased shall be in the amount designated in the payment schedule and shallcommence on the indicated payment due date immediately following the Equipmentacceptance date (the “Commencement Date”)Lessee shall pay Lessor said payments onor before the due date and at the office of Lessor or to such other person or place asLessor may designate in writingThe Initial Deposit noted above is required uponMs*** ***June 8, 2015Page 2acceptance of this agreement by the Lessee, which shall be applied to the SecuritizationFee which is non-refundable and fully earned by Lessor upon Lessee’s acceptance of thisagreement, each as noted aboveThis Agreement is subject to receipt of finaldocumentation and final Equipment/credit approval by LessorIn consideration ofLessor’s time, effort and expense in considering and processing the lease proposaltransaction, Lessee agrees that Lessor shall have twenty (20) business days from the dateof Lessor’s receipt of all documentation and information required by Lessor from Lessee(which documentation and information Lessee shall provide to Lessor within seven (7)business days of Lessor’s request) to provide final approval as noted aboveIf Lessorprovides final approval and Lessee does not fulfill its commitment with respect tocompleting the lease transaction for any reason, then the Initial Deposit will beconsidered a processing fee earned by LessorThe Initial Deposit shall be retained asliquidated damages by Lessor in the event Lessee does not supply the required documentsand information required by Lessor or otherwise comply with the terms of this agreementor back out of the original agreement or any revised consideration thereto as stated above,there is a material adverse change to the financial condition of the Lessee or anyGuarantor, or if any material misrepresentation is made by Lessee in connection with theDocuments and information provided to Lessor.”FFP never informed US Capital of a time constraint for fundingUS Capital was wellwithin the twenty (20) days the Proposal provided to obtain credit approval for FFP whenthey informed us that they had obtained a loan from their online retailerUS Capitalperformed all of our duties as defined in the Proposal prior to FFP informing us that theyno longer needed our services to finance the truck lease.US Capital abided by all proper business decorum in attempting to provide FFP withlease financingUS Capital has been in business for over years, we have fundedthousands of Lease Schedules all over the United States and this is the first time we havehad an unjust and complaint filed against us with the Revdex.com.Sincerely,*** ***Enclosures via attachments hereto

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Concerning the letter from Mr [redacted] of US Capital Equipment leasing of June 9, 2015:
I did not make any false or misleading characterizations as Mr. [redacted] has stated. 
He stated that on October 13, 2014 we contacted US Capital and requested a quote for lease financing.  This is not true.  We received a fax blast saying that we were preapproved for a business loan, no paper work or financials were required.  Financing within 72 hours.  I called the phone number and left a message with my phone number.  On October 3, 2014 Mr. [redacted] of US Capital called me.  We went over what I was looking for in financing. I told him that we had found a truck on [redacted] that we wanted to purchase. He said that we needed to send him the Account Verification form.  It was not for credit purposes but just verification of who we are. I was assured that no credit check would be done.  Please see the attached email that Mr [redacted] sent to me on October 3, 2014.
I was told by [redacted] at that time that I was approved for a business loan of $30,000.00 at 7%. 
Mr [redacted] assured me that we were preapproved and that it was fine to go ahead and purchase the truck.  All of this was done verbally over the phone.  With [redacted] you have 7 days to get the money to the dealer.  I was again assured that would not be a problem. 
Mr [redacted] did not return my repeated calls about the financing.  The dealership also tried to contact him.  I can get verification from the dealership on this.  Finally, please note the email that I sent [redacted] on October 23, 2014 asking him about the funds.  At 10:30 pm on October 23, 2014 I received a fax with an Equipment Lease Agreement.  Please see attached.  This was not a proposal as Mr. [redacted] stated.  Their name was no where on it and nothing was signed by US Capital.  As you can see, it only had places for signatures from us and a demand for the deposit of $1604.18.
I was not happy with a lease as I wanted a loan that I could pay off early.  Since I had already purchased the truck though I figured that I had no choice but to sign it and send the money.  Everything was overnighted to them and I was assured that the dealer would get funded within 4 to 5 days.
The dealership never received the funds.  We called but knowone would return our calls or that of the dealership.  Please note the email that I sent to Mr [redacted] on October 29, 2014 asking him to please call me or the dealership and let us know what is going on.  On November 5, 2014 I finally caught Mr [redacted] on the phone (he answered so he could not get away).  He told me that the company he was going through for the lease backed out because of our credit (so much for no credit check) and he was looking for funding elsewhere. 
By that time the dealership had held the truck for me for over a month.  I called them and told them that the financing had fallen through and I would have to let it go (along with my $500 deposit).  He said he could get me financing and sent an application that day. I was approved the same day for a loan.  I either took their offer or I lose the truck as well as my $500 deposit as well as blackballed from [redacted].  I had no choice but to accept their offer.
Mr [redacted] lied to me throughout the deal.  Unfortunately, most of it was verbal. 
Mr [redacted] stated that he sent a Proposal on October 23, 2014.  Please note that it was not a proposal, it was an agreement that only we could sign.  There was no name on the agreement of who it was from.
Please note on the agreement that Mr [redacted] quoted under Section 10 ...it states "If lessor provides final approval and lessee does not fulfill its commitment with respect to completing the lease transaction for any reason, then the Initial Deposit will be considered a processing fee earned by the Lessor".  Please note that I never received final approval from US Capital and they did not sign any agreement.
[redacted] lied about our being preapproved.  He lied about the length of time to get funding.  He was unavailable and would not return phone calls.  If you would like a letter from the dealership to verify all of this I can get that.
This company does not have integrity.  They did not do as they promised.  I was more than patient with them.  I want my deposit of $1604.18 returned as they did not fulfill our agreement.  Mr [redacted] knew of our time constraints.  If you want further verification let me know as I will be happy to send it.
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.Concerning the letter from Mr [redacted] of US Capital Equipment leasing of June 9, 2015:I did not make any false or misleading characterizations as Mr. [redacted] has stated.  He stated that on October 13, 2014 we contacted US Capital and requested a quote for lease financing.  This is not true.  We received a fax blast saying that we were preapproved for a business loan, no paper work or financials were required.  Financing within 72 hours.  I called the phone number and left a message with my phone number.  On October 3, 2014 Mr. [redacted] of US Capital called me.  We went over what I was looking for in financing. I told him that we had found a truck on [redacted] that we wanted to purchase. He said that we needed to send him the Account Verification form.  It was not for credit purposes but just verification of who we are. I was assured that no credit check would be done.  Please see the attached email that Mr [redacted] sent to me on October 3, 2014.I was told by [redacted] at that time that I was approved for a business loan of $30,000.00 at 7%.  Mr [redacted] assured me that we were preapproved and that it was fine to go ahead and purchase the truck.  All of this was done verbally over the phone.  With [redacted] you have 7 days to get the money to the dealer.  I was again assured that would not be a problem.  Mr [redacted] did not return my repeated calls about the financing.  The dealership also tried to contact him.  I can get verification from the dealership on this.  Finally, please note the email that I sent [redacted] on October 23, 2014 asking him about the funds.  At 10:30 pm on October 23, 2014 I received a fax with an Equipment Lease Agreement.  Please see attached.  This was not a proposal as Mr. [redacted] stated.  Their name was no where on it and nothing was signed by US Capital.  As you can see, it only had places for signatures from us and a demand for the deposit of $1604.18.I was not happy with a lease as I wanted a loan that I could pay off early.  Since I had already purchased the truck though I figured that I had no choice but to sign it and send the money.  Everything was overnighted to them and I was assured that the dealer would get funded within 4 to 5 days.The dealership never received the funds.  We called but knowone would return our calls or that of the dealership.  Please note the email that I sent to Mr [redacted] on October 29, 2014 asking him to please call me or the dealership and let us know what is going on.  On November 5, 2014 I finally caught Mr [redacted] on the phone (he answered so he could not get away).  He told me that the company he was going through for the lease backed out because of our credit (so much for no credit check) and he was looking for funding elsewhere.  By that time the dealership had held the truck for me for over a month.  I called them and told them that the financing had fallen through and I would have to let it go (along with my $500 deposit).  He said he could get me financing and sent an application that day. I was approved the same day for a loan.  I either took their offer or I lose the truck as well as my $500 deposit as well as blackballed from [redacted].  I had no choice but to accept their offer.Mr [redacted] lied to me throughout the deal.  Unfortunately, most of it was verbal.  Mr [redacted] stated that he sent a Proposal on October 23, 2014.  Please note that it was not a proposal, it was an agreement that only we could sign.  There was no name on the agreement of who it was from.Please note on the agreement that Mr [redacted] quoted under Section 10 ...it states "If lessor provides final approval and lessee does not fulfill its commitment with respect to completing the lease transaction for any reason, then the Initial Deposit will be considered a processing fee earned by the Lessor".  Please note that I never received final approval from US Capital and they did not sign any agreement.[redacted] lied about our being preapproved.  He lied about the length of time to get funding.  He was unavailable and would not return phone calls.  If you would like a letter from the dealership to verify all of this I can get that.This company does not have integrity.  They did not do as they promised.  I was more than patient with them.  I want my deposit of $1604.18 returned as they did not fulfill our agreement.  Mr [redacted] knew of our time constraints.  If you want further verification let me know as I will be happy to send it.
Regards,
[redacted]

June 9, 2015Via emailMs. [redacted]Revdex.com4747 Viewridge AvenueSuite 200San Diego, CA 92123Mr. [redacted]:Thank you for your Letter dated June 4, 2015 regarding the concerns of [redacted] ofFranktown Firewood & Patio, LLCWhile we empathize with Franktown Firewood &...

Patio, LLC (“FFP”) for the issues theyhave regarding the proposed Lease we attempted to provide them, however, Ms. [redacted]has made several false and misleading characterization in her complaint informationstatement.On October 13, 2014, FFP contact US Capital and request a quote for lease financing fora truck they wanted for their business. That same day we received our standard AccountVerification Form (“AVF”) signed by [redacted]. The application requests the applicantto full in all the details of what they are attempting to lease along with corporate andpersonal financial information. The application must be signed below the authorizationfor us to run personal and business credit backgrounds on the applicant. No statements of“preapproved for funding” exist in the application. A copy is attached hereto as “ExhibitA”, with the account numbers and personal information blacked-out.On October 23, 2014, US Capital sent a Master Lease Proposal (“Proposal”) to FFP. TheProposal was based on our conversations with FFP and the information in the AVF.Section 10. of the Proposal reads as follows:“10. SECURITIZATION FEE- INITIAL DEPOSIT: The lease payments for theEquipment leased shall be in the amount designated in the payment schedule and shallcommence on the indicated payment due date immediately following the Equipmentacceptance date (the “Commencement Date”). Lessee shall pay Lessor said payments onor before the due date and at the office of Lessor or to such other person or place asLessor may designate in writing. The Initial Deposit noted above is required uponMs. [redacted]June 8, 2015Page 2acceptance of this agreement by the Lessee, which shall be applied to the SecuritizationFee which is non-refundable and fully earned by Lessor upon Lessee’s acceptance of thisagreement, each as noted above. This Agreement is subject to receipt of finaldocumentation and final Equipment/credit approval by Lessor. In consideration ofLessor’s time, effort and expense in considering and processing the lease proposaltransaction, Lessee agrees that Lessor shall have twenty (20) business days from the dateof Lessor’s receipt of all documentation and information required by Lessor from Lessee(which documentation and information Lessee shall provide to Lessor within seven (7)business days of Lessor’s request) to provide final approval as noted above. If Lessorprovides final approval and Lessee does not fulfill its commitment with respect tocompleting the lease transaction for any reason, then the Initial Deposit will beconsidered a processing fee earned by Lessor. The Initial Deposit shall be retained asliquidated damages by Lessor in the event Lessee does not supply the required documentsand information required by Lessor or otherwise comply with the terms of this agreementor back out of the original agreement or any revised consideration thereto as stated above,there is a material adverse change to the financial condition of the Lessee or anyGuarantor, or if any material misrepresentation is made by Lessee in connection with theDocuments and information provided to Lessor.”FFP never informed US Capital of a time constraint for funding. US Capital was wellwithin the twenty (20) days the Proposal provided to obtain credit approval for FFP whenthey informed us that they had obtained a loan from their online retailer. US Capitalperformed all of our duties as defined in the Proposal prior to FFP informing us that theyno longer needed our services to finance the truck lease.US Capital abided by all proper business decorum in attempting to provide FFP withlease financing. US Capital has been in business for over 20 years, we have fundedthousands of Lease Schedules all over the United States and this is the first time we havehad an unjust and false complaint filed against us with the Revdex.com.Sincerely,[redacted]Enclosures via attachments hereto

Review: We received advertising from this company that we were preapproved for funding. They told us our funds were guaranteed. No credit check or applications required. We bid on a truck on [redacted]. They assured us that we were preapproved, so we purchased the vehicle. They told us the funds would be available in about a week. They sent an agreement that they said had to be signed and that I had to overnight a check for $1600 for a deposit.A week later I called and had to leave a message. I was told they would get back to me. No one called me back. I called every week but no one would call me back. When I finally did get through to [redacted], he told me that there was a problem with my credit and they had to look elsewhere for the funds. The dealership on Ebay had already waited several weeks for the money. When I told them the situation with the funds, they got financing for me in 20 minutes. I either had to take their financing or I would lose the truck and get black balled from ever doing business on Ebay. I took their financing. US Capital lied, as we had to fill out a credit application. They said it was just to verify we were real. They said no credit inquiries would be made. They lied. They did a credit inquiry. I have tried to get my deposit back, but they will not give it back. They have told me that they can finance another piece of equipment. I told them that I did not need anything else, to please give my deposit back. They refuse to give it backThey lied through the whole process and was not able to get the funds to us in time to purchase the equipment even though they new very well the situation and the time constraint that we were under. I was told that was no problem. They did not perform as promised and now they refuse give back my money.Desired Settlement: I would like to get my deposit back.

Business

Response:

June 9, 2015Via emailMs. [redacted]Revdex.com4747 Viewridge AvenueSuite 200San Diego, CA 92123Mr. [redacted]:Thank you for your Letter dated June 4, 2015 regarding the concerns of [redacted] ofFranktown Firewood & Patio, LLCWhile we empathize with Franktown Firewood & Patio, LLC (“FFP”) for the issues theyhave regarding the proposed Lease we attempted to provide them, however, Ms. [redacted]has made several false and misleading characterization in her complaint informationstatement.On October 13, 2014, FFP contact US Capital and request a quote for lease financing fora truck they wanted for their business. That same day we received our standard AccountVerification Form (“AVF”) signed by [redacted]. The application requests the applicantto full in all the details of what they are attempting to lease along with corporate andpersonal financial information. The application must be signed below the authorizationfor us to run personal and business credit backgrounds on the applicant. No statements of“preapproved for funding” exist in the application. A copy is attached hereto as “ExhibitA”, with the account numbers and personal information blacked-out.On October 23, 2014, US Capital sent a Master Lease Proposal (“Proposal”) to FFP. TheProposal was based on our conversations with FFP and the information in the AVF.Section 10. of the Proposal reads as follows:“10. SECURITIZATION FEE- INITIAL DEPOSIT: The lease payments for theEquipment leased shall be in the amount designated in the payment schedule and shallcommence on the indicated payment due date immediately following the Equipmentacceptance date (the “Commencement Date”). Lessee shall pay Lessor said payments onor before the due date and at the office of Lessor or to such other person or place asLessor may designate in writing. The Initial Deposit noted above is required uponMs. [redacted]June 8, 2015Page 2acceptance of this agreement by the Lessee, which shall be applied to the SecuritizationFee which is non-refundable and fully earned by Lessor upon Lessee’s acceptance of thisagreement, each as noted above. This Agreement is subject to receipt of finaldocumentation and final Equipment/credit approval by Lessor. In consideration ofLessor’s time, effort and expense in considering and processing the lease proposaltransaction, Lessee agrees that Lessor shall have twenty (20) business days from the dateof Lessor’s receipt of all documentation and information required by Lessor from Lessee(which documentation and information Lessee shall provide to Lessor within seven (7)business days of Lessor’s request) to provide final approval as noted above. If Lessorprovides final approval and Lessee does not fulfill its commitment with respect tocompleting the lease transaction for any reason, then the Initial Deposit will beconsidered a processing fee earned by Lessor. The Initial Deposit shall be retained asliquidated damages by Lessor in the event Lessee does not supply the required documentsand information required by Lessor or otherwise comply with the terms of this agreementor back out of the original agreement or any revised consideration thereto as stated above,there is a material adverse change to the financial condition of the Lessee or anyGuarantor, or if any material misrepresentation is made by Lessee in connection with theDocuments and information provided to Lessor.”FFP never informed US Capital of a time constraint for funding. US Capital was wellwithin the twenty (20) days the Proposal provided to obtain credit approval for FFP whenthey informed us that they had obtained a loan from their online retailer. US Capitalperformed all of our duties as defined in the Proposal prior to FFP informing us that theyno longer needed our services to finance the truck lease.US Capital abided by all proper business decorum in attempting to provide FFP withlease financing. US Capital has been in business for over 20 years, we have fundedthousands of Lease Schedules all over the United States and this is the first time we havehad an unjust and false complaint filed against us with the Revdex.com.Sincerely,[redacted]Enclosures via attachments hereto

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.Concerning the letter from Mr [redacted] of US Capital Equipment leasing of June 9, 2015:I did not make any false or misleading characterizations as Mr. [redacted] has stated. He stated that on October 13, 2014 we contacted US Capital and requested a quote for lease financing. This is not true. We received a fax blast saying that we were preapproved for a business loan, no paper work or financials were required. Financing within 72 hours. I called the phone number and left a message with my phone number. On October 3, 2014 Mr. [redacted] of US Capital called me. We went over what I was looking for in financing. I told him that we had found a truck on [redacted] that we wanted to purchase. He said that we needed to send him the Account Verification form. It was not for credit purposes but just verification of who we are. I was assured that no credit check would be done. Please see the attached email that Mr [redacted] sent to me on October 3, 2014.I was told by [redacted] at that time that I was approved for a business loan of $30,000.00 at 7%. Mr [redacted] assured me that we were preapproved and that it was fine to go ahead and purchase the truck. All of this was done verbally over the phone. With [redacted] you have 7 days to get the money to the dealer. I was again assured that would not be a problem. Mr [redacted] did not return my repeated calls about the financing. The dealership also tried to contact him. I can get verification from the dealership on this. Finally, please note the email that I sent [redacted] on October 23, 2014 asking him about the funds. At 10:30 pm on October 23, 2014 I received a fax with an Equipment Lease Agreement. Please see attached. This was not a proposal as Mr. [redacted] stated. Their name was no where on it and nothing was signed by US Capital. As you can see, it only had places for signatures from us and a demand for the deposit of $1604.18.I was not happy with a lease as I wanted a loan that I could pay off early. Since I had already purchased the truck though I figured that I had no choice but to sign it and send the money. Everything was overnighted to them and I was assured that the dealer would get funded within 4 to 5 days.The dealership never received the funds. We called but knowone would return our calls or that of the dealership. Please note the email that I sent to Mr [redacted] on October 29, 2014 asking him to please call me or the dealership and let us know what is going on. On November 5, 2014 I finally caught Mr [redacted] on the phone (he answered so he could not get away). He told me that the company he was going through for the lease backed out because of our credit (so much for no credit check) and he was looking for funding elsewhere. By that time the dealership had held the truck for me for over a month. I called them and told them that the financing had fallen through and I would have to let it go (along with my $500 deposit). He said he could get me financing and sent an application that day. I was approved the same day for a loan. I either took their offer or I lose the truck as well as my $500 deposit as well as blackballed from [redacted]. I had no choice but to accept their offer.Mr [redacted] lied to me throughout the deal. Unfortunately, most of it was verbal. Mr [redacted] stated that he sent a Proposal on October 23, 2014. Please note that it was not a proposal, it was an agreement that only we could sign. There was no name on the agreement of who it was from.Please note on the agreement that Mr [redacted] quoted under Section 10 ...it states "If lessor provides final approval and lessee does not fulfill its commitment with respect to completing the lease transaction for any reason, then the Initial Deposit will be considered a processing fee earned by the Lessor". Please note that I never received final approval from US Capital and they did not sign any agreement.[redacted] lied about our being preapproved. He lied about the length of time to get funding. He was unavailable and would not return phone calls. If you would like a letter from the dealership to verify all of this I can get that.This company does not have integrity. They did not do as they promised. I was more than patient with them. I want my deposit of $1604.18 returned as they did not fulfill our agreement. Mr [redacted] knew of our time constraints. If you want further verification let me know as I will be happy to send it.

Regards,

Review: My company, Ultra Wood Products, sought funding with US Capital Equipment Leasing. We completed all the requested paperwork & were approved for a $50,000 Equipment Lease agreement loan. We mailed our deposit of $2,652.82 - Check# [redacted], dated 4/20/15 which was the first month lease payment and fees. We were told from the beginning from US Capital that if the loan failed to fund, we would be refunded our deposit. US Capital received our deposit funds on 4/21/15. It cleared my bank that day on 4/21/15. We waited for the funding which never came through for 2 months. During this time we were given excuses galore, they stated the bank not wanting to fund because our main piece of equipment (collateral) was off-site at a different location, which they completely aware of from the beginning. Now they told us the loan would be for only $40,000, now they needed a letter stating we were only using them, not the other companies we looked at before we signed on with them. This went on and on!! Every time we complied with signing new paperwork, making phone calls...all to no avail. Finally on June 9th, 2015, we wrote to the owner of US Capital, [redacted] and [redacted], the representative and asked for a refund of our deposit due to the fact they could not fund us. We gave them 2 months to get our funding and they couldn't deliver with the terms they promised or the funding. They said they could get another type of loan, but not the one we originally signed for. As of today, we have asked several times and emailed them for a refund and told them we would go to the authorities for their unprofessional and unlawful business practices. We trusted them and now nothing. We want our deposit refunded of $2,652.82 immediately.Desired Settlement: We want a refund of our original deposit of $2,652.82 (plus interest if possible at 1.5% per month= 6 months @ $39.79/month totaling $238.74).