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Western Equipment Finance, Inc.

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Reviews Western Equipment Finance, Inc.

Western Equipment Finance, Inc. Reviews (1)

Initial Business Response /* (1000, 5, 2015/12/23) */
Since the customer refuses to have a phone conversation, we did involve the President of Western Equipment Finance to draft an email of the facts of the contract for her. She has never responded to that email (attached below). She must not...

have realized that the contract she had signed and was provided was a non cancelable contract (term 10 in contract and it's in bold capital letters and underlined, very hard to miss if contract was read before it was signed), which is very standard across the entire industry, and we were actually trying to give her a payoff (discounted) less than what she contractually owed. She was provided the amortization schedule and copy of the contract. The contract does not list an interest rate due to it being a commerical document for business purpose. Please see email below, we do feel she was provided everything she requested, so feel this complaint is not entirly fair. See email from our President below.
[redacted],
I have been notified that your recent communication with Western Equipment Finance has been frustrating and has caused concern. I want to apologize for your disappointing experience and assure you that transparent, world class service is of paramount importance to our organization.
I want to take this opportunity to consolidate numbers and facts that have been provided in a long exchange of emails. Hopefully, the following summary and the attached documents will clarify questions regarding your account.
In December 2011 Western financed $45,250.00 for the purchase of a Cash IH MX200 Tractor (a $5,000 down payment was applied against the invoiced amount of $50,250).
A $200 documentation fee was charged. You elected to roll the $200 fee into the financed amount. Net financed amount totaled $45,450.00.
The contract was scheduled on a 72 month term.
Interest on the contract is compounded monthly.
The first monthly payment on the contract was due in December 2012 (no payments for 12 months).
The contract was structured with six annual payments (1st payment in 12/2012, 6th payment in 12/2017).
The interest rate is 8.99%.
The Equipment Finance Agreement is a non-cancelable agreement. See page 2, section 10 of the attached Equipment Finance Agreement.
The contract has been paid through December 2015, leaving a principal balance of $17,929.79.
Under the non-cancelable clause, there are two annual payment remaining. The remaining balance of these two payments totals $20,487.36 (consisting of a principal amount of $17,929.79 and interest of $2,557.57).
Western has agreed to discount the contract balance of $20,487.36 by accepting an early payoff of $19,084.89 (reducing your contractual payoff by $1,402.47).
Attached to this email you will find a copy of your Equipment Finance Agreement and a copy of the original amortization schedule (along with a copy of the schedule Tony [redacted] prepared for you on 12/22).
Again, I apologize for the confusion during your interaction with our office. If you have any questions regarding your contract or our calculations, please do not hesitate to call or email me. My direct line is [redacted].
Thank you.
Sincerely,
Laurie [redacted]
President
Initial Consumer Rebuttal /* (3000, 7, 2015/12/28) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Unlike Western Equipment claims, I did respond to the above email; as stated in my email response to Laurie [redacted] (dated the same day as the above communication).
"Laurie,
Thank you for your email, however, I still believe it is best to let the Revdex.com handle my concerns over the lack of transparency in this financial transaction. I've read what you call the "non-cancelable" portion of the agreement on page 2, section 10. This clause does not state there is an early repayment penalty - it states just that I'm obligated to make the payments and that I cannot prepay without written agreement, I'm not asking for the payment to be withheld, setoff or reduced but rather that you accept my payment of the actual LOAN BALANCE IN FULL, without any additional surcharges. Additionally, the terms of the agreement are not initialed nor is this agreement clearly defined in regards to the original loan balance, nor is the interest rate is not indicated anywhere in this said agreement, all equally concerning. Neither amortization table provided outlines details of beyond the first loan servicing year, which is abnormal in amortization tables. As such, I should be able to pay off this loan's principle balance to date. If that is not your position, then again I reiterate that this is best handled by the Revdex.com.
I feel entirely like I have been the victim of poor financial lending practices from start to finish with this."
This company is up charging me for early payoff of my contract in what I feel is an illegal manner nor are they able to furnish any signed documentation that includes the actual terms (interest rate, length of contract, etc.)
Additionally, the page "2" they refer to is on a page separate from any other signatures and has no initials near any clauses.
I genuinely believe the correct course of action would be to allow me to pay off the loan balance as it stands today -- not the balance plus a surcharge that is not listed in their contract.
Final Business Response /* (4000, 12, 2016/01/05) */
This response was sent to the customer on 12/29/15 but we did not receive a response so we will post our response but will take out any confidential information and dollar amounts. We feel we have provided everything that was requested and have compromized to a point above and beyond expectations to rectify this situation We still feel everything done on this transaction is industry standard and is the same documentaton we have provided for over 25 years. This was not a bank security agreement, this was a non-cancelable equipment finance agreement. See response to customer below.
[redacted],
I am in total agreement with your decision to provide information to the Revdex.com. The Equipment Finance Agreement entered into between [redacted] and [redacted] dba [redacted] and Western Equipment Finance is a valid Agreement that is properly executed and clearly outlines expectations regarding repayment. In addition, the amortization schedules clearly outline the full repayment schedule of the transaction (12 months with $0 payments followed with 6 annual payments).
The Representations, Warranties and Covenants section of the Equipment Finance Agreement (paragraph 10) states that you acknowledge, agree, certify, represent and warrant that this agreement cannot be terminated or canceled, your payment obligations are absolute and unconditional and payments cannot be withheld, setoff or reduced for any reason. In addition, this section states you may not prepay any obligations without Western's prior written consent.
The full repayment of the contract (in accordance with terms of the Equipment Finance Agreement) would require a payment of $XX,XXX.XX (the sum of the remaining two payments which consists of $XX,XXX.XX in principal and $X,XXX.XX in interest - please refer to the previously provided amortization schedule). Earlier this month, Western agreed to accept a lesser payoff in the amount of $XX,XXX.XX, which can be calculated as $XX,XXX.XX in principal and an early termination fee of $X,XXX.XX. The discounted payoff provided by Western reduced your contractual obligation by $X,XXX.XX.
I stand firmly behind our position regarding legally valid and industry accepted documentation, properly structured and presented amortization schedules and a willingness to accommodate an early termination request. I will; however, agree to allow [redacted] the ability to termination their contract with Western Equipment Finance for the payment of $XX,XXX.XX (principal balance).
Thank you.
Laurie [redacted]
President
Western Equipment Finance

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Address: 503 Highway 2 W, Devils Lake, North Dakota, United States, 58301-2900

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