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Five Point Capital leasing.. know of them?

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Hello all..

 

We received a "prequalification" in the mail the other day.. (unsolicited, I might add) from Five Point Capital Leasing. It came with a card to activate, shows an account number, credit line of $100,000.00 for equipment leasing blah, blah..

 

I don't know who they are, why they would send it.. and I'm not really fond of the statement on the activation sticker on the card: "To protect your company from fraud, call now to activate your account!" .. and within the letter.."To protect against unauthorized use, call by 08/31/05"

 

Anyone know of them.. or have comments regarding their "activation" tactics?

 

Thanks,

Paul

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looks like their just a standard leasing company. operating at www.fivepointscapital.com. looks like they do a lot of technology leasing. their website looks pretty straight up. check w/ bbb before going to any leasing company though...

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From the BBB online report:

 

Nature of Business

 

This company offers commercial equipment financing. According to BBB files, this company is sending out solicitations indicating that companies have been "pre-approved" and they are sent a card. According to callers, the cards sent by Five Point Capital seem to look like credit cards and may be activated. In addition, callers indicate there is a number on the card which corresponds to the particular company.

 

 

Customer Experience

 

Complaints received indicate difficulties in obtaining the financing that was advertised as "pre-qualifed". Several consumers have indicated that they are either unable to obtain any financing, other consumers indicate they are unable to obtain the financing they were told they could.

 

When evaluating complaint information, please consider the company's size and volume of business. The number of complaints filed against the company may not be as important as the type of complaints and how the company handled them.

 

Closed Complaints

Number of complaints processed by the BBB in last 36 Months: 15

Number of complaints processed by the BBB in last 12 months: 9

 

 

Complaints Concerned

Sales Issues: 4

Outcome of all complaints -

Resolved: 4

 

Guarantee or Warranty Issues: 1

Outcome of the complaint -

Resolved: 1

 

Contract Issues: 4

Outcome of all complaints -

Resolved: 3; Company made good faith effort to Resolve:

1

 

Customer Service Issues: 2

Outcome of all complaints -

Resolved: 2

 

Credit or Billing Issues: 4

Outcome of all complaints -

Resolved: 4

 

 

 

Additional Information

 

Additional Doing-Business-As Names: 5 Point Capital

Five Point Capital, Inc

 

 

 

I just received one of their cards in the mail too..

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We received exact same offer last fall, called rep, without mentioning it, he ran credit on Experian (personal) called back, said we can go ahead with a lease up to $100k. I told him we weren't ready to buy yet, however we may be interested at a later date. He calls periodically to check if we need anything and we get what looks like a fake statement in the mail each month with "zero balance" "$100k Available"

 

Seems like they are on the up and up, but haven't done a lease yet to know for sure or even if their rates are competitive.

 

They probably get the initial promo list from D&B, then do the actual check when you contact them.

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Just like all of you, i also received a letter last month, saying that we were approved for 100K, Please call to activate your card. The card was enclosed with my name and co name printed on it.

 

So i called that up, rep wanted to know if i wished to activate the account, but had to give him permission to pull my credit report. Told him no that we were not interested at this time, he then offered to send my some addtional info in the mail, i said ok, well as of today never received anything any "addtional info" but did receive a Confirmation notice, with the acc#, CL of 100K, name of the acc manager, Congratulations, Your account has been activated on 06/05/05, and so on.

 

Now i just pulled my c/r with EQ, TU, & EX no hard or soft pull.

 

So is this for real, and if so will Five point now be showing up as a tradeline on our bus credit with an extended line of 100K?

 

Let me know what you think.

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anyone got any updates on this company? got the prequalification card and form with some clown's name on it for $100k. Looks like they do the prequalifying via D&B, no financials over $100k required. My personal credit sucks so if they pull that I'm dead in the water.

 

Got a similar offer via Balboa Capital a few months ago but I'd get American Airline miles via their leasing program...

 

Anyone hear anything new on them or existing customer?

 

Thanks

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anyone got any updates on this company? got the prequalification card and form with some clown's name on it for $100k. Looks like they do the prequalifying via D&B, no financials over $100k required. My personal credit sucks so if they pull that I'm dead in the water.

 

Got a similar offer via Balboa Capital a few months ago but I'd get American Airline miles via their leasing program...

 

Anyone hear anything new on them or existing customer?

 

Thanks

 

We went ahead and applied for a lease totaling $26k, we were approved at just under $700/month for a 60 month lease with $1 buyout. 5point is a broker and multiple inquiries showed up on my personal experian and transunion reports from several leasing companies that they ran us through even after we were "approved" for the $100k lease line of credit which is basically a marketing scheme. In the meantime, we applied with two other leasing companies, Company B approved us for same deal at $660/month. I asked 5 point if they could match the deal and they had me fax over company B's proposal and 5point told me they could match if we signed the paperwork right away. Company C then approves us at $595/month for same exact deal. Company C also did not require a personal credit check, nor personal guarantee...all based on D&B report.

 

The thing that rubbed us the wrong way about 5point besides their higher rate was their high pressure sales tactics, the rep emailed the lease documentation and within a minute of discussing the paperwork which required a $350 "documentation fee" that was never discussed in our numerous conversations as well as an auto ACH debit from our corporate checking account for the monthly payment requirement...he wanted FEDEX to come pickup the paperwork that day along with my first/last month lease payment check. We told him it's not like we are buying a loaf of bread at 7-11 and need a few days to go over the agreement and possibly have my lawyer review the lease, he was dumbfounded.

 

Company C that we went with, had no upfront documentation fee and did not require an auto ACH from my corporate checking account for the monthly payment.

 

We ended up saving $6k over the course of the lease with less hassle.

 

Bottom line is...If 5point will approve you for $100k with no docs, so will every other leasing company and most offer the same "no docs required for leases under x amount of dollars". Unless you are leasing a huge piece of equipment, you could always structure your equipment leases into separate leases in amounts under the documentation requirement.

 

We believe their high pressure "must sign today" tactics are used to prevent you from shopping the lease and finding better rates because once you sign the deal, you are hooked for the term of the lease.

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i'll try em out, maybe get some servers and other equipment for this new project in the spring. lets see. i'll keep u posted.

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In the meantime, we applied with two other leasing companies, Company B approved us for same deal at $660/month. I asked 5 point if they could match the deal and they had me fax over company B's proposal and 5point told me they could match if we signed the paperwork right away.  Company C then approves us at $595/month for same exact deal.  Company C also did not require a personal credit check, nor personal guarantee...all based on D&B report...

 

Company C that we went with, had no upfront documentation fee and did not require an auto ACH from my corporate checking account for the monthly payment.

Can you send me the info on company c via PM, and your stats? And did you verify that they did not pull personal, or did you just make an observation based on the fact that nothing appeared on your credit reports?

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Direct-can you post company b and company c. Will be applying and would like to minimize inquiries to personal file and get the best numbers. Afraid if I shop around too much will be stuck with tons of personal inquiries. Thank you.

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direct... appreciate the insight on the five points capital company. The approval for $100k seems like its a general mailing and I'm not looking for tons of inquiries on my personal report. My personal credit sucks so I wouldn't be adding anything positive anyways...

 

if you've got the names/equipment on that leasing equipment/vendor used, please add here or to the other main thread I started on the topic...

 

Thanks!

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direct... appreciate the insight on the five points capital company. The approval for $100k seems like its a general mailing and I'm not looking for tons of inquiries on my personal report. My personal credit sucks so I wouldn't be adding anything positive anyways...

 

if you've got the names/equipment on that leasing equipment/vendor used, please add here or to the other main thread I started on the topic...

 

Thanks!

 

I will be back at my office on Monday, If the forum monitors have no objection, I will be glad to post companies b and c real names and contact info.

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I would really like this info I have collected several companys that offer leasing. I have not had the time to check them out.

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ok..here is the info:

 

Company B is called Summit Finance...Contact Name is Keith Camiola

Seemed very interested and reputable, did require personal credit check via Trans Union: Contact phone number is : 1-866-627-6223 ext 11

 

Company C is VAResources, they are the company we went with. Best rate and no personal guarantee required under corporate lease.

 

Website: http://www.varesources.com/

 

Good Luck to all.

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You are recommending a company called Trident Leasing. Did you even check them out? I have heard of them keeping deposit checks. Here is their BBB which is unsatisfactory

 

Nature Of Business

 

They specialize in capital equipment leasing.

 

 

Customer Experience

 

Based on BBB files, this company has an unsatisfactory record BBB Definition:

 

unsatisfactory record - A company has an "unsatisfactory business performance record" with the BBB is based on the experiences reflected in BBB files. This file condition results when the company has failed to resolve or respond to complaints, repeatedly failed to respond or resolve issues in a timely manner, failed to resolve the underlying issues for a pattern BBB Definition:

 

pattern - More than 2 complaints involving the same allegations usually within 12 months that are significant in relation to the company's size and volume of business.

of complaints, failed to honor their commitment to mediate or arbitrate disputes or honor mediated agreements or arbitrated decisions, failed to substantiate, modify or discontinue false advertising claims that are challenged by the BBB, or failed to discontinue unauthorized use of the BBB name and logo, a Federally protected trademark.

with the BBB due to failure to respond to one or more complaints and or two or more otherwise unresolved BBB Definition:

 

unresolved - The company failed to resolve the complaint issues.

complaints. However the business has resolved BBB Definition:

 

resolved - The company resolved the complaint issues.

some complaints presented to the bureau.

 

When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.

 

The BBB processed a total of 13 complaints about this company in the last 36 months, our standard reporting period.Of the total of 13 complaints closed in 36 months, 6 were closed in the last year.

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i havn't seen any recent threads on this company. we received the same card in the mail today. call to activate $100,000. has anyone used them? for what?

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A rep calls regularly, we are now ready to lease 75K+ in equiptment, I've stated to him/them one pull only! He said, if you credit is good (it is) only one pull! THIS IS THE SCARY PART!!! THEY SEND OUT A PROPOSAL WITH MY SSN IN FULL VIEW AND I NEVER GAVE IT TO THEM! What!?????? Help.

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anyone got any updates on this company? got the prequalification card and form with some clown's name on it for $100k. Looks like they do the prequalifying via D&B, no financials over $100k required. My personal credit sucks so if they pull that I'm dead in the water.

 

Got a similar offer via Balboa Capital a few months ago but I'd get American Airline miles via their leasing program...

 

Anyone hear anything new on them or existing customer?

 

Thanks

 

We went ahead and applied for a lease totaling $26k, we were approved at just under $700/month for a 60 month lease with $1 buyout. 5point is a broker and multiple inquiries showed up on my personal experian and transunion reports from several leasing companies that they ran us through even after we were "approved" for the $100k lease line of credit which is basically a marketing scheme. In the meantime, we applied with two other leasing companies, Company B approved us for same deal at $660/month. I asked 5 point if they could match the deal and they had me fax over company B's proposal and 5point told me they could match if we signed the paperwork right away. Company C then approves us at $595/month for same exact deal. Company C also did not require a personal credit check, nor personal guarantee...all based on D&B report.

 

The thing that rubbed us the wrong way about 5point besides their higher rate was their high pressure sales tactics, the rep emailed the lease documentation and within a minute of discussing the paperwork which required a $350 "documentation fee" that was never discussed in our numerous conversations as well as an auto ACH debit from our corporate checking account for the monthly payment requirement...he wanted FEDEX to come pickup the paperwork that day along with my first/last month lease payment check. We told him it's not like we are buying a loaf of bread at 7-11 and need a few days to go over the agreement and possibly have my lawyer review the lease, he was dumbfounded.

 

Company C that we went with, had no upfront documentation fee and did not require an auto ACH from my corporate checking account for the monthly payment.

 

We ended up saving $6k over the course of the lease with less hassle.

 

Bottom line is...If 5point will approve you for $100k with no docs, so will every other leasing company and most offer the same "no docs required for leases under x amount of dollars". Unless you are leasing a huge piece of equipment, you could always structure your equipment leases into separate leases in amounts under the documentation requirement.

 

We believe their high pressure "must sign today" tactics are used to prevent you from shopping the lease and finding better rates because once you sign the deal, you are hooked for the term of the lease.

Edited by lovecreditcrunch

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$26K at $595 monthly for 60 months equals an interest rate in excess of 13% assuming $0 residual value. This is an extremely high rate for a secured loan. If there is a residual value or buyout then you're getting screwed.

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FutureREguru

 

 

 

 

Group: Members

Posts: 27

Joined: 2-July 06

Member No.: 34,011

 

 

 

 

 

Hello Luniz My name is removed contact info and i am a Equipment Leasing Broker. I was just wondering were you in the need of financing for equipment. If so i would like to have the privilege of assisting you in your equipment financing needs. My company is removed contact info we are proud members of the NAELB (national association of equipment leasing brokers) and are in good standard with the BBB. Maybe you can give me a call or email and we can discuss things farther. removed contact info

 

Can't believe the people spamming this board. Out of principle, please do not use this company.

Edited by pryan67
removed contact info

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$26K at $595 monthly for 60 months equals an interest rate in excess of 13% assuming $0 residual value. This is an extremely high rate for a secured loan. If there is a residual value or buyout then you're getting screwed.

 

I have been getting 10 to 12% on a non financial deal and 7.5% with financials... what are others getting right now?

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I am not spamming this board. Have you looked at my posts? You asked a question about leasing and i asked are you looking for a lease. I been on creditboards since July of 06 just to ask, are you interested in leasing equipment. I apologize if you were offended by my pm or believe it to be spam.

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