Five Point Capital
Lease Nightmare
- 12-10-2012
- 36
Be very careful if you are planning to finance equipment through Five Point Capital.in my case, they were very deceptive. If the use the term $1 buy out, run away as fast as you can.
I had two leases with a combined total of $21,000 with Five Point Capital. The cost to me over 48 months to finance this amount was $33,000. I had no problem with this amount and was happy that I finally owned the equipment. This is where my nightmare began.
To my surprise, I started getting invoices from Five Point Capital because they stated "we own the equipment, now you must pay rent" How much is rent? It cost me an additional $12,000.
So if you do the math, I will end up paying more than double the original amount. I refused to pay and they will not let me return the equipment because I did not contact them 4 months prior to the end of our agreement.
Again, the dollar buyout is a scam! So be careful before you sign the dotted line. Personally, I would not do business with Five Point Capital or any other businesses associated with them.
Company: Five Point Capital
Country: USA
State: California
City: San Diego
Address: 10525 Vista Sorrento Parkway
Phone: 8885764685
Site: fivepointcapital.com