I am a small business owner. I got a letter from Five Point Capital which stated that my business was pre approved for a $100k lease line of credit. When I called Five Point, I spoke to Nicole Clouse who was my "account exec". She said that I had been approved for the loan and I just needed to fill out a verification form, She faxed me the form which I filled out and faxed back. I did not lease anything at that time but I did get "statements" in the mail which showed the available credit and my balance of zero.
After a couple months I needed a new work truck. I called Nicole to see about a lease for the truck. She told me I was already approved and that I should shop for a truck. When I find one I should agree on a price and have the dealer write up a contract. I would just need to fax her the contract and there would be a check sent to the dealer next day.
When I found a truck and faxed her the contract, she sent me a long credit app. Turns out I had not actually been approved for anything. Nicole stated that she would "submit my app and see what they say". They turned down my app. Here I was told I had 100k in credit and couldn't get a 9k truck. And had to break the contract with the dealer which cost me $.
I am submitting formal complaints to the IL and CA Attorney Generals as well as the Illinois Department of Financial and Professional Regulation. I have also been told that when Five Point Capital does approve lease loans it is at a much higher rate then others. Nicole Clouse also told me that Five Point is not a broker. I have learned this is also not true.
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