I "leased" store fixtures for my new business. The new fixtures were $19,000 total (shipping included) and wasn't going to have the full amount for 2-3 months to actually purchase so I agreed to lease. I started with Direct Capital who brokered to Metropolitan Mortgage who brokered to Pawnee Leasing. All through the process I asked each rep of each company if there was a penalty for early payment since I knew I would be able to "purchase" the fixtures in the near future.
I called Pawnee Leasing now to find out the payoff amount. New was $19,000 and I have already paid about $5,000. They state the PAYOFF was $33,000! I know I should expect the processing fees and interest, but how could $19,000 fixtures total $38,000 in only 3 months? I asked the rep what about the "no penalty for early payment" and was told there is no penalty but you still have to make all the payments you agreed to pay.
Beware of what you ask and their response. They are still playing word games and fully admit that they state there is no penalty. Romel at Metropolitan Mortgage even stated that he remembers me specifically questioning him about this and he is playing the same word games! They knew exactly what I was asking when this happened. Their response now?"Don't worry about it, it's a tax write-off for you."
Oh and now I received a $50 bill from Pawnee for administrative costs to report my personal property to the State of Texas for property taxes to be assessed. But when I called Pawnee to send me the paperwork showing they had reported this to the State of Texas, they state they will not be doing it until 2008. This appears to be another scam to collect $50 each year. Why else would they collect $50 from me in January if they are not going to report it to the state for another year? And if I have the fixtures now, they should be reporting them now.
You can bet I've already reported them to the Attorney General and the State of Texas Comptroller's Office. They are the owners of the fixtures, so they are liable to pay the property taxes. And if they do not have to pay the taxes, then it seems to me they are committing fraud by sending out bills for something that does not exist.
This company is definitely not reputable.
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