Five Points Capital of San Diego are Criminals! As evident from this site and other stories that are exactly like mine they have their employees lie about the lease in order to obtain you business and then attempt to screw you at the end of your contract! My lease was handled by a gentleman at Five Points Capital named Glenn Jones. Mr Jones explained the end of the contract fair market value buy out clause to me and said that it would be $1 at the end of the contract. He told me that that the charge of $1 was for legal reasons and that I would own the equipment after paying the $1.
I have since paid ALL of my payment over the past 4 years on time which adds up to way more than the the original purchase price of the equipment which you would figure to be leasing fees. My contract was what I thought paid in full as of 4/15 and I received another invoice from Financial Pacific Leasing LLC (who does their billling I guess) for less than half of what my monthly payment was.
After reviewing my bank acct. I noticed that this amount had not been drafted from my checking account so I called the number on the invoice from Financial Pacific Leasing LLC and was told that this was the tax payment for the year and I would need to mail it in but that I should call Five Points Capital to make sure that this settled out my contract. I called Five Points Capital on 5/22 and was directed to Sandra Otero and had to leave a voicemail for her to call me back.
Having not received a call back I called her again on 5/23 and this is when she dropped the SCAM bomb on me. She said that they sent me a certified letter back in December (of which I do not recall ever receiving) that gave me the option to do a "buy out" at current market value or renew my leas term and that since they did not get a response my lease renewed automatically.
I explained to her what her employee had told me about what that clause meant and what Glenn had told me about the $1 buy out at the end of the lease (of which now I know that this is a deceptive practice that this company has been using from other reports with the exact same story). She told me that this is not what the contract says and she also did not care what I (and obviously many other had been lied to and told about the $1 buy out) Why would anyone lease approx.
$20,000 worth of equipment and pay payments monthly that add up to more than $30,000 and not own it at the end. The equipment is paid for and they made a healthy chunk of money already. Now because they had their employees LIE to me and many others they have automatically renewed my lease and I have no Idea what the so called "Buy Out" would have been but judging from others stories you could pay end up paying 3 times as much over the original cost of your equipment. They are lying to customers about the $1 buy out at the end of the contract and it is disgusting as they are impacting small businesses many of which are already struggling to survive!
I would like to know of anyone else with a similar story and would like to get together a Class Action Law Suit against Five Points Capital and it's affiliates for their deceptive and criminal practices. I also asked Sandra Otero to speak with her boss whom she said is the Owner, Dave Gilbert and was informed that he does not speak to clients and that their was no one else that I could speak with and nothing else I could do. These people are a disgrace to our country attempting to take advantage of small businesses through their lying tactics!
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