I contacted Lease One, finding them in the franchise section of the Internet. I was seeking an opportunity to expand my present business and Lease One, claiming they had funding sources and back-office support for the commercial leasing business seemed to be an excellent fit. My background was commercial equipment, namely transportation, trucks, trailers, etc.in discussions, knowing the economy was questionable, I talked to the Management of lease One, asking questions such as do you have funding sources available, is your turn around time good does your staff understand the business? Questions in order to gain confidence in Lease One's ability to get the job done.in each caase the answer was yes. "We have over 200 sources to send business". We can provide quick turn around.in the beginning claiming "two hours or less". We do this type of business everyday and understand it well. Do you do owner-operators along with the 5 to 10 truck deal?"Yes, no problem". I at that point, considering the state of the economy in April, May told them I was going to pass. Dealers I had done business with said times were tough and be careful.in july, I receive a phone call from their Broker Development person, Joe Angleo's son, who said they still wanted to do business and would cut the broker "fee" from $19,900 to $10,000. And just two deals would cover that expense. That's two deals meaning one (1) truck each. Joe quoted me payments and rates which would generate a little over $5000 in commission on each deal.in that industry one can get such returns. I agreed, paid the money and the rest is history.
Attending class in Lynnfield was interesting, as I found out in their List of Prohibitive Products to avoid were "owner-operators" in the trucking business. The meat of what I signed up to do. I asked the training person, a Kortney Farhat what was they deal. She confirmed though she did not do that type of biz, trucks, especially owner-operators were in fact off limits. Questioning Joe Angelo, Joe said Kortney was mis-informed and didn't know. Also listed was other biz such as vending, gameing machines, etc. I also noticed that there was a limited staff of peole in the office. I knew that having over 300 brokers nationwide as claimed by the Angelos that that staff could not handle any volume from 10% of that base. I inquired again, and was told that the actual flow of paperwork, was done offsite by another firm hired to do such business. They only did basic clearance of doc in Suite 102. I did find the training good, but the truth more than lacking.
After submitting deal after deal, and some good and some bad, nothing got done. There was always a reason why, lack of this, that, information, time in biz, something that always prevented any action. A 17 year old business, solid credits far exceeding anything requested. I presented two years of financials, and credit info. Lease One wanted the PG of the CEO, his credit information, Business Checking account copies for six months. They called the CEO directly, who called the dealership and cancelled the two truck order. This from a company which was a major airport, interstate hauler, borrowed millions of dollars and paid them back, and would be approved in five minutes by any company knowing anything about the trans business. The dealership threw me out, rightfully so. Saying we were unprofessional. The list goes on, and on. I will not debate credit here, especially with the times, however, my problem begins with the promises, the claims, the mis-representation of the O/O business. The references given, questionable at best. All smoke and mirrors. Lease One at one time may have been an opportunity, now it's one company TO STAY AWAY FROM. Any problems are always someone else's fault, usually yours!
I have only scratched the surface on this, as it goes on and on. Negative comments from other brokers on the Internet insured that dealers researching Lease One, or sub-brokers would shy away from you. Some calling me a crook... For saying I could compete and provide great service! Beware...
Do not invest any money with these people.
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