chris g Rab

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DON'T DO THIS DISGUISED LEASE AND INSURANCE SCAM

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Direct Capital - DON'T DO THIS DISGUISED LEASE AND INSURANCE SCAM
Direct Capital - DON'T DO THIS DISGUISED LEASE AND INSURANCE SCAM - Image 2
This company is a joke and their strategy to trick you is amazingly good. They sell this like your getting some great financing a tax write off but in reality , your paying some dumb *** insurance and interest. Dont do this type of financing unless you like taking money and throwing it into a fire. Anyone that pays $1200 for an ipad im sure has a visa card with a better scenario then these clowns. I feel these guys are no better then your average criminal, I should be reimbursed and a clas action lawsuit is in order. In fact I am going to call my brother.
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Loss:
$500
Pros:
  • Think they are shady
Cons:
  • Interim rent scam
  • How they masked a lease as a loan
  • Bait and switch - lack of resolution
Reason of review:
Poor customer service

Preferred solution: Let the company propose a solution

2 comments
Guest

Indontnhabenancluenwhybanyoke would do this lease in their right mind , makes no sense , you pay like $1600 then still owe another $600 what a joke I was tricked too

Guest

pathetic company for sure

View more comments (1)
Anonymous
map-marker Meridian, Idaho

Scam Artists!

I receive a call from someone stating their name was David. He had a strong middle eastern accent and barely had any command of the English language. He said he was from the "legal department" for Direct Capital and that I owed money for a loan I supposedly borrowed from a company called Spot loan. I have never heard of this company nor borrowed any money from them! Please, get a REAL job and quit with the scam calling trying to get money from people! This is pathetic!!
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Anonymous
map-marker National City, California

Apple corporate should drop CIT now

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Apple Corporate should be held accountable for using this 3 party vendor my experience with them has made me give up on Apple Thought I was getting a loan when we were getting a lease for an Apple ipad also at the apple store employee gave me the idea that I was paying to own. I was directed to them via Apple, a company that we trusted. We were charged far more than we originally were told that we would be paying. DO NOT GET INVOLVED WITH THIS COMPANY
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Travell Qsh
map-marker Washington, District Of Columbia

Never received original contract and can not get a copy

They hung up on me 10 times
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Loss:
$30000
Reason of review:
Poor customer service
Anonymous
map-marker Washington, District Of Columbia

Rip off con artists!!!!

These *** are con artists. They jack up your rate, change terms and then try to charge late fees, ridiculous penalty charges, hang up on you and lie about talking to you and such. Completely shysters and liars.
View full review
Pros:
  • Think they are shady
Cons:
  • Bait and switch - lack of resolution
  • How they masked a lease as a loan
  • Interim rent scam
Adrian J Bii

Rip off

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Same story as many of the others. Thought we were getting a loan when we were getting a lease for an Apple computer. We were directed to them via Apple, a company that we trusted. We were charged far more than we originally were told that we would be paying.
View full review
Loss:
$1200
Pros:
  • Think they are shady
Cons:
  • Bait and switch - lack of resolution
  • How they masked a lease as a loan
Reason of review:
Not as described/ advertised

Preferred solution: Class action lawsuit

Stephen F Htk
map-marker Portsmouth, New Hampshire

Dishonest sales tactics - misrepresentation - un willing to resolve issues.

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I wish I would have read these reviews. Absolute worst experience and it continues to get worse.

Avoid at all cost. Do not trust them. I will take the blame for getting tricked into a bad contract even though they used pro-rated payments to hide higher financing charges. But the basic serving of the loan is terrible.

Prob the most expensive learning experience of my life. DO NOT PROCEED.

quoted me at 7.5% interest - switched to an outrageous rate factor at the last second. Assured me there is no early pay-off penalty.

Payoff is nearly 28% the equipment received. Also applied returned funds for unreceived equipment to the balance not the principal so I get to pay triple interest on non-existing equipment in which the finds were returned in full.

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Loss:
$16000
Cons:
  • Bait and switch - lack of resolution
Reason of review:
Not as described/ advertised

Preferred solution: Payout of equipment only at 4% penalty

Anonymous

This is the worst company, stay away.

Direct Capital is constantly overcharging me for things they do not disclose. I am frequently paying for stop payments because they all of the sudden just decide to double my payment. I have proof of this. They keep adding charges. Whatever you do, do not work with them or lease anything. Also, I have left numerous messages and no one ever calls me back in billing, sales, or any other office I am referenced to. The customer service is absolutely horrific at Direct Capital. I am filing former complaints with the BBB and any other consumer advocacy group I can find. I strongly advise that you do not do any business with this corrupt company. They make false claims and promises all the time.
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Reason of review:
Problems with payment
1 comment
Guest

Forget about the BBB. They are not the Commerce Police and have no legal authority whatsoever under any circumstances.

They can and will do nothing. Nobody arbitrarily doubles payments for any reason other than an unpaid previous balance.

Anonymous

Direct Capital was perfect. Ask to remove interim payments and advance payment.

If you trying to find leasing for the first time direct capital can have a few surprises for you IF you don't pay attention to the contract and ASK FOR what you want. Remember they need you and want to compete for your business.

We leased some industrial equipment and got rates all over the place from %25-%6. The brokers can actually come in cheaper sometimes, however the best thing to do is go directly with the bank like direct capital. Most regular banks are not familiar with equipment leasing. The first thing regular banks will say is we can do a SBA loan which is a long process for established business.

Back to Direct Capital. When you apply and get an approval they will tell you your rate. What we did and it was more by accident was we shopped the deal with other lenders. When we got a lower rate we told everyone, everyone who gave us approvals. Eventually you will see who can really compete and who can not. Direct Capital started around %17 then went to %12 then got us well below %10 just by asking!!!

Next ISSUE: BE CAREFUL of the interim rent section of the agreement with direct capital !!! This is where most people get upset. They charge a rent fee from the start of contract to the first billing date, even when you don't have any equipment. So if you are 2 months out on your install date you loose 2 months of payments. YOU CAN get Direct Capital to remove this by demanding to waive the interim rent with an attached addendum added to the contract that comes via DOCUSIGN. The interim rent payment does NOT go towards the loan principle or the loan interest it's %100 goes into Direct Capitals pockets. SO READ YOUR CONTRACT AND ASK QUESTIONS PEOPLE!! If you have 2 months of interim payments it can be like adding a point to the interest rate of the loan.

Our next suggestion is start with a low request of money from lenders including direct capital. If you know you need $25k ask for $10-$15k. Get the approval then go back and up the amount later. Get past the microscope of your financials phase and it's easier to get approvals then to walk in and say hey I need 100k and get denied immediately with usually no counter offer. When you get these larger approvals that you really need then start asking for lower interest rates. The larger the deal will mean the lower the interest rate you will get. Banks want larger deals and know other banks will also lower their interest rates for $50k-$100k Plus.

Things get really interesting when you realize that you can sometimes get $70k for the same price as $50k because of the bank lending matrix they won't tell you about in terms of combined interest and principle. ASK FOR MORE MONEY AND LOWER INTEREST RATE. Then you can always back down the money you need once you captured a lower interest rate. This sounds a bit insane I know.

Lastly, tell direct capital you want the "Advanced Payment" removed from the contract. This is not the "Deposit" or doc fee. This is an advance payment that is negotiated for the back end of the contract they will say but it is collected on the front end AND can be removed via addendum or just upfront on the financing terms. You need to ask all this BEFORE you sign anything on docusign. Don't sign then ask later.

Odds are you are a professional who doesn't have time to source this out as much as we did. Some of what we found out was really by accident and vendors playing with us stalling us to commit which has nothing to do with the bank.

Overall I would rate Direct Capital 5 out of 5 after all the negotiations were completed and contracts were adjusted. I think Direct Capital would capture so much more business though if they told their customers how all this works. I think they feel most people won't read, care or understand the contract %100. However their marketing team needs to really look strongly at the amount of approvals that don't convert to closed deals, this will tell you how much you are loosing out.

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Reason of review:
Problems with payment
Ember Nch

Contract for End of lease is fraud

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Your option at end of term is not at all defined in contract then at the end they make up a buyout number to the equipment you have been paying on for years and bought it twice over. No explanation no appraisal and you as consumer knew nothing of this until the end! Do not ever think of using Direct Capital! The most fraudulent contract fraudulent company out there!
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Reason of review:
Problems with payment
Anonymous
map-marker Portsmouth, New Hampshire

This lender is not good.

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After the contract was signed they applied an insurance on the equipment that i alredy have it insured. Tried to talk to them about paying it off since i found a better lender they want the interest payed first.
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Reason of review:
Problems with payment
Anonymous

SCAM ARTIST DO NOT USE THEM

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I am a small woman own company and I was told completely different things through email and on the phone that there's no prepayment penalties on contracts, then when I go to pay the contract off they want to charge me all the interest on the loan which makes absolutely no sense whatsoever therefore do not use them they are the biggest scam artist of any financing company ive ever use they truly hurt small businesses in the long run their selfish greedy sharks they've hurt my business terribly with the no disregard of other humans they will screw you in the long run.

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Reason of review:
Problems with payment
Anonymous

Beware another unsatisfied customer

Let the *** walk.....Lets start by saying I have been in business for the last 38 years. I changed the name of my company over a year ago, so now they consider me a new company.

I gave them all the necessary paperwork to prove my status. They accepted it and still come back with the outrageous pricing. So first I get confirmed for $25000 loan, then its down to 13,660. All of a sudden I get an email stating that they wanted an advanced payment, 1 security payment, and a doc fee of $300.

So before I even get the loan they want me to pay $2960.00 out of $13660. What does Dane H. take me for a fool. I would make out better using a title company.

My credit score is over 770. How do you justify charging 17% interest. Don't get taken by these fools. Dane made it sound so good maybe he should wright fictional story books.

I would never recommend anyone to do business with this company. I know everyone is out to make a buck, but lets not slaughter the people trying to make a living.

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Reason of review:
Pricing issue
Anonymous
map-marker Portsmouth, New Hampshire

Fortunate HVAC company in PA!!!!

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I was considering financing dispatching software for my HVAC company. I was referred to Taylor S from Direct Capital, by a software company that I was considering. At first I thought that it would be a good idea to spread my payments out. I've been in business for 20 years, and in sales for ten. We went through a Name change, and Direct Capital used the "Take it away" trick, by turning me down at first saying that I had not been in business long enough. After calling them and explaining my situation to Taylor S, he used the same trick used by some unscrupulous automobile dealers, leaving you on the lot while they go talk to their sales manager. Taylor S kept putting me on hold while he went and talked to his "underwriters". He finely came back telling me he got me approved. He immediately wanted my bank information so they could start taking payments by ACH. This was without my seeing any kind of agreements. I slowed him down and asked him what interest the rate was, and it was over 15%! I thought it funny at the time that he wanted my bank routing information immediately. The only reason I didn't make this bad deal was because, I was also in the middle of transitioning banks, and thought that could become a problem for them. Switching banks took more time than I thought, in the meantime Taylor S kept sending me some agreements to sign on a daily basis, with phone calls every other day, I just started ignoring him, and he emailed me every day and called me every other day for weeks. In the meantime I started shopping for other dispatching softwares. When I explained this to Taylor S he sounded disappointment, but understanding, at the same time. Taylor S then used the "Time is of the essence trick", that my financing opportunity was going to run out. When I called Taylor S to tell him even though my time is running out, I was still making the decision between software companies that I was going to use for my dispatching, and that we would just have to let the time run out. Taylor S at that point instead of just telling me OK, he got very rude telling me he wished he would've been kept in the loop. He became very "bullyish like", making me feel like I had done something wrong. I had kept Taylor S informed the entire time I was considering financing the software, of the reasons why I was being delayed. I became suspicious when I experienced his unbussiness like attitude, that's when I went online to check Direct Capital's reviews, and found this site with so many bad experiences with Direct Capital. I am fortunate for the delays that kept me from financing my dispatch software! I will not be buying the software from the company that introduced me to Taylor S, his his mysterious "underwriters", and Direct Capital. I am also blessed to be well informed now, and will never use Direct Capital to finance any kind of business undertakings that I may make in the future! I expect that Taylor S lost some kind of sales commission for writing my loan, thus the bullyish kind of attitude!
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Loss:
$6000
Reason of review:
The pushy sales tactics
1 comment
Guest

Do not get a Lease from Ryan Arsenault or trust Alexander or Aaron. They are all scam artists.

Anonymous

Direct Capital is a bad company

They financed a lease on equipment that didn't produce and we told them that, and they wouldn't let us get out of lease. Then our company went out of business and our attorney informed them to pickup equipment. Whether they did or not we don't know but now Direct capital is suing us for 15,000 and going after us personally. This was not a loan but rather a lease. They're all horrible people who are affiliated with them. They should not be allowed to ruin people's lives. They are sue happy. That's how they make their money by suing poor people who lost their businesses. They finance leases when they see the company's struggling.
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Reason of review:
Return, Exchange or Cancellation Policy
Anonymous

HORRIBLE!!!!!

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Scammers Beware of this company
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About

Related Companies

CIT Group, Indymac Bank, OneWest Bank, CIT Bank

Summary

Direct Capital was founded in 1993 in Portsmouth, New Hampshire by Christopher J. Broom. It is the sixth largest private finance company in the United States. Direct Capital provides its services for small and average businesses in the sphere of leasing equipment for a working capital. The company finances a lot of technology, software, new and second-hand equipment, including working capital loans, sales of used equipment, equipment financing, business cash advance, franchise financing and more. It is also a direct lender, which offers different finance solutions in minimum possible costs of means. However, the company also partners with a syndicate network of banks to upgrade the level of financing terms.

Direct Capital reviews and complaints

Direct Capital is ranked 292 out of 1016 in Loans and Mortgages category

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