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Balboa Capitallied about $1 buyout and extra charge

We had financed a new piece of equipment with Balboa Capital about year and half ago and were lead to believe we were signing up for a $1 buyout of the equipment but realized later the paperwork stated fair market value buyout. The financing person who helped us acknowledge it but was only willing to change to $1 buyout lease if we were to finance another equipment with them. This is a clear "bait-and-switch" situation. For the term of the lease, we would have paid over 130% of the value of the equipment already, but in the end will still have to pay fair market value for it. They charged us for an extra payment indicating it was interest payment for time they needed to set up our initial payment (which the finance agent indicated was not going to happen since it would be short period to set up). Currently we are waiting for the lease to expire and return the equipment to them. We would never do business with Balboa Capital again and suggest others to be extra careful. It seems this is the culture of their company. Anyone with any suggestion as to deal with this situation please contact me at "[protected]@gmail.com".

Responses

  • Ac
    acci Sep 30, 2015
    This comment was posted by
    a verified customer
    Verified customer

    This company lied to us. We wanted to finance use equipment and were told at end of lease we were going to buy the equipment for $1.
    we pay this company over $50, 000.00 and now they are taking the equipment back and telling us if we want the equipment we have to pay fair value.
    That woman Jaclyn is the worst person we ever deal with. She is rude, disrespectful and treats people very bad. She won't even return our calls. This is the worst experience ever! if anybody knows about a lawsuit against balboa capital please let us know. We want to joint a lawsuit against this fraudulent company.

    0 Votes
  • Ne
    Next Leve lMedia Group Feb 13, 2015

    Your stuck, I just made my last payment on a printing press that cost me $55, 000 I called Balboa to ask for a buyout letter or where to send equipment if buyout was too much. They gave me the run around came back to me stating that I didnt notifie them 160 days prior
    to lease end so they are trying to make me release for another 12 months @ $1400 pert month or I can buy the press for $22, 000 and still be responsible for the additional 12 months of payments. My lawyer called there office this week and no one return her calls.

    Let me know how you make out I'm thinking class action suit might not be such a bad idea.

    Best Of Luck!!

    1 Votes

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