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Balboa Capital / lied about $1 buy out

1 VA, United States Review updated:

My husband leased business equipment thru Balboa Capital and this was his first lease for a new business he opened and the sales person told him there was a $1 buyout but the contract stated fair market value the equipment depreciated and was selling for under $3, 000 at the end of the contract Balboa Capital wanted $10, 000 at end of lease my husband was active duty military at the time and was serving in the MiddleEast so he contacted them to return the equipment and could never get anyone to call him back they eneded up filing a judgement on him which is against the Servicemembers Civil Relief Act we are working to get his judgement overturned and hiring a lawyer to sue them for placing the judgement on my husbands credit. I would never use this company they have a huge bait and switch policy

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Comments

  • To
      1st of Sep, 2011
    0 Votes

    bad people. i had a similer experience.

  • To
      8th of Sep, 2011
    0 Votes

    i worked out an agreement with balboa and i withdraw my negative comments

  • Ra
      6th of May, 2014
    0 Votes

    We are currently going through the same exact experience with Balboa Capital. We were lead to believe we were signing up for a $1 buyout of the equipment we were financing but 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 on extra payment indicating it was interest payment for time they needed to set up our initial payment (which our 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 like the culture of their company. Anyone with any suggestion as to deal with this situation please contact me at "rly4444@gmail.com".

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