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Lease One Corporation / Unauthorized billing

United States Review updated:
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After being downsized by a large company, I was in search of an affordable home based, 1 man business opportunity. I came across Lease One Corporation in several of the 'Franchise Opportunity' websites. Although the $20, 000 investment was substantial, it was relatively little in comparison to the type of investments required by most of the options I found (generally $50k or greater).

They have their sales pitch down: 8 out of 10 businesses will lease some portion of their equipment, it's a $270 billion a year industry and so on. When I inquired about competition, I was told 'there isn't any, ' and this was repeated to me by the 'Random' Associate Brokers I was referred to, of course by the company. I'm now convinced that the brokers I was given to contact are being paid by the company to paint a rosey picture.

What they don't tell you is that there are literally 1, 000s of independent brokers, just like you out there - bombarding your potential clients with weekly phone calls. And, because you're a broker, the rates are not competitive against the 'big boys', most large banks have a equipment leasing department. Also, that there underwriting department is inadequate, literally killing almost every potential deal with either lack of timeliness, incorrect paperwork or outrageous rates.

Lease One is not making money by processing leases. They are making a fortune off the deams of those who are willing to invest all they have in their dream of business ownership. Of the 6 Associate Brokers I trained with nearly a year ago, only one has actually closed a lease deal and made back some of his investment. And he has decided it's way to difficult to deal with the company and is moving on to other endeavors. The remaining 5, have not been able to move 1 lease loan through the system to completion. And we are all business professionals who have been successful in the past.

I finally decided that it was my responsibility to warn others of this scam. It is truly a scam. Lease One is easily bringing in $200, 000 per month by selling Associate Brokerships to suckers like me. Don't let yourself be the next victim.
Va
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Le
  13th of Nov, 2008
Agree Disagree -2 Votes
Before Lease One addresses the posted compliant, we would like to illustrate exactly what it is that we do.

For a one-time investment of 19, 900, Lease One will provide a complete business package including training, start-up materials, and a website. We also provide a complete back office…

Transaction Processing:
We complete 100% of the back end process, which saves the Broker time and money.

Marketing Support:
Custom Brochures/Flyers
Creative Lease Displays
Trade Show Support
Power Point Presentations
Special Incentive Programs
Email Blasts

Sales Support:
Prospecting Meetings
Creative Sales Approaches
Continuous Trainings (via teleconference)
Trade Show Support
Conference calls with prospects
Corporate Presence for larger scale meetings
Close Support

All of the above is provided at no future cost to the Broker. As you can see, we do absolutely everything we possibly can to help our Brokers build their business.

Now to the complaint…

First off, we would like to point out that our so called “sales pitch” is not a pitch at all. Equipment leasing is a 270 billion dollar industry and 8 out of 10 businesses prefer a lease over a loan. This is not our opinion; it is a pure and simple fact. Furthermore, we never made the claim that “competition does not exist…” of course it exists. Like any good industry, competition is always going to be a factor, we have come a long way since 1989, but unfortunately, we have yet to achieve a monopoly on equipment leasing and would never have made such a far fetched claim. Even a rudimentary business sense would suggest that competition will and always exists. However, we did say that plenty of opportunity is out there as the industry is constantly being under serviced.

With regards to our references, of course they were provided by us, where else would they come from? Each reference on our list is an active Lease One Broker and in no way shape or form have ever or will ever receive compensation from Lease One.

We would also like to point out that most banks do not offer leasing, they offer loans. Furthermore, in a recent attempt to reduce long term debt, some of the larger banks that do offer leasing, GE Capital for example, are holding back on their funds to raise stock prices. This is phenomenal news for smaller brokers as this change will literally free up billions of dollars in new business. We couldn’t imagine a better economic time to be in leasing.

We referenced all of the applications sent in by the Idaho broker only to find that a small handful of applications were generated. The claims about our back office do not hold any water as she barely used it. Here is an actual example of a deal sent to Lease One from Idaho.


Credit: 466
Time in Business: 0 (start-up)
Credit Profile: previous BK, slow pays, collections, and a tax lien

The broker backed off on an approval and we had and our “inadequate” processing team closed the deal for her. However, the deal did not fund due to equipment discrepancies on the vender side. We would like to challenge any leasing company out there, as well as the so called “big boys” to try and get this deal approved.

We have been in business since 1989 and ensure any reader that we are in no way shape or form a scam. To get a better feel for the true Lease One, please visit our website www.leaseoneopportunity.com


If any questions pertaining to this matter would like to be addressed, please contact the company founder and CEO Joe Angelo Jr. at jangelo@leaseone.com

Sincerely,

Lease One Corp.
Jo
  26th of Nov, 2008
Agree Disagree +3 Votes
Kevin,

You are completely correct. This is a horrible scam. They take your 20k and laugh all the way to their bank. It’s hard to believe they are still in business. If you doubt what I am telling you then call any leasing company and ask them what is their opinion of Lease One. I guarantee at least one person will have heard a horror story about these guys.

The back office they claim to have in place is COMPLETELY clueless and inept. When you submit an application to them they send back a goofy proposal with additional fees tacked on for them. If their funding source will do the deal at x% they will send you back the proposal with x+5% fees. They are extremely slow with turnaround in an industry where 24 hours is the norm.

What I find alarming is their reference of specific deals in their response to you Kevin. That speak volumes about their integrity and thanks to the web it will live on forever.

Please steer clear of these guys. They win – you lose.
Jo
  30th of Mar, 2009
Agree Disagree +3 Votes
I also was a suckered by Joe Angelo. I brought them many good leads and i couldn't get any of my deals approved. I finally got one deal approved and it came back at a 39% interest rate that I had to mark up for my profit on a $20, 00 lease. The owner righfully called me a crook and decline the laon.. This is a scam to get yoyur $20, 000 DON't DO IT.
Jo
  30th of Mar, 2009
Agree Disagree +3 Votes
WOW, I though I was the only sucker that pain the $19, 999 to spend a week in Mass. They promised me the world. They told me how they had their own funding sources and could get deals approve for new business etc, poor credits etc. It turns out they can't. If you have good credit customers their rates are way too high and they'll tack on huge fees. Joe Angelo and Rick Lopez will promise you the world, don't trust them. This is a scam to get your $20, 000. All you'll get for your $20, 000 is 5 days at a low budget hotel and a night out to a ratty chinese joint.
Jo
  16th of Jun, 2009
Agree Disagree +3 Votes
Kevin / Joe, I was your instructor at the Lease One seminar and you are 100% correct. There are 1, 000 of independent Lease Brokers out there competing for a small percentage of the market and good luck trying to pentetrate that market. What Leaseone dosen't tell you is that they try to put your leases through other leasing companies and more often than not you've just passed a lead to one of Joe's leasing buddies at CIT and others. The most important thing for a sucessful Leasing company is to have their own funding, LeaseOne does NOT have their own capital funding!!! Often your deal will get turned down and the lessor who turns it down ends up doing the deal themself. I was a CIT credit analyst taking leads from Joe for "your" deals, rejecting them and then having my sales folks call the customer a few weeks later to write our own CIT deal. I feel guilty about people spending $20, 000 for this scam and can only tell folks out there NOT to do it. If you want to be a lease broker many Leasing companies will do what Leaseone promises to do for free. If you want to be a indepedent lease broker I recommend you first join the National Association of Equipment Leasing Brokers (NAELB) for $295 and utilize their resources for free. Many Leasing companies like will do for free what LeaseOne is promising to do for $20, 000. LeaseOne will try to write your leases through the leasing companies listed as NAELB sponsors. Go to the NAELB website http://www.naelb.org/index.cfm and take advantage of what they have to offer. LeaseOne is a waste of time and more important, a waste of $20, 000.
Ki
  25th of Jun, 2009
Best Best Advice Agree Disagree +5 Votes
LeaseOne franchisee is a scam and after reading other folks complaints I fell compelled to spread the word. LeaseOne makes approximately $2, 400, 000 per year that comes from signing up 10 potential brokers. Over the past year, President Joe Angelo has spent approximately $100, 000 developing a cool website to sucker you into thinking it’s a professional organization, its not!! LeaseOne has no capital of their own; repeat they have no capital of their own!!! LeaseOne puts the majority of their leases through another leasing company, First Financial Brokerage in Princeton, NJ. The owner of First Financial is Robert Searcy who is Joe Angelo's partner in crime. Robert will take LeaseOne deals submitted by LeaseOne Brokers and try to get them approved by a leasing company he does business with, often times it will be Leaf Financial. If under rare occasion you deal is approved good luck selling it. Leaf Financial will tack on a fee, First Financial will tack on a fee and finally LeaseOne will tack on a fee and you'll be left with a breakeven interest rate of 24% that you'll have to add to get paid. I say rare occasion because 9 out of 10 times your deals will NOT be approved, repeat the majority of your deals will NOT be approved!!! The person taking your calls for approval at LeaseOne is Rick Lopez. The only deals Rick will be able to get approved are for business in existence for 10 years with a 900 credit score. If its approved you'll have to try and sell to these people at 12% - 15% interest; they’ll laugh at you and call you a crook. Leas One’s business is not to write leases, it’s to sign up brokers/suckers like me who tried to put a few deals through, got rejected and walked away. After you walk away from the deal Robert at First Financial will make a follow up call and try to sell the dea;l through his own company at 8%. LeaseOne is in the businesses of selling the Broker program and they'll leave you high and dry once you finish the training in Boston. I worked directly in marketing for Leaseone in the Boston office for a few years so I know the inside track. All I can say is stay away from the $20, 000 scam.
Le
  1st of Jul, 2009
Agree Disagree -3 Votes
This is all amazing to me...I would first like to mention that this website is a forum...If I wanted to, I could go around posting anything at all about any business it wouldn’t matter...This website is a joke and should be shut down...

I have been an active and successful broker for the past 10 years and I would like to point out a couple of things that I found interesting about the above comments...

1. The alleged John Hass (Trainer) who was writing in to slander Lease One...it sounds very compelling, except for a few minor details...the name is JON not JOHN...I wonder why Mr. HAAS spelt his own name wrong? HMMM that is very interesting to me! Secondly, why would Mr. HAAS remain as the Corporate Trainer for 5 years if it were such a scam? I would really love to know the answer to that one.

2. I love the "King Carpenter" response...Lease One has developed a new site www.leaseoneopportunity.com
But in no way shape or form did Joe Angelo spend 100, 000 on it...clearly, this remark should prove to the anyone who is reading this that King Carpenter is not exactly in a position to be offering business tips...please go to the site, I mean it is an ok site, but 100k? The only scam here would have been the website company who sold the site!!!

King Carpenter then goes on to emphasize how Lease One does not have capital of their own as if that is a big surprise...the Lease One set up is very clearly stated on their website as well as the Associate Contract. LEASE ONE WORKS WITH LENDERS AND INVESTORS, SO WE THE BROKER DO NOT HAVE TO!!! That is a good thing people! It allows for the highest type of diversification...if the only source was Lease One, then we would be stuck selling the credit profile that Lease One was in business to buy. By working with many sources, we can now sell to many credit profiles and at a more competitive rate by making the source compete against each other.

Those of you who utilize Lease One will know that John Bryson handles all the marketing...and I have to say, he does a great job! His services alone are worth the 20k...good luck getting the NAELB to provide what this kid can do!!! But this is besides the point, my real point is that King Carpenter did not work in marketing for Lease One...think of it like this...if King Carpenter worked at Lease One for a few years and "knew the inside track" as he suggests, does it makes sense that he would invest the 20k to become a broker? Clearly it does not! Then on the other hand, lets say King Carpenter was a broker first and then became an employee...if Lease One took his 20k and then could not deliver what they say...does it make sense that King Carpenter would then take a job with them??? Clearly it does not! Why would he work for a scam??? His whole argument is worthless...

As far as reading about these ridiculous rates and obscene fees, I am yet again amazed...I have offered and funded many deals around 9% to my customers...I mean it is a commercial equipment lease...what do you want the rate to be 5%??? That’s not worth the risk!!! On large deals normally over 1 million, Lease One will charge a 1% upfront fee...which is applied to the approval or returned upon a decline. That is normal industry practice...a deal that big takes time, the investors want to know if they take the time to do the research and approve the deal that the customer is committed to them.

Again, I have been a broker for Lease One for the past 10 years and I whole heartedly support the opportunity that they offer. I would challenge anyone to find another program that offers the support and income potential that Lease One Offers and only for 19, 900. Lease One offers money...how hard can that be to sell? This is no different than starting any other business; it will take time and dedication to be successful. Lease One offers all of the tools under the sun, but it is up to us, THE BROKER, to make it happen.

I would recommend this program to just about anyone...all it takes is a little networking and people skills...as far as selling money...I can not think of an easier sell. Please do not let these ridiculous comments alter your decision to become a broker…If you are having doubts, go and see Lease One first…I know that they encourage that and will even reimburse your airfare from the training fee if you choose to become an Associate Broker.
Jo
  1st of Jul, 2009
Agree Disagree -3 Votes
Hello Readers:

My name is JON HAAS (CLP), the real one in CENTRAL FL (not Miami). Do note the correct spelling of my name. If there is one thing that I despise worse than an ungrateful client is lying... I have never filed a complaint against any company on any Internet Boards ever. Not only is it against my nature to go public with private disputes, it is absolutely against the CONFIDENTIALITY terms of my company's Consulting Agreement. We were retained in 2003 by Lease One to expand and improve their Broker Training Program, which we did, as well as conducting the training for five years. Although we are no longer working for Lease One, we would never file spurious complaints about the relationship or the company's business.

The fact that I am no longer involved with Lease One has nothing to do with the way they conduct their business or their Lease Opportunity program. The company made a decision that it was more economically feasible to bring the training internal vs. retaining an outside company. I have a great deal of respect for Lease One and their program of bringing folks in to learn how to properly run an Equipment Lease Broker company. The fact that there are attendees out there that have failed is certainly not due to Lease One's efforts... their follow-up with their Brokers is beyond contractual responsibility and without fault. John Bryson does a phenomenal job in working with the Brokers, attempting to help them with all of their marketing efforts. Having this support from the "back office" would cost a company a full-time marketing director's salary and is above and beyond the Master Broker Agreements' measures.

If anyone wants to verify that I am the "real" Jon Haas, feel free to e-mail me directly at jonclp@triad-group.com. Those that have failed and want to complain should be ashamed of themselves for using fictitious names and not having the self-respect to admit who they are. Perhaps this is the true reason for their failures in our business.
Ro
  2nd of Jul, 2009
Agree Disagree -3 Votes
Hello,



This is Robert Searcy from First Financial Brokerage.



I would first like to say that I am disgusted to be reading these comments….never in my life have I ever taken witness to such a hoax!!!



Lease One is a good company and in terms of Leasing Opportunities, they go above and beyond what any other program out there offers. I have been working with Lease One since their inception back in 1989 and since that time my company has funded hundreds of transactions for Lease One Brokers. First Financial does act as a direct lender, but if the deal is out of our profile, we do have partnerships in place with other investors as well. This level of diversification offers a much higher rate of approval.



Since I am strictly a leasing company, and do not offer an opportunity like Lease One, my only income stream is based on funding deals. So how in the world could I be in business for this long if my rate was 24%? Secondly, why in the world would Joe at Lease One do business with me if I could only produce such a high rate? Then to go and say that we play this game only to go back and steal customers literally make me sick to my stomach! I mean, Lease One has been in business since 1989…check the Secretary of State if you do not believe me…how is it that we could be stealing customers throughout our 20 year partnership but until a few days ago managed to go unnoticed? Cmon, give me a break!!!



I am sorry John, your story just does not add up…and by the way, the person you are trying to be spells his name Jon Hass….not John…you may want to at least get the spelling right before you try to impersonate someone!



If you are struggling as a broker, why don’t you call Lease One to get more help? They have a full staff that does nothing other than provide sales support…you would achieve a lot more by calling them and working together than posting this preposterous story online.



This is my official position and I will not be responding to nor entertaining any more of these accusations
Jo
  3rd of Jul, 2009
Agree Disagree +4 Votes
I signed up and paid $19, 900 to become a LeaseOne Broker about two and a half years ago. Joe Angelo and people at LeaseOne are nice people but they do fall way short on the promises made about their ability to get deals approved and the back office support they’ll provide. About 2/12 years ago I was downsized from a major bank and had lots of financial selling experience. While looking into the program and before signing up and paying my $19, 900 Joe Angelo called me about three times a week to sell me on why I should become a LeaseOne Broker and guaranteed he could get all kinds of deals approved. He told me about the numerous financial contacts he had and how he could get just about any one of my deals at any amount approved. I took Joe’s promises to heart, paid my $19, 900 by wire transfer and attended the training. I only wish Joe Angelo had been as responsive to my numerous calls for help that went unanswered after I completed training. I submitted many good deals that seemed to fall into a black hole while my customers waited anxiously on feedback as to whether or not their funding was approved. When I called the LeaseOne office for status I got every excuse in the book from the support team: fax machine was down, pages were missing, please refax, etc.” On numerous occasions I offered to email all the required information but was told that fax was the preferred method. Even when I emailed the information somehow wasn’t received or their printer ran out of ink when they tried to print the information.

At the training I met Joe Angelo, Jon Haas and Rick Lopez and as I stated they were all very nice people. At the time King Carpenter was listed on their phone mail system as an employee but I never met him. I become suspicious of the program at dinner one evening when Jon Haas pulled me aside and told me “this program is good for housewives with no business experience trying to write leases up to $75, 000 to their husbands friends owning small businesses with +800 credit score that don’t mind paying 15% -20% interest. For real deals over $75, 000 I should call him direct and he would write the leases through his lease brokerage company”. He also told me not to email him the information using the email system provided by LeaseOne because LeaseOne assigns your password so they can monitor their brokers email account. I can tell you that at the time LeaseOne did assign me an email password and when I asked to pick my own I was told by the assistant Tiffany that I could not. On a separate note, the LeaseOne email system was infected with a virus shortly after I joined the program and my mail file filled with all sorts of pornographic emails that spread throughout my computer and ultimately caused me to trash my pc and buy a new one. LeaseOne sent out a warning note relating to the virus but no information on what to do or help was provided. That evening Jon Haas also told me that Joe Angelo paid him $5, 000 per session for training as well as covering all his round trip travel expenses from Florida to Boston which probably answers LeaseMan’s question of why “Mr. HAAS remain as the Corporate Trainer for 5 years if it were such a scam? I would really love to know the answer to that one.” I can also see why LeaseMan, who I suspect is Joe Angelo would make the comment “I would first like to mention that this website is a forum...If I wanted to, I could go around posting anything at all about any business it wouldn’t matter...This website is a joke and should be shut down”. Maybe it’s a joke to you Joe, but man I wish I checked this out 2 ½ years ago.

The silver lining, every story has one. I became so frustrated in dealing with the LeaseOne folk that I did join the NAELB for $295 and for free I am signed up as a lease broker with many of the NAELB sponsors. I also attend their sponsored events and have made great financial contacts at them. Finally after shedding my hopes on what turned out to be Lease One’s broken promises I am getting my calls are answered and deals are getting approved!! The NAELB sponsors provide 100% better support and are true professionals. They are upfront on what they can and can’t get approved and their rates are more competitive with substantially less fees tacked on to their deals. LeaseOne is in the business of signing up brokers and perhaps there are some folks succeeding but I surely wasn’t one of them. I can tell you that it wasn’t me who was falling short on commitment or dedication as suggested in . I think the LeaseOne response suggesting it’s the frustrated broker’s fault speaks volumes about their attitude. Losing $19, 900 bothered me but I chalked it up to the PT Barnum category of “a sucker is born every minute”. I can only warn other folks not to become the next sucker.
Cf
  3rd of Jul, 2009
Agree Disagree -4 Votes
Hello,
Reading these complaints comes as a total surprise, I have known Lease One Corporation and Joe Angelo for 20+ years.
My company was a funding source for their lease business before my company was sold to a large regional bank. The relationshipthat my company had with Lease One Corporationwas one could only wish for in the perfect business world. Joe Angelo and his team are professional and above all else extremely ethical. As we have all learned in this business there can be some real "###" that are looking to make a quick $buck$ and the leave town to do it again someplace else. Joe Angelo and his staff are @ the other end of the spectrum completly above board and ethical when it comes tp processing and funding deals for their brokers. I can understand that some of these complaints are from disgruntled Associates who have not worked their deals long enough or whohave not experienced overnight success. People it's 2009 we need to work harder then ever before to make a living, so get off your couches and work, stop the complaining. Leease One's success is based on the success of their Associate brokers come on people let's look at the big picture. How could Lease One survive for 20years being a scam /hoax ??
Jo
  3rd of Jul, 2009
Agree Disagree +4 Votes
Dear CFX Funding,
You are right that folks need stop complaining and get back to work. That's what I did for 2 1/2 years after being hoodwinked by the LeaseOne swindle. The point you are missing is that hardworking folks like me were lied to by LeaseOne and wasted time and money by putting our faith into a poorly run company owned by a smooth, fast talking con artist. As far as, "How could Lease One survive for 20years being a scam /hoax ?? ", two words my friend, Bernie Madoff. Losing $20, 000 hurt but not enough for me to stop life and pursue a lawsuit against LeaseOne. It took 2 1/2 years for me to get my business up and running by dealing with reliable sources. LeaseOne and Joe Angelo is far from reliable my friend. I understand that you are Joe Angelo's friend and I agree he is a very nice, charming guy. I'm curious if your friendship is similar to that of Robert Searcy at First Financial who was the recipient of LeaeOne's broker leads that we're rejected by LeaseOne and later written by you? I can tell you that on two occasions I proposed leases through LeaseOne to friends who were never considered leasing before. Both were rejected and later cold called by First Financial to discuss potential leasing on the exact same equipment. Maybe a coincidence but that's some coincidence.
Like the real Robert Seracy this is the last you will hear from me as well, I have leases to write and customers to call. I find your above language disgusting and it says something about the kind of people Joe Angelo does business with. Again, I find it interesting that you are challenging me to get off the couch, I got news my friend, and I did. I got off the LeaseOne couch/lie and started a successful lease brokerage business. Getting off the LeaseOne lie was the genesis of my success. Your are correct again that this is 2009 and thank God for modern technology and the fact that we have forums like this great one to warn others against the LeaseOne scams of the world. Good day my friend.
Jo
  13th of Jul, 2009
Agree Disagree +4 Votes
These crooks promised me the ability to fund deals and that they would provide backroom support. They lied and the owner operator is a fast talking snake oil salesman. Stay far away from these folks, they'll sign you up for $20, 000, have you attend the training and then you'll never here from them again. Be leery of calling other LeaseOne broker to get feedback on the program. The con artist owner, Joe Angelo pays them $5, 000 every new sucker they sign up so they'll speak highly of the organization. If you call a broker and he convinces you it’s an up and up program he'll get $5, 000 from Joe Angelo. It’s a scam and there's no leasing going on, it’s a ponzi scheme to get brokers to sign suckers up for $20, 000 and then collect their $5, 000 fee. LeaseOne even runs a program where you get a Rolex watch in addition to the fee once you sign up 5 new brokers. Stay far away from these jokers. I was conned into joining and paying the $20k. I attended the training in Boston and was never able to get a deal done through LeaseOne. I am a seasoned business man and these guys suck. The person trying to get the deals done gave me every excuse in the book as to why he couldn't write the leases. I finally gave up and moved on but Joe Angelo robbed me and is robbing others for $20, 000. My only hope is to warn others to stay away from the con artist, wana be Tony Soprano.
Mi
  13th of Jul, 2009
Agree Disagree -4 Votes
Hello Readers,

I hope whoever is reading this has by now begun to see the real hoax that all of this has become...by the time Lease One pays all of these alleged training fees, commissions, prizes, and then pays for the actual cost of the training materials (ie: airfare, hotel, food, ground transportaion, website, stationery, marketing materials, business equipment, etc..., there will literally be nothing left... its ony 20, 000...just how far can that go???

If Lease One is such a scam, I have to say that Joe Angelo is doing a terrible job at it...I read a reference to Bernie Madoff...at least he made real money...you people are accusing Joe Angelo of the same scam but for what...a couple of thousand dollars after all of the alleged expenses are paid? Sorry, but it just does not add up...how could that pssibly be worth the aggravation?
Jo
  17th of Jul, 2009
Agree Disagree +4 Votes
Joe Angelo use to brag that the internet gave him the ability to reach thousands of people across America. I found LeaseOne through an internet franchise advertisement and regret the day I did. I also regret the day I signed up and paid my $19, 900 to a company owned by a fast talking, snake oil salesmen, con artist. Hopefully this same internet will put an end to this horrible scam. I can assure you that you can get everything LeaseOne promises to do for free and with be 100% better support by joining the NAELB. Go to the website http://www.naelb.org/index.cfm, give them a call. If you decide to join the NAELB its only $295 p/year and gives you access to dozens of funding sources. All LeaseOne does is try to put your leases through these same leasing / funding companies. I paid the $19, 900 to LeaseOne and the training and support is amature at best. As a LeaseOne broker / sucker I spent hours with customers, gathering all required info and the result was I had a handful of deals approved that were approved at less than 1/2 of the dollar amount I was asking for with outrageous interest rates and fees. When I complained to Joe Angelo he stated, I got you an approval, I did my job". When I said "Joe, I came in for a $200, 000 lease and your back room guru "Slick" Rick Lopez only got me an approval for $75, 000 at 18% interest and he tacked on a $3, 500 you said "I got you an approval, there’s nothing else I can do”, then you hung up on me. You're a lying con artist Joe, the scam is over. I couldn’t get anything done through you’re bogus LeaseOne Company and now I’m getting deals written that you declined through the great folks I found through the NAELB. The NAELB folks are getting me better interest rates minimal if any fees and providing awesome support. Your back room support of “Slick” Rick Lopez and sonny boy Joe Angelo Jr. couldn’t hold a candle to the professionals I’m now dealing with. Maybe Rickey and laddie buck should spend some time with the NAELB to see how real leasing companies operate. The scam is over Joe. Too many brokers who got robbed my you are speaking out.
Br
  18th of Jul, 2009
Agree Disagree -3 Votes
I will keep this short and to the point...Lease One has been in business since 1989...it is now 2009...as far as I can see, the first complaint was executed on 11/11/08...19 years later after Lease One opened up shop...

I am a relatively new broker...been with Lease One for 3 years...I have funded many deals and at great pricing...I was a member of the NAELB prior to joining Lease One...and the support in contrast is not even close...Lease One has done and is willing to do so much more than the NAELB is willing to. For example, I have had members of the Lease One staff join me at a trade show...Not only did Lease One conduct a pre trade show marketing campaign, they also picked up the tab on travel expenses to send a member of Corporate to the show, they paid to have promotional materials made and a banner for my booth. I picked up a lot of contacts at the show and formed long term relationships with equipment vendors...there is no question that without Lease One would any of this been possible and I can certainly guarantee you that the NAELB does not offer this type of service...

With respect to Joe Angelo, every time that I have called in, he has been professional and dedicated to my needs...in fact, I have even spent time on the phone with him on many Saturdays and Sundays while I was getting up and running. The service has been great and I have received much more from Lease One than I have expected to.

For someone to invest and then not make the program work is naturally going to feel like this is a scam...unfortunately Lease One has far to many years of good business history to back up their claims...I was able to talk to a diversified reference list as well as some Lease Customers...

All that is needed to make back the Lease One investment is to fund 200, 000 worth of equipment...to make that even easier, we are talking about four 50k transactions...that is all! This is very easy to achieve! I also want to point that just because someone filled out an application, it doesn't mean it’s a deal...the deal has to make sense...

I am completely happy with my investment into Lease One and I look forward to continuing our business relationship.
Jo
  20th of Jul, 2009
Agree Disagree +3 Votes
Brian, your example explains why LeaseOne's rate that brokers need to sell is in the 25% - 30% range. To make your money back on (4) $50, 000 dollar deals mean you need to add 10 pts or $5, 000 to each deal. If you throw LeaseOne's $2, 000 fee on top of that and try charging that to your customer that's $7, 000 added to every $50, 000 deal before you get an interest rate. If you plan on charging 10 pts than customer credit rating is marginal at best and the approval will come back in the +15% range. Do the quick math, 15% of $50, 000 is $7, 500 + $7, 000 commissions and fees so customer pays $14, 500 of interest/ commissions &fees for every $50, 000; those are LOAN SHARK rates. The underlying truth is that LeaseOne CAN'T get marginal credit customers approved. No way can you be competitive adding 10 pts + $1, 000 - $2, 000 fees on good rated customers. I tried LeaseOne and I was embarrassed to tell folks about the wasted $20, 000 investment. I feel as if I got “scammed" as well. I didn't know how to voice my complaint so once I found this website I will try to warn others to stay away. The backroom support was a joke, complete incompetents. The comment above about approvals vs. lease wins is so true. Listen to Joe's pitch on line, "millions of approvals processed through our fax machines". Approvals at LOAN SHARK rates don't sell so good luck trying to make back your $20, 000. Please stay away from this SCAM!!!
Br
  20th of Jul, 2009
Agree Disagree -3 Votes
Joe G,

Your calculations are not correct...in fact, they are not even close to being correct...

I have done many marginal deals, in fact, that makes up for 80% of my business with Lease One...For "B level" pricing on 50k deals, for 60 months with $1 out...I have received buyrates of .02186...lets do the math...

.02186 x 1.10 = .02404

.02404 x 50, 000 = 1, 202 a month

1, 202 x 60 = 72, 120.00

72, 120.00 - 50, 000 = 22, 120 (total interst paid)

22, 120 / 5 years (term of lease) = 4, 424.00 a year in interest premiums...

So essentially, a lender had to shell out 50, 000 today, and only collect 4, 424.00 a year...but wait, that payment had a 5, 000 commission in the deal for me...so in real terms, the investors only collected 17, 120 or 3, 424.00 a year from a 50, 000 investment...

Joe G, I am not sure where you had your initial finance training, but for an investor to make 3, 424 a year from a 50, 000 investment is not that great...considering this is an industrial equipment lease...the investor would have been better off letting the money grow in a conservative growth fund at 7 or 8%...atleast the risk is minimal and there are certainly no billing or collecting issues to worry about.

I also do not know of these 2, 000 fees you speak of? On my deals, the customer pays 1st and last, plus a standard doc fee ranging from 125 - 600 (600 includes 3rd party sight inspection).

I would strongly reccommend calling Lease One...work with one of their sales mentors and get your money back by doing a few deals...you know as well as I do, if you call Lease One, they will service you...but yet, you choose to criticize...
Jo
  21st of Jul, 2009
Agree Disagree +3 Votes
Brian,
If you break out your HP calculator and take the 2 upfront payments into account it comes out to an effective interest rate of 16.73% for 60 months. Throw the Lease One processing fee which will at minimum be $600 and you'll above 17%. Your above example says those are B customer rates which is a complete joke. The 60 month B customer $1 out BUY rates I got from LeaseOne were .02401 and .02397. Let's see what happened when I uplift the lower of the two by 10% so I can earn my $5, 000:

.02397 * 1.1 = .02636
.02636 * 50, 000 = 1, 318 per month
Effective Interest Rate with 2 upfront payment = 21.43%
Actual Fee: $975 choice to either bill my customer or back it out of my $5, 000 commission

So here I am trying to sell a B customer a 60 month $1 out lease at 21.43%. When I tried to explain to your team that they were too high they were arguing with me that the customer shouldn't be backing out the two payment to get the effective interest rate. I tried explaining that the customer is correct and even if you did that its still too high. Nothing they could do. It took me 2 weeks to get an apllication only deal approved and in the end it came back at 21.43% for a good rated customer. The guy laughed at me and lucky for him he didn't do the deal. LeaseOne is a complete joke and the ponzi scheme is to get people to sign up, collect your $19, 9000, give them bs rates like you gave me with the hope that they walk away like I did. You got guys got me good so I'll warn others to stay away.
Mi
  22nd of Jul, 2009
Agree Disagree +2 Votes
Stay away from these swindlers. I was downsized and relocated my family to Florida for a more affordable lifestyle. I was looking to start my own business and I found LeaseOne interesting because it offered the cheapest possible start up cost at $19, 900. After spending time on the phone with the owner, Joe Angelo and what turned out to be a list of other LeaseOne brokers who are paid a commission by Joe for every new broker who they help sign up I took a portion of my severance package and made the $19, 900 investment. I attended the 3 day training session in Boston and on the last day we visited the LeaseOne Corporate headquarters. At HQ Joe told us that the way to make money is to find folks who can’t get money anywhere else and “bang them over the head with 10 points of commissions”. He also promised that he had many funding sources and could get just about any deal approved. I came back to Florida excited to start but it didn’t take long before reality set in. I submitted many deals and all were rejected by LeaseOne: “we don’t fund restaurants; “we don’t fund C rated customers; we can only fund up to $75, 000; owner’s partner has bad credit, haven’t been in business more that 5 years, etc.” I finally did submit some A rated customers but the approval rates were way too high and they had huge commissions up to 5 points added. The back room support team seemed to take pride in why my deals were being turned down. I spoke to the owner, Joe Angelo and told him that the only reason I signed up is because he promised the ability to get all sorts of deals approved with good and not so good credit. It was obvious that Joe lied so he then asked me if I was interested is helping him sell the LeaseOne broker program and that he would pay me a commission for every broker I signed up. That’s when I realized that LeaseOne is a scam to sign up brokers. They signed me up with the false hope of them providing support and the ability to fund all kinds of leases. It sounds great, you sell and they’ll get deals approved and provide the back room support. They did neither of the two. Deals couldn’t get approved and the support was horrible. On numerous occasions I couldn’t get a hold of anyone and left urgent messages that went unanswered. Maybe $20, 000 isn’t a lot of money to Joe Angelo but it was a lot for me and my family. I pleaded with Joe to return a portion of my money because he couldn’t deliver what he promised but he said that he couldn’t because he already paid a commission to the Franchise website salesperson I came in through and the LeaseOne Broker I spoke to. The nice guy who courted me to join became a callous and cold and accused me of not working hard enough. I spent hours trying to make this program work and did exactly what I was suppose to do but LeaseOne was never able to deliver. Please don’t make the mistake I did by buying into the scam. I read other folks suggestions to join the NAELB and have contacted them. It seem like they will indeed do for free what LeaseOne promised to do for $20, 000. Please stay away from this scam and if you want to become a Lease Broker I strongly suggest you visit the NAELB website at http://www.naelb.org/index.cfm. Whatever you do don’t pay $20, 000 to the LeaseOne scam.

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