Ladco Leasing — Scam
For any of you who could utilize this information, here you are:
Erik Porter is the Director of Business Development at Ladco Leasing (corporate office in CA) from Jan. 2011 to present.
Formerly he was in Sales & Marketing with U.S. Bank in the Business Equipment Finance Group for 7 years.
LADCO's domain is LADCO.COM. The registrar is NETWORK SOLUTIONS, LLC (URL http://www.networksolutions.com). Updated Oct. 14, 2011, Expires Dec. 13, 2012. DNS servers are: DNS4.ELAVON.NET, DNS5.ELAVON.NET, DNS6.ELAVON.NET.
The LADCO's "Lease Flow Funding" form agreement between LADCO and the Agent who signed you up has 4 in-depth Steps to "sealing the deal". LADCO utilizes the services of EPS (Electronic Payment Systems) to move funds accordingly. As most of you may know by now, the rep that snagged you gets a healthy "kick-back" from LADCO for doing so. This is what you're paying for. When I confronted the rep that attempted to "rape" my company using LADCO about how much he made off this deal, he could only look down at the floor and mumbled, "Not very much."
My reply, "Well it's enough that you don't want to give it back though, isn't it?"
All the Steps are enlightening but Step 3 and 4 are especially informative (this is all typed verbatim from the form):
STEP THREE: Verfication
a) Notify Ladco that the equipment has been installed or have your installer call LADCO Leasing when finished from the customer site [protected]).
b) You can call LADCO from the merchant's location, have the merchant contact us, or you can call us and let us know and we will contact the merchant.
c) Please have the Equipment serial number and MID# ready at the time of confirmation.
d) LADCO will walk the merchant through a verbal checklist to make sure they understand the terms and nature of the lease.
e) LADCO MUST (underscored) verify with the person who signed the lease.
f) LADCO is available 7am-4:00pm PST, Monday through Friday
STEP FOUR: Funding of Lease
To Fund, EPS must have:
a) A PERFECTLY LEGIBLE faxed or the original equipment lease properly completed and signed. EPS can approve from fax copies but requires the signed document to be sent with the Merchant application and all associated paperwork.
b) A confirmed verbal verification of delivery, installation, and functionality of ALL equipment that is the subject of the lease document.
When we have a complete package and all items listed above EPS will issue a check and send it out within 24 hours of the verbal verification. Next day delivery is available.
(Bolded and centered)
Congratulations - Now let's do it all over again!