Rachel J.
MUST READ REVIEW: MISLEADING, FALSE REASSURANCE AND THOUSANDS LOST
Working with LeasePoint has been the biggest mistake of my professional career. On multiple occasions prior to signing our Equipment Finance Agreement, we communicated that we did not want to pay more interest or fees than we had to. We even doubled the minimum down payment to $42,000+ to reduce the overall amount financed…or so we thought. It seems this large payment was never applied as a downpayment towards principal and instead was rolled into the entire loan/taken off the total of EFA payments AFTER fees were applied. I repeatedly asked how my money was applied and STILL have not received documentation or an answer. To this day, it appears we are paying fees on a much larger principal amount than we should be. 3 months after signing, I requested our payoff amount and was appalled to be told by LeasePoint’s affiliate bank (KLC Financial) that we were committed to 60 months of payments of the same amount, and early payoff was essentially not an option. Irate, I contacted Josh to express my concerns. I told him this would mean we would end up paying over 25% more than we paid for our devices (almost $70,000 in interest/fees). I have a written message from him stating 25% would NOT be the case. He spoke with me at length over the phone, attempting to calm me down. He stated that while we were committed to 12 mos of payments, we could pay off early after 12 mos for a significant reduction on the remaining stream of payments. This was discussed on multiple occasions, and I even have an email from him confirming such. We felt so comfortable with the way he talked me off the ledge while assuring us we would owe less than the total sum of all the EFA payments, that we were foolish enough sign a second EFA agreement with LeasePoint for another device. Because of my concern with the first EFA agreement, I was loud and clear about not wanting to pay more interest than I had to and not wanting to be trapped inside 12 months of payments. I have text messages from Josh saying he understood and confirming the tentative early payoff amount. Fast forward 20 months. I again request my early payoff amounts for both loans. KLC Financial will not release the payoff amounts until we sign an “early payoff addendum.” Needing the payoff amounts promptly for our accountant, we quickly signed the addendum, thinking it was a simple document that was needed to view/receive the discounted pricing Josh told me we would be eligible for after 12 mos of payments. Turns out, this "addendum" was an additional contract to PAY MORE FEES if we wanted to pay the loans off early. I am literally sick over this and the amount of money we will be losing working with this company. The most gutting part is that I have email and text message correspondence with Josh before and after signing the EFAs where he is assuring me I was not getting manipulated. Yet every time I referenced those assurances, they went unanswered. This feels like a classic case of someone willing to say anything to get a contract signed or diffuse a situation and then conveniently ignore or forget what was said, and there is nothing that can be done because the written contacts supersede it all. At one point, my emails went unanswered for so long that I had to track down the CEO's email address to tag him in an effort to receive a response. At some points, Josh did make attempts to call, but because so many things he told us weren’t being honored, it got to the point that I only felt comfortable communicating in writing. If you are brave enough to do business with this company after reading this review, do not communicate via phone, document absolutely everything, and read every microscopic word of your contracts, because what you are told before signing will NOT be what you experience later. Also, with EFA agreements, there is no clear breakdown of what are fees or interest or principal. It is one lump payment, and you DO NOT get access to any details. - Rachel Jarrell & Pamela Killian