( PLEASE PLACE A NOTE IN YOUR LETTER THAT LEASE CAPITAL, INC OF ALABAMA , BO BOHANNON PAST BOARD MEMBER AND VICE-PRESIDENT OF NAELB, IS IN GOOD STANDING WITH NAELB AND IS NOT AFFILIATED WITH LEASE CAPITAL OF CALFORNIA .
MEMBERS OF THE NAELB
To All Members of the NAELB:
This correspondence is to advise all members of the NAELB that the Board of Directors, in conjunction with the NAELB Ethics Program, has taken action against a member of the NAELB. The Board of Directors takes this action after there is a process of a complaint being filed against a member, a response process taking place, a review by the NAELB Ethics Committee and a referral by the NAELB Ethics Committee to the Board of Directors. Therefore, this is a process whereby there is ample time for the resolution of the matter, review by multiple individuals and finally a review by the Board of Directors. Every benefit of the doubt is extended to the parties involved and there is a specific procedure that is followed along the way.
A matter that did reach the Board of Directors involving a company called Lease Capital Corporation located at 20902 Brookhurst Street, Huntington Beach, CA of which an individual known as Martin J. Barteske is the principal. The Board of Directors, in accordance with the Ethics Procedure voted in place by the voting membership of the NAELB, has voted to expel Lease Capital Corporation from membership in the NAELB effective immediately.
As always, the NAELB encourages our members to conduct business with members and in the event there is difficulty between members, the NAELB can attempt to resolve the matter or in the extreme case, expel a member from membership.
We at the NAELB are hopeful that our members find the ethics program to be a great member benefit.
( We had a posting regarding an incident with Lease Capital Corporation and Martin Barteske with much documentation, but believe we were successful and the sender asked us to withhold the information. Much of the "complaints" we get are settled by others, such as the National Association of Equipment Lease Brokers. The $295 membership fee is the lowest in the industry and you not only get help such as above, but the naelb post, ability to instantly contact fellow members on line for help in finding a source, or answering a question, is worth much more than the membership fee, believe me. Having access to both Barry Marks and Joseph Bonnano---that's priceless. www.naelb.org.----editor )
I don't doubt Paul Von Bruck's story regarding Gibraltar Financial. We have had a similar experience. They accepted upfront lease payments and then declined the deal. They then refused to return the payments with the justification that they had to work on the deal; therefore, they had earned the money. There is no upfront disclosure. We only became aware of their questionable practices after they had accepted funds.
I'm sure this won't be the last email you'll receive regarding Gibraltar.
FMC Leasing Corp
a transaction to Gibraltar Financial recently and suffered serious problems.
It started when they requested we obtain a signed commitment letter.
We did. Cliff Wagner, Beth, Donna and Todd told me they were funding
the deal. This was a lie. No big deal however as long as the deal get's
done. Our customer then received a letter from Ford saying they were
declined. Given Gibraltar's good standing among the various leasing
orginaizations(UAEL etc..), I gave them the benefit of the doubt. They
stated, we have someone who will do this deal. We delayed the vendor
and lessee for 75 days as we received the same statement over and over
from Cliff, Beth, Donna and Todd. Then they stopped returning calls
from us the vendor and lessee. After dozens of calls Cliff finally informed
me that they "could not get the deal done". We immediately requested
a return of the customers commitment fee. We overnighted our portion(2k).
We felt so sorry for this guy we could do no less. It has now been 135
days apx. 60 apx days since the decline. When I contacted Cliff and
asked why he had not returned the deposit, he stated "Oh, I forgot about
that. I'll get it taken care of." 20 days later I got a call from the
vendor's Attorney. They are threatening us since we put the deal together
and since Gibraltar will not return their calls. (The vendor and lessee
have known of Gibraltor through the whole deal) So I called Cliff again.
He stated, " Oh wow, they are still pursuing this, I'll get there money
out ASAP." 30+ days later nothing has been sent. Cliff Wagner refuses
to return any calls. Every time we call, he is on the line. They must
have a call identifier. This assumption is backed by some evidence.
He refuses to return messages. Based upon his comment "they (the lessee)
are still pursuing this?" as if he is confused why a customer would
want their $5,000 back, I believe Gibraltar wants to keep this person's
money. If any of you can help this lessee with a lease feel! free.
P.S: I have Gibraltor's messages saved on our message machine if any of you doubt this message
Notice: Received reports from three brokers now about leases they put
together through network group to funding source has fmv not 10% purchase
options. Disputes trying to be resolved. Any broker experiencing the
same, please notify Leasingnews.org. All information will be kept confidential
and will not be published without your specific permission.
Kit, my company, Citation Financial Group located in Fair Oaks, CA (Sacramento) is one of the companies having a problem with Universal Capital Services. They have not returned a Lessee's advance payment nor have they paid us our commisssion on a brokered transaction. I have sent documents to the NALEB attorney, who is following up on our complaint with UCS. We have also contacted a collection attorney in Florida. If you know of others who have been wronged by these people, please have them contact me. If you want all of the details I will be happy to e-mail them to you. We need to stop companies who make a bad name for the industry.
Zwillinger, BSB, cuts off Universal Capital Service, Springhill, Florida
informs NAELB of their action. This company not returning money to lessee
from deal funding by BSB. Many attempts to get money returned to lessee,
but many broker promises by Universal Capital Service.
Source states Universal Capital Services, Springhill, Florida, took
up-front fees on deal and has not returned to lessee. Lessee is complaining
to funding source. This is the third complaint received on this. Source
is trying to find out more and request this be posted on bulletin board.
Source will allow us to state name, if this is not resolved.
this company like the plague. I believe that if it is the same one they
also run companies under the name(s) Universal Manufacturing -(Vendor)
& Universal Finance (Credit repair company). I'll look up the e-mail
I received on this a while back. I think what the story was is that
Universal Capital would submit a deal to funding source, then if declined
due to personal credit, Universal Finance would repair credit then resubmit
elsewhere. The vendor would be Universal Manufacturing who would sell
$2,000 computers for $40,000 invoice (just under F/S disclosure). Then
they split excess with lessee. Though I'm not sure about the Florida
part. I'll get back with the additional info ASAP.
you know anything about Univerasl Capital Services, Inc., in Spring
Hill, Florida 34606. One of the lease brokers I work with is having
trouble getting paid on a deal. He thinks the company is owned by Jim
and Anita Koper. Please let me know if you hear anything. Thanks.
Mortgage and Sec in Washington had a division that funded the lesser
credits. Well they have stopped and are not honoring their approvals
if they don't already have signed docs. This was told to me by a broker
in Arizona who has 10 deals sitting with them and she is now scrambling
to replace them.