Balboa Capital
Reviews and Complaints

I am writing to complain about a extremely rude and disrespectful sales call we received today. The girl that called was pushy and hung up on me. She asked for the person in charge and I explained to her that she was not available right now and who she needed to talk to and she said to me I need to talk to someone else. I told her again that the person she needed to speak with was not here and offered to take her name and number and have her call her when she returned and she said to me..."So your telling me your the only person there?" Once AGAIN i told her that the person she needed to speak with was gone. She then hung up on me. I thought this was rude and disrespectful.

I barely escaped the clutches of this con job,
They signed me up to recive 30k then send me dociments for 8 k afterbibwas put through everything and signed the agreement for thirty k, the needed my commitmemt fee amd the aigned document along with id and a voided check, all sent amd they said ibwill get the loan docs the next day and fund the day after for the 30 k, i made commitments based on the 30k and the bery next day the dics came to me for 8 k, , and a 150 percent payback with daily payments, wow so i ran to bank stopped oaymemt on my check for commitemt fee and they were alteady trying to presemt the check, bait and switch, , , DONT GO HERE FOR penny, , then the sales guy actually had the nerve to be rude when i spoke to him anout what they did, ,

Problem after problem... want return phone calls. Tried to get out of a lease that they want let end. Hired an attorney to make sure I took proper steps.. they want respond to me or the attorney. They think their buy out price at the end of the lease is a new truck. Biggest mistake we have ever made was using this company.. all you have to do is look at the negative reviews all over the web.

Small Business owners- **** BE CAREFUL WITH THIS UNETHICAL LENDER*****
Balboa capital has a very deceptive business practice.
They will continue to charge the quarterly payments even after the lease is over.
I have asked them to refund the un-authorized payment and security deposit several times but they have not responded nor returned but keep charging/ sending invoices.
They will sneak all kinds of fees. They have very deceptive fine line conditions that allegedly puts you on
Another lease for a year even if you have told them to finish the lease contract.
The customer service people are basically very sneaky and trained to steal and rob small business owners.
They are still practicing predatory lending.
They would not refund the security deposit and unauthorized extra payments taken out from the account.
They will frequently try to add junk charges on their invoices - For Example - they will add charges for insurance even though insurance has been always covered and proofs sent to them. They are very notorious in charging extra fees anytime they can if you don't catch them. All along the term of lease this notorious lender has charged junk fees.
You are dealing with Financial Vultures at Balboa Capital.
They have an amazing [protected]@balboacapital.com. People are trained in that department to extort money from small business owners. There customer service department is really not for customers. They will say you have one payment left or two payments left when I inquired but will keep charging beyond those one or two payments. Very clearly told them that We do not want to keep this equipment after the lease payments are done, customer service rep said no problems - you have 2 more payments left under the lease. After the 2 payments were done, I called them again and the customer service rep says oh, you have one more payment left on the lease. That blew my mind. I asked them to send detailed payment statement. I asked the Rep - I had requested no more payments and I am not using these servers (leased equipment) for the last 7-8 months, you need to pick them up or I can send wherever you need these sent. The rep then says - oh please send a letter by certified mail and will see what we can do to get you out of this. Sent them the letter by certified mail - then they came back - you have four more quarterly payments left as we renewed you forcefully and automatically in an annual contract. But the contract's paragraph 16 has monthly payment provision for after lease rental and there is no quarterly payment provision. But they keep sending quarterly invoice to trick you into the payments. This is a trick used by them so that a small business owner will not find out that the lease term is over. They will never send you any instructions where to return the equipment as they want to forcefully enroll you in a lease for 4 more payments over and over again (This is their internal game).
Tried speaking with the manager of the customer service department and that was pretty much wastage of time. Very rightfully - this lender HAS ZERO customer service. The manager was as worse as it can get. She did not want to check any records. She asked the dates and time I spoke to the customer service department 9-10 months ago? How would one remember the dates when you have talked to their customer service department? Does she remember what she ate 10 days ago? How many people really write and record all the conversation dates they have had with someone during the year. I talked to the customer service people frequently. I sensed they are unethical from day one when they started slapping junk fees with no knowledge. If I were to deal with an ethical company - they will never ask such un-practical questions.
This kind of lenders are a shame in the Finance Industry.

We entered into a lease agreement back in 2012 with balboa capital. We paid out the lease early because the equipment is no longer useful as inks and parts will no longer be available.in trying to get a comparison between the buyout price (Fair market value) and the cost of shipping it back, they stalled until the automatic renewal took effect. We did not send a certified letter of intent 180 days out. Although we did not send the letter, nowhere on the lease agreement do the list an address to send such letter to. They knew what our intent was, but the rude lady can only say that they do not know because we didn't send it in a certified letter. This is a very underhanded way of extorting money from small companies who cannot legally afford to fight them.

This company is very deceitful and apparently doesnt care about their clients opinion of them, look at all of the negative reviews. I urge no one to use this company and as a business community we push to put them out of business. I warn everyone about section two in their agreement.in there they have the discretion to pick when the lease starts and require a pro-rated amount to bridge from the date of payment to the actual lease but they never say what that amount is or the actual commitment date they they continually refer to when I call them. Thus you end up paying more than the terms that are posted in the lease terms and conditions. Additionally, they have your bank account info so you have zero recourse. I have spoke with people in their office and this is s. O. P. And the answer is always, read section 2 in your contract. I made the mistake of trusting michael della. This mistake bumped my interest rate from 11.7% to 17.4%. I am leaving complains all of the internet and I hope that everyone that has had the same issues does the same. I have learnt my lesson and I don't want anyone else to be taken advantage of like I was.

This is my second complaint against balboa capital. The first complaint is them charging over $2000 in fees not disclosed at the time of the lease. Account representative, brenden gibbs, told me their would not be an early termination fee. I just got a payoff letter that was three times the amount of the equipment leased. They drafted $75.00 from my account 7/15 with no invoice or reason. Then 16 days later charged a $250 late fee because they said a stop payment was issued 5/5. I did not issue a stop payment, my bank says there was no stop payment and there was no difference between a "manual draft" done on 7/16 and an "automatic draft" done on 8/1- as the customer service representative, anthony espinosa said. I have included the buy out letter they sent me. Beware! Balboa capital is the devil. Never lease from this company.
I want out of this lease. I want a payoff equal to the amount paid on the equipment minus what I already have paid them. I want them to stop preying on small business owners.

Customer No: 161229
Lease No: [protected]

To Whom It May Concern

My Name is Dr. Mehran Tavakoli, and I have two offices in Portland, OR and Vancouver, WA. About 4 months ago, I decided to upgrade one of my medical lasers at my office through a vendor ( Cutera, Inc. Pleasanton, CA) towards the end of March 2016.
Since I knew that gettinga loan for almost $78K would be a lengthy process through my own bank, I decided to explore financing options put forward to me through Cutera Inc. They offered a company to me called Balboa Capital, which i was not familiar with. They assured that this is a good company to work with, and they have favorable terms. The contract I was presented was a copy that had been copied multiple times with illegible very fine print. I ; therefore, relied on the promise and the explanation of Cutera sales rep to explain. Here is what I was presented:
1. The term of the agreement is a 5 year lease with a $1 buy out.
2. The APR is 8%.
3. At the end of one year, it is possible to pay off the balance of the loan without any extra penalty or interest on the balance of the loan. Basically at one year I could make a balloon payment and buy it out with just one year of interest payment on the total principal.
4. The initial 3 months of the loan would be $0 per month, and payments would start from month 4.

About two months into the loan I realaized that this whole thing has been a very deceptive scheme, probably plotted by Cutera to make a fast sale, and with big collaboration form a bunch of dishonest loan sharks called Balboa Capital.
Here is what I found out:
1. Customer service is almost non existent. I called and emailed multiple times. Out of every 3-4 times trying to reach them, they would just answer very briefly to the effect of " no...we can't do that...or some other sort of denial. My biggest concern was that at 2 months, I had enough money to make a big balloon payment. A person that sounded Hispanic on the phone ( after many unsuccessful phone calls) told me that it's not the way they work. They do not accept balloon payments, as this is not a "run of the mill" typical loan! Then, what kind of loan is it?
They do not clarify (even after formally requesting it) to break down how much of the payment is the principal and how much is the interest!
2. They are asking that if I wanted to make a balloon payment, I had to pay the entire 60 months worth of the loan and interest payment AGAINST our initial agreement.
3. They do not even honor paying just one year of interest at the first anniversary of the loan, plus the balance of the principal to buy out. After many phone calls and threats of lawsuit, they are now offering a "discounted interest rate for the balance of the loan plus the remaining principal". This was NOT my agreement with them. They are not supposed to charge ANY interest at the first anniversary buy out on the balance of the principal.
4. Despite many requests to clarify how much of each installment is athe principal and how much of it is the loan, they refuse to clarify. My guess is that they want to interpret the first year of the payment as "ONLY INTEREST".
5. With the current scheme they came up with, I would be paying close to 12% PAR for the first year if I want to buy out at 1 year. This is while my credit score is 800, and I could otherwise get the best types of SBA loans.
6. They have a clause in the contract that would ask me to either provide property insurance on the machine or they charge me insurance on top of the loan payments. Despite multiple contacts with them, forwarding my insurance documents and the endorsement to them, and even having my insurance agent contact them directly, they are making it impossible to use my own insurance. Basically they want me to pay an extra amount of insurance to them regardless of what method I use to prove I have adequate insurance and endorsements on the equipment.
7. After much back and forth with Cutera and Balboa, they sent me an addendum to sign with VERY VAGUE language they could take advantage of WITHOUT ANY SOLID numbers or rates presented. Basically they want to deceive me again with being very vague on purpose.
I am really sick of this company and it's corrupt abusive practices. I realized there are many unsatisfied people that have taken loans from them, and I would like to get a fair closure on this.
I would like to have the option of buying out at the end of the one year loan, with clear numbers ( principal plus interest monthly payments), with the originally agreed 8% APR only for the 1st. year of the loan, and buy out the balance of my principal at no interest ( as originally agreed) at the first anniversary of my loan. I would also like them to provide clear reasons why they keep rejecting my documentation of adequate property insurance coverage with endorsement to them. They will need to stop withdrawing "insurance" fees from my account.

Regards,

Dr. Mehran Tavakoli

CC: California Chamber of Commerce, BBB, office of California DA

My issue is very similar to many who have posted. Our company set up a lease with Balboa for computer equipment. The amounts used were an estimate until the final billing was completed. Because Balboa insisted on paying the vendors direct (vs reimbursing us when the project was complete) we ended up with it costing less than originally planned. Balboa did not pay out all that was expected but kept our lease at the higher amount. I have called repeatedly to get this fixed but no one will return my call or take the effort to get it fixed. They are crooks.. do not use them.

Guys, be aware of Balboa Capital Corporation. I have signed the contract with them, but it was comprised in very sophisticated way. The language was too difficult and even attorneys couldn’t find necessary details. Also, they indicated in the contract that all customers must inform them if someone wanted to move out. It should be done within 3 months in advance. And if the customer didn’t do it, they would ask him to pay for other 12 months of the lease. Read the whole contract and be aware of thepitfalls.

I have signed the contract with Balboa Capital. I got the credit from them and we agreed that they would take the same sum from me every month. At the beginning they did as we agreed, but 3 months ago they started to take larger sum. I called them and emailed, but the company refused to speak with me or provide any details of the contract. I still don’t understand why they have changed the conditions.

We negotiated a lease agreement with Balboa's representative that included a 10% buyout of the equipment at the end of the term. When the contract was finally signed, it was with some different contract person that came to the house with the paperwork all ready to be signed. The contract type was so small it could not be read but the conversation was that it included the 10% buyout. Well, it is time to notify them that we intend to purchase the equipment (required 6 months before end of term) and we are being told that it is fair market value buyout... a big monetary difference!

Now we are seeing that this company is notorious for this and we want to join any others with the same experience.

We had financed a new piece of equipment with Balboa Capital about year and half ago and were lead to believe we were signing up for a $1 buyout of the equipment but realized later the 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 for an extra payment indicating it was interest payment for time they needed to set up our initial payment (which the 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 this is the culture of their company. Anyone with any suggestion as to deal with this situation please contact me at "[protected]@gmail.com".

balboa capital is the worst company i have ever had dis-pleasure of doing business with. they new up-front that they had to send a deposit check in and then they caharged me $100 for this. They then inspected my plant and charged me over $650 for this. Matt Nuyen, the rep, was very rude and unprofessional. bad people! todd Abrams sonrise metal

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

Balboa Capital said that I owe them the fair market value of lease at end of term. After I still made payment after term was up thinking that I would get a rebate after thet straightened out their paper work. I had a addendem to lease from Balboa that they are not honoring. If I did have a fair market lease why would I have to pay the county taxes? Now they are taking the case to trial. This is bait and switch. There are comments on The leasing news web site for further info. Also this is not only complaint as there are numerous ones.