Lease One Corporation reviews and complaints

Joe Angelo is the ### owner of Lease One that beat me out of $19, 900 by lying about the financing sources he had and the back room support he has. The minute I saw Joe I knew I made a mistake. He's a fat wana be gangster that will court you until you join and then write you off once you invest. I tried to complain to Joe that the ### he had trying to get my deals done was clueless. That ### is Rick Lopez who the brokers refer to as Rick ### for brains Lopez. Ricky is a lying little ### that learned well about how to lie and steal from Joe Angelo. Don't invest any money with these people. Your deals won't get approved and they give you every excuse including that you're not working hard enough as to why the deals aren't getting approved. If you do get a deal approved they'll tack on huge fees in the 11th hour that will kill your deal. They also took some of the deals I submitted and passed them off to other brokers. If your wondering if all this is true read this court ruling that found Lease One guilty of stealing a customers $15, 000 deposit and were ordered to pay back $54, 000 in penalties and damages : http://scholar.google.com/scholar_case?case=1199603144207842578
There is a law suit in progress from folks who got scammed by Joe Angelo and Lease One so if you got scammed please sends an email to leaseonescam@gmail.com. If you are thinking about joining Lease One: DON'T DO IT!

Do you have any idea why all of the disgruntled Associates have not filed a class action law suit?

Lease One is a BOGUS lease broker program that charges $20, 000 with the deceptive promise of provide expert training and backroom support; they do neither. I signed up and paid the $20, 000 and was never able to get a deal closed through them. The training is terrible, the back room support is horrible and they took my leads and gave them to other leasing companies! Here’s an example of horrible training, back room support and handing off leads to other leasing companies. During training we were ask to pick an industry and Lease One would provide leads from UCC filings on potential customers in our area. I picked restaurants and they gave me a list of restaurants in my area. I approached some of the leads and submitted a customer lease proposals with all the required information. The back room dope at Lease One came back to me and said that they can’t do leases for restaurants because they are too risky. I asked the dope why he didn’t tell me that when he asked me to pick an industry I was interested in during training but dopey had no answer. I then submitted a $150, 000 application for a new Panera Bread store that was opening in my area. The back room dope came back and said that they couldn’t do it because it was a start-up business. I explained to the dope that Panera is an established business and the stock is one of the top rated stocks in Investors Business Daily but again dopey insisted that it was a start up business and he couldn’t do it. Three weeks later the owner of Panera was approached by Robert Searcy of First Financial Corp. who is a friend of Joe Angelo to directly write the lease through First Financial Corp. The Panera contact who is a friend of mine called to say that he was approached by Robert Searcy of First Financial who offered to write the $150, 000 lease through First Financial. I called Joe Angelo, the owner of Lease One and told him what happened and he said it was impossible. I asked Joe to call the Panera contact directly but he refused. After submitting many more deals that were either rejected or approved with interests rates in the 15% - 20% range for A & B rated customers with $3, 000 fees tacked on I became discouraged and exited the program. I contacted another broker who paid the $20, 000 and attended the training with me and he had similar stories of horrible support and leads being passed off to other brokers. He told me about the NAELB and that he was able to make numerous funding contacts that provided back room support and training for free and were able to get his deals approved! I contacted the NAELB and joined for $295 and sure enough I am getting support and deals approved. Stay away from the Lease ONE SCAM! I see other complaints against Lease One on the internet on the following website:
http://www.bizzia.com/franchisepick/tag/lease-one/, FRANCHISEPICK
http://www.unhappyfranchisee.com/lease-one-scam-to-sign-up-brokers/ UNHAPPY FRANCHISEE
/URL removed/, RIP-OFF
Lease One Corporation — Unauthorized billing, Complaints Board
http://www.complaints.com/2009/july/17/Lease_One_Corporation_-_Con_Artists_who_charge__2_209797.htm, Complaints.com

Visit the NAELB website http://www.naelb.org/index.cfm, and deal with real leasing companies who provide great support and don’t steal your leads.

Lease One is a scam to sign up brokers, collect $20, 000 and find the next round of suckers. I see complaints against LeaseOne on other websites as well http://www.unhappyfranchisee.com/lease-one-scam-to-sign-up-brokers/. I was a victim of this scam and am trying to warn other to stay away. The owner is a low life scamming folks for $20, 000 with a false promise to make them a lease broker. I was never able to get a deal approved due to Lease One's lack of funding sources and incompent back room support. Stay away from this scam.

In short - you get out of life what you put into it.

Same goes for business - I went with Lease One about three years ago and easily made my initial investment back within the first 90 days. Since then I have concentrated most of my efforts elsewhere, but I have no complaints with Lease One - they have been there when I needed them and I have no doubt if I hit the streets again tomorrow pushing leasing I could make money within the first 30 days again.

Nothing worth having in life is easy - get to work!

I agree with these complaints. Lease One did not support me as they had promised. I had the same bad experience as everyone else on this site. Sure some of the deals I brought to the table were marginal, but Lease One did nothing to help make the deal work. There used to be a usuary law that protected borrowers from paying excessive interest rates on the money borrowed. I guess that doesn't apply to Lease One. Their rates were among th highest I have ever come across in the leasing business. There is no backroom support. John Bryson's marketing pieces are amaturely produced. My fifth grader does a better job with desk top publishing. Rick Lopez is of no help at all. When questioned about why he chose a rate or turned down a deal, you just get short nonsense answers. Lease One is a scam and should be avoided, unless you like wasting your time and money. The whole thing is a joke.

There are numerous complaints concerning this scam operation called Lease One Corp. There are a multitude of so called Associate Brokers who are now coming forward to contact these complaints boards and there are now ongoing efforts to affect legal proceedings against Lease One and their Corporate Officers. If you have a valid complaint concerning the initial sign-up process, where you were promised certain support and other incentives to give Lease One Corp. a "FEE", you should contact one of the individuals who are going after these scammers. The complaints against Lease One include, lying and false statements to induce payment of a fee; a false Agreement between Lease One and it's "Brokers" which is in violation of Federal and states laws; failure to provide appropriate information on prior legal actions against them; failure to provide appropriate services, and the list goes on.

In addition, you should also contact the FTC..Federal trade Commission, the Federal Attorney's Office, since thise crosses state lines and alsi the Federal banking Commission and the United States Post Office as money paid in FEES utilized the Postal system and the Banking system in the form of checks and wire transfers. Do this now! There is power in numbers and these Agencies are interested in this matter. They just need to know there are enough people involved to make trouble.

Lease One is a BOGUS lease broker program that charges $20, 000 with the deceptive promise of provide expert training and backroom support; they do neither. I signed up and paid the $20, 000 and was never able to get a deal closed through them. The training is terrible, the back room support is horrible and they took my leads and gave them to other leasing companies! Here’s an example of horrible training, back room support and handing off leads to other leasing companies. During training we were ask to pick an industry and Lease One would provide leads from UCC filings on potential customers in our area. I picked restaurants and they gave me a list of restaurants in my area. I approached some of the leads and submitted a customer lease proposals with all the required information. The back room dope at Lease One came back to me and said that they can’t do leases for restaurants because they are too risky. I asked the dope why he didn’t tell me that when he asked me to pick an industry I was interested in during training but dopey had no answer. I then submitted a $150, 000 application for a new Panera Bread store that was opening in my area. The back room dope came back and said that they couldn’t do it because it was a start-up business. I explained to the dope that Panera is an established business and the stock is one of the top rated stocks in Investors Business Daily but again dopey insisted that it was a start up business and he couldn’t do it. Three weeks later the owner of Panera was approached by Robert Searcy of First Financial Corp. who is a friend of Joe Angelo to directly write the lease through First Financial Corp. The Panera contact who is a friend of mine called to say that he was approached by Robert Searcy of First Financial who offered to write the $150, 000 lease through First Financial. I called Joe Angelo, the owner of Lease One and told him what happened and he said it was impossible. I asked Joe to call the Panera contact directly but he refused. After submitting many more deals that were either rejected or approved with interests rates in the 15% - 20% range for A & B rated customers with $3, 000 fees tacked on I became discouraged and exited the program. I contacted another broker who paid the $20, 000 and attended the training with me and he had similar stories of horrible support and leads being passed off to other brokers. He told me about the NAELB and that he was able to make numerous funding contacts that provided back room support and training for free and were able to get his deals approved! I contacted the NAELB and joined for $295 and sure enough I am getting support and deals approved. Stay away from the Lease ONE SCAM! I see other complaints against Lease One on the internet on the following website:
http://www.bizzia.com/franchisepick/tag/lease-one/, FRANCHISEPICK
http://www.unhappyfranchisee.com/lease-one-scam-to-sign-up-brokers/ UNHAPPY FRANCHISEE
/URL removed/, RIP-OFF
Lease One Corporation — Unauthorized billing, Complaints Board
http://www.complaints.com/2009/july/17/Lease_One_Corporation_-_Con_Artists_who_charge__2_209797.htm, Complaints.com

Visit the NAELB website http://www.naelb.org/index.cfm, and deal with real leasing companies who provide great support and don’t steal your leads.

Lease One is a scam to sign up brokers, collect $20, 000 and find the next round of suckers. I see complaints against LeaseOne on other websites as well http://www.unhappyfranchisee.com/lease-one-scam-to-sign-up-brokers/. I was a victim of this scam and am trying to warn other to stay away. The owner is a low life scamming folks for $20, 000 with a false promise to make them a lease broker. I was never able to get a deal approved due to Lease One's lack of funding sources and incompent back room support. Stay away from this scam

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.

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.

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 [protected] 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...

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!

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.