I have the same experience as the gentleman from Hawaii. I was hounded by Genesis Capital's brokers to finance my equipment. I had recently purchased a commercial vehicle with cash and after the tenth call decided to take a loan on the vehicle through Genesis Capital. Phil Donabed quoted a decent rate and payment so we moved forward with the deal. I had purchased the truck for $40,500.00, paid tax of 6% ($2,430.00), notary and title fees for a total of $43,572.00. This was the amount to be funded to me by Genesis Capital and I would pay them back over a five year term (60 payments). I made a deposit of $1,784.18 which was supposedly for the first and last payment ($892.09/mo.)
Over the next six weeks I was sent numerous title and sales documents to have signed and notarized. We had to send the documents multiple times due to errors according to Phil Donabed, the broker. It was during this shuffle of paper that Mr. Donabed changed the terms of the loan. He increased the amount from the agreed upon $43,572.00 to $46,186.32. He also changed the structure of the loan to a buyback/lease/purchase. Again more paperwork and no explanation as to what the change meant to me and the terms of the deal. I was quite shocked when I received my first invoice and my quoted monthly payment went from $892.09 to $1008.30. I didn't fully realize what Genesis Capital was capable of until Phil Donabed called me to say I owed Genesis an additional $2,614.32 for sales tax. This was the first time that I had spoken to Phil since I realized my lease payments were over $100.00 more than I agreed to. I informed Phil Donabed that his office created the bill of sale at the $46,186.32 figure and that I hadn't noticed the change when signing. He acknowledged that his office created the error. I told him that the adjustments to the payments would cost me an additional $6000.00 over the term of the loan. He acknowledged that as well. I also told him that I was funded the exact amount of the bill of sale and the sales tax was paid when I purchased the truck. He could not dispute that fact but Genesis still hounded me for the money including $500.00/month late fees.
I was finally so disgusted I was willing to return the amount funded in full and just take my payments and fees, etc. as a loss. The thousands of dollars were a small price to pay to get away from this company. They were arrogant and condescending on the telephone, never willing to explain anything. When I called to get the payoff amount, they refused to give the amount to me. They said they didn't do buyouts. More arrogance and insults like "You're going to lose money on this, is that how you run your business? Yeah, good luck with that." Direct quote from Christian Stehlik. The most interesting conversation was when they finally did give me the number they also informed me of the residual clause in the agreement. This meant that I would owe them fair market value for the vehicle above and beyond all of the payments that I made. So if the vehicle was worth $20,000 in five years I would owe them this on top of the original $46,186.32 plus interest. Who in their right mind would agree to those terms? Phil Donabed intentionally changed the terms of the agreement, changed the dollar amount financed, the rate and never once explained or even mentioned the residual clause. I have spoken to several other people at Genesis Capital and they are all fine with this type of deception. I believe it is business as usual for this to happen. Stay far away from this company. I regret the day they called me more than I can possibly explain.
I was given terms of a lease proposal to which I agreed. I sent a check for $1132 to secure the proposal. 1 week later, I was informed the terms had changed (monthly payment increase from $566 to $627). I declined the new proposal and wanted deposit returned. They refused and said they had the right to change terms and if I did not like it, I would loose my deposit. Trying to talk to this guy was like arguing with a fence post. I went to another financing institution and got a lower rate ($532) with no "fair market buyout" clause. I should have searched reviews before doing business with them. This $1132 loss/education has actually saved me $6000 plus $15000 "fair market value" buyout. It's a shame, they are more interested in predatory tactics instead of honest dealings. The company I am purchasing equipment from turns $26,000,000 yearly and would gladly share their customers for financing. For a measley $1132, GeNESES looses out on a huge market. You've been forewarned.
We were given terms of a lease proposal which was agreeable. We disbursed a check for $2346.18 to secure the proposal. One day later, we were informed the terms had changed (required personal guaranty). We declined the REVISED proposal and requested our deposit returned. They refused and said they had the right to change terms and if I did not like it, essentially too bad. Phil Donabed and Chris, are unethical thieves.
5 stars across the board! Would give 10 stars if that were an option here. Genesis Capital has top notch people and give me top notch service. I have been dealing with my same rep. now for over 5 years. In today’s day and age when sales people constantly jump ship I have the opposite when I use Genesis Capital. Long term people that know me by name and make me a priority every time I need something new. Can’t thank them enough for helping me and my business grow and flourish. Will only use them as long as we are in business!
GeNESIS Capital Group Reviews
I have the same experience as the gentleman from Hawaii. I was hounded by Genesis Capital's brokers to finance my equipment. I had recently purchased a commercial vehicle with cash and after the tenth call decided to take a loan on the vehicle through Genesis Capital. Phil Donabed quoted a decent rate and payment so we moved forward with the deal. I had purchased the truck for $40,500.00, paid tax of 6% ($2,430.00), notary and title fees for a total of $43,572.00. This was the amount to be funded to me by Genesis Capital and I would pay them back over a five year term (60 payments). I made a deposit of $1,784.18 which was supposedly for the first and last payment ($892.09/mo.)
Over the next six weeks I was sent numerous title and sales documents to have signed and notarized. We had to send the documents multiple times due to errors according to Phil Donabed, the broker. It was during this shuffle of paper that Mr. Donabed changed the terms of the loan. He increased the amount from the agreed upon $43,572.00 to $46,186.32. He also changed the structure of the loan to a buyback/lease/purchase. Again more paperwork and no explanation as to what the change meant to me and the terms of the deal. I was quite shocked when I received my first invoice and my quoted monthly payment went from $892.09 to $1008.30. I didn't fully realize what Genesis Capital was capable of until Phil Donabed called me to say I owed Genesis an additional $2,614.32 for sales tax. This was the first time that I had spoken to Phil since I realized my lease payments were over $100.00 more than I agreed to. I informed Phil Donabed that his office created the bill of sale at the $46,186.32 figure and that I hadn't noticed the change when signing. He acknowledged that his office created the error. I told him that the adjustments to the payments would cost me an additional $6000.00 over the term of the loan. He acknowledged that as well. I also told him that I was funded the exact amount of the bill of sale and the sales tax was paid when I purchased the truck. He could not dispute that fact but Genesis still hounded me for the money including $500.00/month late fees.
I was finally so disgusted I was willing to return the amount funded in full and just take my payments and fees, etc. as a loss. The thousands of dollars were a small price to pay to get away from this company. They were arrogant and condescending on the telephone, never willing to explain anything. When I called to get the payoff amount, they refused to give the amount to me. They said they didn't do buyouts. More arrogance and insults like "You're going to lose money on this, is that how you run your business? Yeah, good luck with that." Direct quote from Christian Stehlik. The most interesting conversation was when they finally did give me the number they also informed me of the residual clause in the agreement. This meant that I would owe them fair market value for the vehicle above and beyond all of the payments that I made. So if the vehicle was worth $20,000 in five years I would owe them this on top of the original $46,186.32 plus interest. Who in their right mind would agree to those terms? Phil Donabed intentionally changed the terms of the agreement, changed the dollar amount financed, the rate and never once explained or even mentioned the residual clause. I have spoken to several other people at Genesis Capital and they are all fine with this type of deception. I believe it is business as usual for this to happen. Stay far away from this company. I regret the day they called me more than I can possibly explain.
Name Change
Note that their web site has changed, details below so others can get better google hits to the above stories.
Phil Donabed
GeNESIS CAPITAL GROUP
17551 Gillette Avenue
Irvine, CA 92614
Toll Free 800-531-0371 ext. 531
Direct 949-428-5531
Fax 949-851-4946
[email protected]
I was given terms of a lease proposal to which I agreed. I sent a check for $1132 to secure the proposal. 1 week later, I was informed the terms had changed (monthly payment increase from $566 to $627). I declined the new proposal and wanted deposit returned. They refused and said they had the right to change terms and if I did not like it, I would loose my deposit. Trying to talk to this guy was like arguing with a fence post. I went to another financing institution and got a lower rate ($532) with no "fair market buyout" clause. I should have searched reviews before doing business with them. This $1132 loss/education has actually saved me $6000 plus $15000 "fair market value" buyout. It's a shame, they are more interested in predatory tactics instead of honest dealings. The company I am purchasing equipment from turns $26,000,000 yearly and would gladly share their customers for financing. For a measley $1132, GeNESES looses out on a huge market. You've been forewarned.
Unethical
We were given terms of a lease proposal which was agreeable. We disbursed a check for $2346.18 to secure the proposal. One day later, we were informed the terms had changed (required personal guaranty). We declined the REVISED proposal and requested our deposit returned. They refused and said they had the right to change terms and if I did not like it, essentially too bad. Phil Donabed and Chris, are unethical thieves.
Genesis Capital Group is Top Notch!
5 stars across the board! Would give 10 stars if that were an option here. Genesis Capital has top notch people and give me top notch service. I have been dealing with my same rep. now for over 5 years. In today’s day and age when sales people constantly jump ship I have the opposite when I use Genesis Capital. Long term people that know me by name and make me a priority every time I need something new. Can’t thank them enough for helping me and my business grow and flourish. Will only use them as long as we are in business!