ComplaintsforPartners Capital Group

• Initial Complaint

  06/05/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

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  Business response

  06/06/2024

  We have no idea who you are. You are not a customer and I have no idea why you are contacting us through the BBB.

• Initial Complaint

  05/22/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  ******************************************* ("CZ") has been in contact with Partners Capital Group ("PCG") since October 2023 in regards to obtaining a loan to purchase two medical devices. CZ was communicating with *********************, Vice President of Sales of PCG. From the beginning, all discussions between CZ and PCG were about the purchase of the two devices. There were never any conversations about leasing the equipment. In fact, on February 4th, CZ emailed ***** that he was moving forward with buying 2 devices and ***** responded that he needs quotes from the vendors for what youre looking to purchase to get started. Please see the uploaded supporting documents. It is clear from ****** communications that he understood CZ was looking to purchase the equipment and that ***** was representing to CZ that PCG would be providing the loan to purchase the equipment. Furthermore, ***** was deceptive in regards to the interest rate. In ****** same email, he states [g]reat rates are currently sitting around 7.5% with terms from 24 to 60 months. Running the calculations in the agreement, the rate is closer to 12.8%. PCG never informed CZ of a change in interest rates. The interest rate is also not included in the agreement.CZ signed the agreement with PCG relying on his months long communications with *****. Based on the above, it is clear that PCG intentionally misled CZ throughout this entire process and that PCG actively misrepresented the terms of the agreement. ** has attempted to get into contact with PCG numerous times to resolve this issue but ***** refuses to be involved in any additional communications and refers the matter to *****************************, Vice ****************************** ******* of PCG. Numerous attempts to contact ******* have been ignored.

  Business response

  05/22/2024

  Thank you for contacting us through the BBB. I will direct ***************************** to call and email  you tomorrow. 

  Customer response

  05/24/2024

  We have not been contacted

  Business response

  05/25/2024

  We are happy to help, please call us ************

• Initial Complaint

  04/24/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  We had a loan with this company that was paid off 4 years ago (10/2020). They provided a payoff letter they were paid off and we received the title to our vehicle. On 4/2/2024 the drafted our bank account for $375.00 claiming that we owed them a termination fee. I have filed a complaint with the ** of MS and I have filed a dispute with my bank. This is theft.

  Business response

  04/25/2024

  We will be issuing a refund. A simple call or email to us and we would have taken care of this. The small fee is to release the *** filing and to terminate the loan. The loan was terminated a few years ago.

  Customer response

  04/25/2024

  
  Better Business Bureau:

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.  If it does not I will be filing a new complaint.

  
  Regards,
  
  *****************************************
  
   

  
  

• Initial Complaint

  04/04/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I was looking to finance a piece of equipment from a place and Partners Capital Group was a company that was recommended to get financing. I was working with a guy named **** to get the equipment financed. The total price of the equipment was a little over 77k. **** told me that that I would have to pay 42k down and finance the 32k since my credit wasn't the best. I was also going to be paying 60k back for the 30k financed. I was ok with that since again my credit wasn't the best. I paid the 42k down and signed the contract without reading it. Well a couple days ago I called Partners Capital Group to get a pay off quote and they told me that I signed a lease agreement. I didn't agree to this. I was lied to about this whole deal. They want me to pay a total of 174k for a piece of equipment That was only 77k. That's ridiculous. This has to be illegal. I know I'm not the only person that this has happened to based on other reviews and complaints of this place. I would like to keep the equipment and Like I said I have no problem paying the 60k on top of the 42k down but not the rest. I also have text messages, voicemails, and emails from them talking about financing the equipment not leasing it.

  Business response

  04/04/2024

  Customer leased a $75k machine for $1,687.57 a month for 36 months. They have 11 payments left and per the contract owe $18,563.27 (11 X $1,687.57). At the end of the lease they can either return the equipment or buy it, exactly the same as a car lease. The equipment has a current value between $72,500 and $90,000 and we are offering to purchase the equipment for only $42,500. 

  Customer response

  04/04/2024

  You also forgot to mention the 42k that I put down. I did agree to pay the 42k plus $1679 a month for 36 months only.  Which comes out to around 102k. The fact is that I was lied to about the contract and I am getting ripped off. I did not agree to pay double the price for the equipment. 

  Business response

  04/05/2024

  The executed lease agreement states the monthly payment is $1,687.57 per month for 36 payments. This is a Lease Agreement, not a Loan. At the end of the Lease the customer has the option to return the equipment or to purchase the equipment for it's current value. The current value is between $75,000 and $90,000 and we are offering a 50% reduction (approx) of the purchase.

  Customer response

  04/19/2024

  I agree that that the payments are $1,687.57 per month for 36 months, but am still not hearing anything about the 42k that I also payed. So I will have payed a total of ******* at the end of the contract. Then you want me to pay another 38k so a total of 140k for a piece of equipment that was only 75k to start out with. I was only going by the word of ***********************. That told me I was getting a loan for the equipment. I would have never agreed to pay double. This is ridiculous I can't believe this is the way your company does business. 

• Initial Complaint

  02/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I purchase a new X-ray machine for my business Four ****************** Business address. I wanted to pay at least half down and finance the rest. West Coast X-ray suggested Partners capital and they convinced me to to finance the entire thing. I was never told that the entire 5 years of finance charges were to be paid up front. I called today and they told me my loan went to LEAF. I have never received invoices or notices that the loan was reassigned. Today when I called was told that the Invoices were "turned off". so I wasn't able to see any and just found out today about the ENTIRE finance charge being paid up front. So today, 2 years and 8 months later, after paying 931 dollars a month I now owe $54966.17 on a $46,398 dollar loan! This is a huge bait and switch operation and their practices should be made illegal.In addition, They have been charging $349 per month Insurance ( I misunderstood the charge, but when they initially told me they would charge insurance I sent them proof of insurance, which they said would suffice to cancel their insurance billing. They have not stopped debiting my account for the insurance and I would at least like a refund of the $11,168 in unnecessary insurance charges and would like them to be honest about the up front finance charges. While the original loan is being serviced by LEAF, it is Partners Capital still deducting insurance payments.

  Business response

  03/04/2024

  Please contact me ASAP *********************************************************** I have no idea what **** told you or what they quoted you to pay off the loan early. We brokered this loan to Leaf. They have been billing and collecting your payments so any payoff or additional information you will need to call them. Regarding the insurance, it was cancelled the moment you provided proof of insurance.

• Initial Complaint

  12/07/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  CAPI Partners of ******* ***** send ** a bill for ********* services during the pandemic which we did not receive a bill for or a service for. I was in the hospital for two weeks with COVID 19 At the outbreak of the pandemic. This is disturbing to be receiving a bill and then another with interest for which we did not receive nor have a record of this service.This company appears to be a fraud. Please advise. ******************* says Account # ********. We do not want anything like this on our credit report. My wife and I are retired. Please advise.Respectfully, ***********************

  Business response

  12/11/2023

  You have the wrong company. We are not CAPI Partners of ******* ***** a ****************** We are Partners Capital Group in **********. We are an equipment fiance company

• Initial Complaint

  08/29/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Auto-Renewal After Lease Term Completed in May 2023. I obtained a medical equipment with a lease from Partners Capital.in 2018 for ******* for 60 months. lease was pain in full in may 2023. About 6mo-1 yr my monthly payment was increased to ******** and payment to *****************. The contract states that After the final base lease payment has been made, the lessee shall have the option of either returning the equipment or purchasing it for an amount of fair market value. I revieved none of this infomation in writing by mail or email." INSTEAD of contacting me, they continued to withdraw money from my account by ACH to a total of ********. I had my account blocked. they still tried to withdrawl money 3 x in july- and with each attempt increased the amount. I received an invoice that a payment was due. no other information. i emailed and asked why this was taken from my account in july,what is due as my lease was paid. they pointed me(and emailedand mailed a copy with this highlighted- a clause in the fine print of the lease contract that allowed them to auto-renew the lease indefinitely. I am sending this to my lawyer.I am willing to join a Class Action Lawsuit. This is a ack of communication and trnasparency on theor part. withholding information. Of course the loan goes into default- they are sneeky. How can you return the equipemnt or purchase without the information yet alone know the timeline.

  Business response

  08/29/2023

  *************************** NP Adult Health PLLC along with the personal guarantee of *************************** leased a $50,000 medical devise. The equipment was bought and purchased by Partners Capital. Partners Capital leased the equipment to *************************** NP Adult Health PLLC. This was not a loan, it was a lease that clearly said "you do not own the equipment" and the lease also clearly stated at the end of the lease you must buy or return our equipment and until you do, you must pay the monthly lease payment. We have contacted *************************** NP Adult Health PLLC via email, phone calls and even via legal default letters by Partners Capital and our legal counsel 2 times in July, 5 times in August. Collections calls, collection emails, many lease payment invoices and many legal 10 day demand letters. Please contact us ASAP since this lease is now over  60 days past due. ******************************************************

• Initial Complaint

  04/07/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Auto-Renewal After Lease Term Completed_________ I obtained a medical equipment with a lease from Partners Capital. I failed to keep tabs on the status of the lease. I finally did when it just felt that it had been quite some time. ___________ IT HAD BEEN BEEN PAID OFF FOR OVER 2 years . _________ The contract states that After the final base lease payment has been made, ....., the lessee shall have the option of either returning the equipment or purchasing it for an amount not to exceed one percent (1%)...." INSTEAD of contacting me, they continued to withdraw money from my account by ACH to a total of $17,000 + dollars. ------------------------ When I REQUESTED A REFUND, they pointed me to a clause in the fine print of the lease contract that allowed them to auto-renew the lease indefinitely. --------------------- I am seeking looking for the right lawyer to represent me, and looking for others in my same situation to make it a Class Action Lawsuit. _______________ If you are reading this and have or have had a similar situation, please contact me at ************* or call me at ************________ let's beat this vulture together.

  Business response

  04/15/2023

  Please contact me directly, I would like to help out and get you a refund. ************************************************************.

  We offer leases and loans. Just like a car, the lease payment is lower because at the end of the term you need to buy or return the car. When your lease funded, the equipment was purchased by Partners, sold to Partners and Partners owns the equipment. We notified your business 90 days prior to the lease expiration and even mailed a letter and an invoice outlining the billing. Since Partners owns the equipment, we allow you to either buy, return or go month to month until one of these items takes place.

• Initial Complaint

  02/17/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  January 2023, we contacted Partners Capital Group, they acted as a broker to locate a lender for us to purchase a vehicle. They found us a lender and verbally told us the interest rate would be around 9% (We are unsure of the exact percentage because we never received any documents stating this). We were told we were approved for our loan and our payment is $940.31/month for 60 months. We assumed we would re-finance at a later date not knowing we would not be unable to. Our vehicle dealer amount after tax, license, and registration fees was $40,526.00 after we put $6,000 down. One month later, I contacted the bank for which we received our loan to get a payoff quote. They quoted us $55,478.29 (15k more). Confused, I asked the bank for the breakdown of the costs, and they told me I would have to contact my broker (Partner's Capital Group). After contacting Partner's Capital Group, they are refusing to provide me with a breakdown of my costs associated with my loan and told me this was not an amortized loan. I asked them why I was not provided any documents or disclosures explaining they do not provide amortized loans. They also refused to provide me a cost breakdown of my loan including fees, interest, etc. Therefore, I have no choice but to contact the BBB to get help with this company that is not being forthcoming with their customers. We would have never agreed to these terms. Their customers are unknowingly being locked in the full term of a loan without the ability to re-finance to a lower interest rate and without knowing any of the costs or fees associated with their loan. I would like the ability to have an amortized loan with an option to refinance at a later date.

  Business response

  02/18/2023

  Please contact us ASAP, we can try to help. Email ************************************************************ Below is our reply

  All our financing is done with installment contracts, not amortized loans like a mortgage. Per the complaint, you agreed to make 60 payments of $940.31. That is what the agreement says and that is what you are being billed. You can pay it off at any time but you would need to contact the bank or lender.

  Customer response

  02/18/2023

  Please know Partner's Capital Group has yet to provided me with any documents detailing my loan information. This company is refusing to provide me with any details of my loan. I do not have the exact interest rate applied to my loan (or total amount paid after loan is paid off), my loan origination fees, bank, filing fees or fees Partner's Capital Group received for originating my loan. This company wrote up my loan behind closed doors and in the dark and will not provide the requested information to me. I was never provided any documentation stating my loan wasn't going to be an amortized loan. If you are to choose this company to originate your loan, please make sure you ask them for this information up front or you will be surprised with a big lump payment added to your loan. 

  Business response

  01/26/2024

  Please call, email and contact immediately so we can help. ****************************************************** ************
  
  We do not provide amortization schedules. Your CPA or accounting firm can usually provide this to you. They should be able to provide you with interest, costs, fees or anything else you might need. Our Lenders License prohibits us from providing some of this information to you.
  
  Your complaint says you agreed to $940.31/month for 60 months. The finance agreement requires you to make 60 payments of $940.31 so it looks like that is what the bank charged you.
  
  Contacting the BBB in an effort to get an amortization schedule and a breakdown of interests and costs that only your CPA can provide is not the purpose of the BBB.

  Customer response

  02/02/2024

  This company does not provide simple interest loans and they do not advise of this beforehand. I still have not received any documents showing my interest rate or fees applied to my loan. It's all done without customer knowledge, and I have requested this information multiple times and it still has not been provided. 

  My end of year tax statement reads " Equipment costs $35,999, total amount financed $56,418.60". I was completely blown away by the fact that even if I paid my loan off early, I still am liable for the whole amount of $56,418.60.

  Business response

  02/05/2024

  We have never provided a simple interest loan, our industry does not offer them. We offer Equipment Finance Agreements and Equipment Lease Agreements. Your CPA can provide you with interest rates and loan or lease amounts. We are not allowed to provide this information per our licenses.

  Customer response

  02/08/2024

  In response to this:

  "We have never provided a simple interest loan, our industry does not offer them. We offer Equipment Finance Agreements and Equipment Lease Agreements. Your CPA can provide you with interest rates and loan or lease amounts. We are not allowed to provide this information per our licenses

  EXACTLY MY POINT:  Verbally we were told our interest rate would be about 9% and when I later asked for documentation confirming these facts they are continuously denied just like above. Proves my point that this company is deceitful with their customers until they sign an agreement then they refuse to provide any documentation. They are now saying they are not allowed to provide my any details of my loan and to ask my own CPS to figure it out. Case closed. 

• Initial Complaint

  08/09/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Our company (******************************) worked with Partners Capital Group to obtain financing for some equipment we wanted to purchase. All went fine and years later we consolidated our debt into one loan and the bank handling the consolidation paid off the lease per their quoted payoff amount. Now a year later they are charging our account monthly again despite numerous calls and emails. And now the amount is escalating. The loan was paid off 8/2021 - charges started 12/1/21, then again 6/1/22, 7/1/22, all for $135.18. Then 8/1/22 we were charged $823.23! Getting proof of payoff and will upload that once received.

  Business response

  08/14/2022

  I don't see any notes or history of you attempting to call or contact us. Please call ASAP ************ and press "customer service" and or email ******************************************************. ****************************** **** leased equipment from us and we have been billing you for the payments. We have no record of you paying off this lease so please contact us ASAP.

  Customer response

  08/15/2022

  I will email as requested, however I have a record of at least 4 phone calls since January - most recently with ** on 7/8 at 4pm when he "promises to get back to me".  I will get proof of payoff from the bank as well - though this was never requested with any of my previous phone calls. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩