ComplaintsforAlliance Funding Group

• Initial Complaint

  01/15/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  March 2019 $16,529.78 2 up front payments. Applied to payment number 1 and 2 of the term. Contract Commencement date 3/20/19 Feb 2019 $8,264.89 Pro Rata Payment. Payment owed due to pre fund. (Not a lease payment)March 2019 - $8,264.89 - Pro Rata Payment. Payment owed due to pre fund. (Not a lease payment)April 2019 - $8,264.89 Interim Rent/Pro Rata Payment. Payment owed due to pre fund and partial month payment. (Not a lease payment) The April invoice, due date was 4/1/19, but billing timeline is 3/1/19-4/1/19.My complaint is that normally a billing timeline would be 3/01/209 - 3/31/2029. I don't understand how the contract commencement date can be 3/20/2019 but the 4/01/2019 payment is still a Pro Rata payment. Basically we need to say goodbye to our first payment made on 4/01/2019 of $8264.89. That's a lot of money.

  

  Business response

  01/16/2024

  Hello,

  Pro Rata and Interim Rent payments are billed in arrears as we do not know when the contract will commence. Once the contract commences the upfront payments made are then applied. In this case the payment the customer made on 04/01/19 covered 03/01/19 to 03/31/19. They also made 2 advance payments (first & last). The first payment was applied towards the 04/01/19 contract payment which covers the time frame from 04/01/19-04/30/19 the next payment was then due 05/01/19. I hope this helps clear up the confusion. 

  Customer response

  01/20/2024

  We did not receive the saw until 3/19/2019.  It was not able to be up and running for another months.  why were we paying rent on equipment we didn't have then couldn't use?

  

  Business response

  01/22/2024

  Hello,

  Per the request of Double Oaks and the agreement entered into we sent out funds to the equipment supplier they chose prior to equipment delivery. At that point, prior to contract commencement, payments are due.

• Initial Complaint

  06/29/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This company is deceiving. We made a loan for $55,000 to purchase a business equipment. They expected $11,000 refundable security deposit plus 1st and last month up front. They said security deposit can be request back after 12 months. Then they change the story. The term of the loan for 36 months payments of $2353.53. Thats total of ********* in 3 years term. Thats 54% interests. They said we can have early payoff discount after 12 months of payments. We have already made 29 total payments theres only 7 payments of $2353.53 remaining thats total $16,474.71 balance owe. We are going through some hardship and few months behind on payments they charges us late and penalties for deferment. We ask for $11,000 security deposit be apply toward toward the remaining balance owe which should bring our balance owe down to $5474.71. Now offer to payoff settlement of balance owe $5474.71 remaining to closed contract and they telling us to pay $25k or give back the equipment to them. They telling me ******** term about equipment is lease and I have to buy the equipment from them. They are greedy and deceiving lending company.

  

  Business response

  07/07/2023

  ****,

  The details youve outlined are incorrect. We wish to work with you to settle your obligation to us and we have been communicating with you to do so as recently as last week. We provided you an option to settle which you declined. We requested that you make a counter offer and to date no such offer has been received from you. Please respond to us so we can get this matter resolved.

  Thank You,

  Alliance Funding Group

• Initial Complaint

  01/11/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Weve been having such a hard time with this company. We took a loan (very stupidity) out of desperation to secure equipment financing during the pandemic when it was the hardest to get loans. Weve paid back more then our original loan amount but due to health issues I have been out of work. Ive pleaded for hardship deferments or reduced payments but have not made any headway. I have not missed a single payments until 2months ago yet they are now being very aggressive. They have even suggested putting the amount owed on credit card or taking another loan to pay them. All requests *** made to receive a statement has gone ignored. If they really wanted to help people they would offer a plan to help. DO NOT USE THEM. THEY ARE IN THR BUSINESS OF TAKING ADVANTAGE OF DESPERATE PEOPLE.

  

  Business response

  01/19/2023

  Cobejack, LLCs November 1st payment was not received. We attempted to reach the customer via phone and email with no response on several occasions.  On November 18th  Cobejack LLC emailed us requesting a two-month deferral. We inquired with Cobejack LLC about what type of payment plan they could manage. Cobejack LLC inquired about changing their due date from the 1st of the month to the 15th. AFG was entertaining that change and asked if Cobejack LLC could make their November 1st payment on December 15th. Cobejack LLC replied yes and requested that AFG ACH their account on December 16th. AFG processed the agreed upon payment on December 16th and it was later returned on December 19th. As a result AFG notified Cobejack LLC of their default by way of a Default Notice which sent December 19th.  AFG reached out to the customer for a replacement payment and on December 23rd Cobejack LLC stated they did not have the available funds. AFG offered a weekly payment plan. Cobejack LLC stated they could not commit to a payment. On December 27th AFG provided the Cobejack LLC the amount required to remove the account from default. On December 27th Cobejack LLC inquired about a deferral again. AFG responded to their request with a request for documentation required in order to submit a request for a deferral. It was also explained to Cobejack LLC that the contract would need to be out of default for the deferral as a condition of approval. On January 10th Cobejack LLC responded to our request for payment and deferral documents and stated they did not have the funds to pay. On January 11th Cobejack LLC requested an accounting of what was owed. AFG provided Cobejack LLC a breakdown of the past due amount on January 12th. Cobejack and AFG are continuing to discuss a settlement on the balance owed. 

  Customer response

  01/20/2023

  
  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. Although, the company states that we tried ignoring contact to make payments were untrue as weve previously stated we were unable to make payments and were asking for hardship deferments. After already making over $93,000 in payments on equipment worth $70,000 to discover  like many other small businesses that we were mislead on ownership & costs. Contacts were not clear on questions from the start and contract questions were evasive. Initial response for help were meet with rejection and aggressive bully like responses. It took many emails before we were able to make contact with ***** with some resolution. Although, it is not with 100% satisfaction, $27,500 settlement was offered BUT was told I had to remove our BBB complaint. I have confirmed that there is no way to remove or edit original complaint.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  ***********
  
   
  

• Initial Complaint

  12/19/2022

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I have a 5-year lease on equipment that was up at the end of November. I called to find out the buyout amount and they gave me a total that was almost as much as the price of the equipment 5 years ago. the contract says fair market value. I sent him several comparable prices of the same equipment being sold online and trade-in value from the equipment company and they won't move on the price. I can't seem to come to a deal with them. not sure where to turn? I told them they can have the equipment back but they say it has to be delivered to them. the equipment is a large car lift that is not returnable. not sure where to go. the equipment cost that was financed was ******** with a payment of ****** per month for 60 months so they roughly made ****k on the lease. then to ask for 12 k more when the trade-in is ******* and the equipment can now be purchased for 4k to 6k used on ***** I'm not trying to pay them but I just want its fair market value. I have offered them ******** but they don't want to work with me.thanks, *********************** ******************************

  

  Business response

  12/22/2022

  Hello,

   

  We have responded to ****************, and have worked out a solution. He mentioned he would amend his complaint. 

  Customer response

  12/22/2022

  
  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.
  
  Regards,
  
  ***********************
  
   
  

• Initial Complaint

  08/10/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  On 04/19/2022 we did an equipment finance with Alliance Funding Group. We purchased 4 ****** Corolla that was done in 2 different deals. The first deal was $48,309.61 and the second deal was *********. Hence, the total loan amount was $95,779.77.We made a down payment of $7224.04 (******* & *******) Few days ago, I was trying to figure out my balance so I can start paying off the loan sooner. I was told my balance is $92504.2 on the first deal and $90886 on the 2nd deal. Bringing my total payback amount to $183,390.2. Given that I already made a down payment of $7224.04, my payback is therefore ********** This is more than twice the amount that was borrow. I then asked, at what interest rate is this calculated, I was told to contact my broker to discuss that. I reached out to the broker, who then confirmed that the loan has no interest rate, unfortunately, there is nothing that can be done. I don't know how this is legal for them to charge me twice the amount the equipment is worth, even though I have insurance on those vehicle, the insurance will only pay for value of the vehicle if any of them were totaled, that still leaves me with a balance more than what I paid for the vehicles.Once again, I do not know how this is legal, that big corporations could device means to steel from people in broad day light and they are still in business. This situation is causing me so much financial stress. I want to be out of this deal, because this is a deal of death. Vehicles looses value by the day, if this was only a high interest loan, at least I know the insurance will cover the principle if something was to happen. but that is not the case here. someone is stealing from me in broad day light and I need to know how to make this stop

  

  Business response

  08/07/2023

  We worked out principal payoffs with this customer. ******************** had a start-up business, didnt like the terms, and didnt understand the nature of the contracts he entered into, we worked with him and helped him get out of the contracts 

• Initial Complaint

  04/27/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  In 2018 I purchased a cement mixer from ***** Systems. ***** Systems does not finance the purchase of the equipment and gave me a few contacts to finance the purchase. One of these companies was Alliance Funding in So Cal. I worked with a rep named ************************* at Alliance. ( he is no longer there ) I had numerous conversations with ***** on an equipment purchase and he was also emailed my quote from my bank PMB. ***** said he could beat my banks rate. Aarons emails quoted a 4.5% rate compared to my bank at 4.9%. I decided to give Alliance my business on this purchase. ***** was now out of the picture and they had me working with ********************* in the "finance" department. He sent me the proposal that ***** and i discussed and there was no interest rate on it. The proposal stated transaction cost of ********** which is what the total remaining purchase price was after the down payment made to ***** systems. The payment said ******** for 48 months which is basically ********** in total payments plus interest. I asked ***** why the proposal said lease and he informed me it is a purchase but they call it a **** buy out lease. Zack ****** in the "funding department" started contacting me regarding the "purchase agreement" on the machinery from mixer systems and had us provide proof numerous times of the down payment already paid. There were numerous calls from ***** and emails that we needed to get this funded before the rates increased. My payment was not ******** as noted in the written proposal but now ********. ***** said its basically the same rate my bank proposed on the purchase and we agreed to move forward. My complaint is not the rate. I made all 48 payments plus % = ( **********) but the ach deductions didn't stop. They also automatically extended the contract because they said I did not cancel? They now say its a lease and want ****** so basically want 200k on a ******* purchase. This company is unethical and stay away from doing any financing with them.

• Initial Complaint

  08/27/2021

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I received funding through this company in the amount of $37,500 to purchase a piece of machinery on a lease that I was told has no early payoff penalty. So far I have paid over $12,000 worth of payments to this company. I called them yesterday for a payoff on this lease and the payoff is now $68,402.54. I do not understand how my payoff can be double what my loan was when I have already made $12,000 worth of payments for a piece of machinery that did not cost $40,000 to begin with. I have read my contract and nowhere in there does it state this. The representative whom I did business with no longer works there, he told me because he found out how crooked the company was, and I cannot get answers from anyone else. I have asked for a manager or the company president to call me and have not received any calls. No one at this company will get me any answers. I do have emails where I tried to get someone to contact me, in addition I have made phone calls to the company.

  

  Business response

  02/17/2022

  The customer was extremely upset about the payoff. We worked with ***** to resolve the issue. After a lengthy conversation understanding what his expectations were. We were able to come to a mutual understanding and compromise that pleased the customer. He agreed to amend the ****** review and changed it from a 1 star to a 5 star review. 

*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. ↩