ComplaintsforNavitas Credit Corp.

• Initial Complaint

  08/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Navitas credit debited my business account for over $400 more than the agreed upon payment. They said it was for insurance on a piece of equipment already insured. They confirmed insurance the week before the debit. They refuse to refund but instead deduct the amount from a future payment without any interest. In a letter sent to me They admitted that the insurance would benefit some entity within their corporation. When I financed this I signed a one time deduction for a down payment but for recurring payment. I just let it go as it was easy for the payment until this happened.

  

  Business response

  08/12/2024

  We deeply value your feedback.  Your satisfaction is our utmost priority, and we genuinely appreciate the opportunity to address your concerns and provide clarity.  After a thorough examination, our records indicate letters were sent to you and your insurance agent starting May 23, 2024, through July 30, 2024, requesting sufficient evidence of insurance. The letters do acknowledge any insurance coverage we purchase on your behalf is to protect our interest in the equipment, thus we are the insured party.
  
  Your insurance agent provided sufficient evidence of insurance on August 2, 2024.  The insurance coverage we provided starting August 1, 2024, has been removed, and a credit applied toward your September 1st payment to offset the one insurance premium you paid on our policy. Thank you for allowing us the opportunity to clarify this matter.

• Initial Complaint

  01/17/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Sept 2023 I reported items that was stolen and filed a insurance claim with the company, the insurance company and it has been months I purchased another system and the insurance company wont pay off the Navitias credit , and i only own about a ******* and I have been trying to get this fix for months, I emailed receipts and and information requested so I could payoff and get the remaining balance, I just don't know what to do about this

  

  Business response

  02/08/2024

  Thank you for reaching out to us. Your feedback is incredibly important, and we genuinely appreciate the opportunity to review your concerns and provide a resolution.  Upon thorough investigation of your insurance claim, we are happy to report the insurance proceeds paid your contract in full and the remaining proceeds were sent to you in January.
  
  Some delays were caused by factors outside the control of Navitas or the insurance company.  It took several months to receive the required claim documentation.  Once received, insurance proceeds were sent to the vendor you selected to replace the equipment.  Afterwards, the insurance company learned you already paid the replacement vendor, which is not typical.  This unusual circumstance added an additional requirement to the claims process.  The additional requirement was never cleared by the replacement vendor, which triggered the exception process.  *************************** took immediate action to approve the exception.
  
  We hope this information comes as good news and contributes positively to your experience with Navitas. Your satisfaction is our top priority, and we are here to assist in any way we can.  Thank you for your understanding and for allowing us the opportunity to resolve this matter.

• Initial Complaint

  01/02/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I purchased a dental equipment 2018. Seller recommended a financial company to get a 5 years loan with Navitas company. I finished all payments and closed the contract in October 2023. They now sent my case to Capital partners collection saying I would have to return my equipment or purchase it at a price of 14,761.19. They showed me that the contract was a lease not a loan. Yes, I signed the contract. But Navitas tricked me with a small fine print on it. It’s a large long contract. No one read it when signing. There’s no initial on that paragraph. I had been tricked. The contract was even closed.

  

  Business response

  01/10/2024

  We appreciate the opportunity to look into your concerns regarding the financing of your dental equipment. After a thorough investigation, it appears there might be a misunderstanding. Your financing for the dental equipment was facilitated by Partners Capital Group, not Navitas Credit Corp. The crucial details, such as the financing provider's name and the contract type (Lease), are prominently displayed at the top of page one of the contract you signed.
  
  Navitas only acquired 58 of your 60 payments from Partners Capital Group, and all payments due to Navitas have been duly settled. Your account with Navitas is officially closed. The remaining terms of your Lease, including any outstanding matters, fall under the jurisdiction of Partners Capital Group.
  
  Our records indicate that we corresponded with you annually about property tax, elucidating that it was due because your contract was a Lease. For any further actions related to the purchase or return of your equipment, we recommend coordinating directly with Partners Capital Group. They will provide the necessary guidance and assistance to bring this matter to a satisfactory resolution.
  
  If there is anything that Navitas can do for you specifically, please feel free to reach out. 

• Initial Complaint

  03/30/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We did a hardware upgrade to our MLOCR barcode sorter through Fluence automation (Now BlueCrest) they suggested we should use their preferred finance company which was Navitas. We have never had any contact with anyone after the initial signing of the loan documents. No signed contract copies, no monthly statements, no end of year statements, nothing, nada, zip. The only thing they do is deduct via EFT a payment each and every month. They are impossible to locate even via the website, I have left voicemails and sent emails with absolutely no reply, ever, not once. This has been going on for coming up on 4 years now and other than calling the attorney generals office to complain I do not know what to do. Stop payment on the auto withdraw? that would maybe get their attention but at what additional cost to me!

  

  Business response

  03/30/2023

  At Navitas Credit Corp., we are dedicated to earning your trust and seek to help you resolve any issues regarding receiving the information you need. 

  After researching your situation, we discovered that on 04/12/2022, we responded to your inquiry by directing you to our customer portal where you can obtain all your loan and payment information and history. Additionally, we have sent your monthly invoices to the email noted in your complaint and respectfully request you check your spam mail in the event they were redirected.  Lastly, on 03/30/2023 we did receive your voicemail and returned your call the same day leaving you a message regarding your circumstances and whom you should speak to for assistance.
  
  For future reference, you can access all your loan information on our customer portal. If you need assistance in the portal, we are happy to help you. Please reach out to us at *********************************, and one of our managers will contact you immediately.

• Initial Complaint

  11/28/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On October 9, 2022, I made a purchase through Iron Planet Auction for a semi-trailer equipment in the amount of $27,326. The sales representative, *** *** ******** with ****** **** third party financing, created the sales contract for the purchase. Once we agreed on the contract, it was signed and sent to Navitas Credit Corp. On the Iron Planet website, it states after purchase and signed contract that it will take up to 20 days to receive the title from the seller. My first contact to Navitas was to sales rep ***, whom I left multiple messages with and were never returned. Second attempt to inquire about the title to my purchase was to *****, Titling Department with Navitas, who contacted me on 10 Nov 22 that Navitas had received the title. She also stated that the title was incorrect and needed more time to correct the issue. As of today, 36 business days later, I have not received the equipment purchased. I am making payments on equipment that I have not received. These issues caused by Iron Planet, ****** ****, and Navitas has been detrimental to my company where I have lost thousands of dollars in revenue because of the failure to deliver on their portion of the contract. I have contacted several representatives at Navitas, ***** ****** (Manager over ***), ***** **** (Program Manager), ******** **** (Documentation Specialist), and ***** ******* (Title Department) none of whom is taking responsibility for the issues relating to this purchase. All of whom pointed the responsibility on the other person instead of answering my questions. I should not be making payments on equipment that Navitas has not to this day delivered on their end of the contract so that I can receive my equipment. Either reimburse me for the payments already made and stop invoicing me for equipment I have not received in a legitimate sale or cancel the contract and return my $27,326 to me immediately. This entire process has been unprofessional.

  

  Business response

  12/13/2022

  On October 20, 2022 Navitas funded a transaction to Iron Planet for Mainline Transportation Limited Liability Company.  This was after all paperwork and titling information was executed and reviewed under Mainline Transportation Limited Liability Company. 

   

  On November 9, 2022 we received the title and reassignment for contract # ********, however the assignments were in the customers personal name vs that of the business (Mainline Transportation Limited Liability Company).  That same day Iron Plant was asked for an affidavit of correction to allow for the change on the assignments.  Multiple requests were made to Iron Planet.

   

  On or about November 17^th, *** ***** reached out to our titling department and then was put in touch with ***** ******.  Once escalated, ***** ****** was able to reach TFG who then got in contact with Iron Planets titling clerk on November 21, 2022 and advised that the Affidavit of Correction was being completed, notarized and overnighted.  ***** ****** Communicated this information immediately to *** *****. 

   

  The Affidavit of Correction was received in our office on November 28^th and was then sent on to our titling agency.  Titling agency sent the documents on 11/30/22 to the VA DMV for processing.  As of 12/6/22 the titling was complete.

   

  To summarize, the breakdown in process was caused by a Titling/Name issue not caused by Navitas.  We understand your frustration, but we had to get the Affidavit of Correction from Iron Planet to process the title paperwork correctly.

   

  Regards,

  ****** *******
  
  

• Initial Complaint

  10/18/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I bought a trailer in ******* **** *********** (*********) 06/23/2022, and take finance by Navitas Credit Corp. , I make payments , but I still With out License plates and registration I Cannot use the trailer and i make repairs , pay freight and temporary plates , I contact to Seller , Finance Corp and no one solve this issue . If this trailer does not have an original title (no bonded title or copy of title) I want my full refund of expenses (freight, repairs, temporary plates, all expenses)

  

  Business response

  10/19/2022

  We are concerned to hear about your titling issues and contacted the auction company on your behalf.  They provided additional documentation, which should allow you to process the title.  Our title service sent you an email with specific details.  If you would like to discuss this matter further, please email us at ***********************.   
  

• Initial Complaint

  04/12/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  see Attached document

  

  Business response

  04/26/2022

  This response is in response to complaint that was submitted on 4/12/2022 and was assigned an ID of ********. Navitas wishes to respond to the complaint with this response:

   

   

  We are sorry to hear about your concerns. Our records indicate you mentioned installation issues to us in January 2021, and we suggested who to contact. As Navitas Credit Corp. is a finance company, we are not involved in selecting vendors, manufacturers, installers, equipment, or programs our customers choose to finance. We paid for the equipment at your direction per the terms of the signed Equipment Finance Agreement, but we understand your frustration concerning the equipment delivery delays. To help you resolve this issue, we have asked your vendor to research the matter and respond to you as quickly as possible. Our sales representative will follow-up with our contact to assist you to resolve this matter. Please do not hesitate to reach out to us at any time to discuss this matter.

   

   

  All the best,

• Initial Complaint

  03/07/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  On 9/7/2021, after several talks with ****** *******, **** ********* my sales rep sent of the invoice for $40,046.82 for a new custard machine for our store in New Bern, NC. We agreed on the price and then sent everything to Navitas for financing where **** **** took over the financing. After several conversations and emails, **** sent the approval and amount for $40,046.82 financing on same day 9/7/2021. They then released half the funds to ****** ******* for production and then started my payments on the equipment I did not have but this was not the issue. On or about March 1, 2022, I logged into my Navitas account and noticed the balance was around $61,000. I then contacted Navitas (**** ****) immediately to find out why it was so high as I had been paying on it for like 6 months and only financed a little over 40k. He then proceeded to say that I financed for 60 months for which I said correct at the 40k plus rate of what the freezer cost. He then said they essentially charged me $67,000 for it adding the difference of what I can figure out at this point. In summary, they will not give me a straight answer as to why I am now paying 67k for a 40k machine and when I asked ***** ******* (Navitas Customer Service) what my interest rate was, she said I had no interest rate but my paper work says 10.5%. In closing, this is a tremendous amount to tack on to our costs we all agreed upon but I fear I was mislead somehow. My wife and I are just a small veteran owned business trying to start out as we have been open less then a year and this is a huge financial difference for us when they tack on an additional 27k to our machine. Any help or direction on this would be greatly appreciated.

  

  Business response

  03/08/2022

  I am sorry to hear our responses to your questions have not been clear regarding your Lease Agreement.  We purchased the equipment on your behalf for $40,046.82.  We were also required to pay upfront sales tax to your jurisdiction of $4,119.58.  The total cost financed by us was $44,166.40.  We are leasing the equipment to you for 60 payments of $1,121.82, totaling $67,309.20.
  
  Lease payments are not broken down into principal and interest, much like leasing an apartment.  At any time, your balance is the sum of the remaining payments.  Currently, you have 54 payments remaining, totaling $60,578.28.  Note, the balance is not offset by your security deposit of $905.79, which will be refunded to you after you complete the terms of the Lease.
  
  The balance may not be your buyout.  If you decide to buyout the Lease early, then you may be eligible for a discount.  If you do not buyout the Lease early, then you will pay a total of $67,309.20 for leasing the equipment for 5 years.  I hope this information clears up any confusion. 

  

  Business response

  03/11/2022

  Sorry for the confusion concerning your contract..  We will contact you to discuss any potential options you may have.   

  Customer response

  04/14/2022

  Yes, got a loan from my bank and we settled on an agreed price. Thank you for following up.

  ---

  **** *.

  Founder Nautical Star Coffee 

*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. ↩