ComplaintsforCommercial Capital Company, LLC

• Initial Complaint

  06/13/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I received a loan from commercial capital for the purchase of a commercial vehicle 4 months after the purchase the transmission went bad and required a new transmission i had the truck at Southport freightliner in Tampa Florida the estimated repair cost was 32,000 dollars i asked commercial capital for a loan to repair the truck they agreed prepared a new loan which included the the purchase price and repair costs my loan payments increased and the length of the loan increased by 12 months my business partner and I signed the agreement and commercial capital wired the funds to Southport freightliner there was a back order for the transmission after 2 months of waiting on the transmission the shop foreman suggested since the truck is an freightliner we should use a freightliner transmission that were in stock and it would save 12,000 dollars so i agreed when purchasing the truck i also purchased an warranty program through another company once the repairs were complete there was a refund of 18,000 dollars savings on the transmission as well as 7,100 dollars from the warranty Southport wired all the funds back to commercial capital i asked commercial capital for the funds because i signed the new loan agreement and the funds belong to me I had a meeting with them they suggested they were going to apply the funds to another loan that my business partner had which he owed 10,000 dollars I stated that loan had nothing to do with me and should not be used to settle someone else's debt this loan was truck specific I asked why would we refinance the loan and use these funds to lower the loan term and length they said no i asked why I'm paying interest in the loan payments based on the amount agreed upon these funds belong to me they stated if I don't like it to return the equipment back to commercial capital

  

  Business response

  06/28/2023

  Mr. ****** came to us and requested additional funds to repair his transmission.  He gave us a repair estimate from Southport Freightliner for $32,273.33    Customers lease was past due at that time. We were reluctant to advance more funds but due to the situation, we decided to advance him the money. Later we were contacted by Freightliner that our customer went with another transmission that was less than the amount we advanced. Mr ****** requested the dealer refund the left over to him. We advised Freightliner to send the left-over amount back to Commercial Capital to be credit to his lease. We used part to bring the lease current and applied $10,000 to his personal guarantor’s lease. After being contacted by MR. ****** complaining the money should not have been applied to another lease that he was not signed on. We elected to reverse and give Mr. ****** credit for the $10,000   Mr. ****** has been credited for the full amount of the refund.  As of this date Mr. ******s lease is past due.

  Customer response

  06/28/2023

  *** ****** ** ** ******** **** ****** ** * ****** *** **** **** ** * ****** *** *** *** ********* *** ********* ** ** ****** ** ******** **** ********* **** ** ****** ** ******* ********** ********** ********
  
  I am rejecting this response because: i agreed to the new loan amount signed all necessary documents if there were any refunds it shouldve been returned to me commercial capital didnt restructure my loan due to the refund if im paying back the loan at the original loan structure the refund belongs to me its not commercial capital's decision where to apply the refund there was nothing in writing that sated if there was a refund it would be applied back to the loan
  
  Regards,
  
  ***** ******

  

  Business response

  06/28/2023

  As stated earlier, Commercial Capital Company applied the refund from the vendor to your lease. This will shorten the term of the lease, so your account is credited. We are unable to offer you a cash payment for the overage, but we can reduce the payment amount. We are willing to adjust the payment amount if this is what you prefer, just let us know.  

  Customer response

  06/29/2023

  *** ****** ** ** ******** **** ****** ** * ****** *** **** **** ** * ****** *** *** *** ********* *** ********* ** ** ****** ** ******** **** ********* **** ** ****** ** ******* ********** ********** ********
  I am rejecting this response because:I signed documents for the loan new payment new contract lenth commercial capital shouldn't dictate how the funds should be used after the fact
  
  Regards,
  
  ***** ******

  

  Business response

  06/30/2023

  Hi Mr. ******.  When we did the new loan, the sole intention of it was to fix your truck and get you back on the road.  We used the estimate you provided from the dealership who was doing the work.  When we got the final invoice from the dealership it was for less than they quoted in their estimate.   That does not mean you get the rest of the money.  The amount that was returned to us from the dealership was applied to your principal balance owed.  

  This is how situations like this have been handled in the past and it is how they will be handled in the future.  We advanced money to get your truck fixed.  Truck got fixed and It cost less than estimated.  The difference was applied to your loan.  

  If you would like to discuss a payment restructure then please reach out to your sales rep.  We would be happy to talk about it but it is just not an option to give you the money like you want.  

  Thank you,

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

  

  Business response

  06/30/2023

  Hi Mr. *******  When we did the new loan, the sole intention of it was to fix your truck and get you back on the road.  We used the estimate you provided from the dealership who was doing the work.  When we got the final invoice from the dealership it was for less than they quoted in their estimate.   That does not mean you get the rest of the money.  The amount that was returned to us from the dealership was applied to your principal balance owed.  

  This is how situations like this have been handled in the past and it is how they will be handled in the future.  We advanced money to get your truck fixed.  Truck got fixed and It cost less than estimated.  The difference was applied to your loan.  

  If you would like to discuss a payment restructure then please reach out to your sales rep.  We would be happy to talk about it but it is just not an option to give you the money like you want.  

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

  Customer response

  07/05/2023

  *** ****** ** ** ******** **** ****** ** * ****** *** **** **** ** * ****** *** *** *** ********* *** ********* ** ** ****** ** ******** **** ********* **** ** ****** ** ******* ********** ********** ********
  I am rejecting this response because: The loan agreement didn't specify that any residual funds would be returned to the lender i feel commercial capital is targeting an black owned business with business practices they wouldn't use with business owners of a different race i feel my business was targeted with unfairly used tactics such as trying to use funds i acquired through a loan to pay off someone else's debt i know this is illegal and the same procedures wouldn't be used on larger and different ethnic owned companies 
  
  ******** ***** ******

  

  Business response

  07/10/2023

  I can assure you that your company was not treated any differently than any other company that we do business with. Commercial Capital Company does not descriminate based on race, religion, sexual orientation, or any other criteria. The fact of the matter is that the funds were reallocated and applied to your loan. The remaining funds were not applied towards anyone elses account. 

  Customer response

  07/10/2023

  *** ****** ** ** ******** **** ****** ** * ****** *** **** **** ** * ****** *** *** *** ********* *** ********* ** ** ****** ** ******** **** ********* **** ** ****** ** ******* ********** ********** ********
  
  I am rejecting this response because:
  The fact that commercial capital would even suggest applying funds towards someone else’s loan implies that commercial capital doesn't value my business and is very belittling as if im not business oriented as if im a second class citizen again if I was of a different ethnicity i wouldn't have been treated the same your employee stated the reason shes there is to deal with the black people which was an racist statement and I should've taken my business elsewhere before as i stated nowhere in the loan agreement stated if there was an refund it would be returned to commercial capital and if i was any other business owner you wouldve returned the funds to me
  ******** ***** ******

*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. ↩