Direct Capital

From my earlier post, I’d like to express how much I dislike this company and why.

First of all, they weren’t totally honest with me from the beginning. We were told we had to give them a processing fee, which I understand. The processing fee is nonrefundable… even if you don’t get the loan. I understand this as well. It’s part of the business. After all, had I been the perfect payee, I wouldn’t have had to go to what some would refer to as a ”loan shark” in the the first place.

After paying the processing fee, which was pretty sizable, I was told we were approved for the loan and would have to pay the first months payment as a down payment. We paid. The next day we were told we had to pay the last months payment up front as part of the down payment. Are you confused yet? Well, I am, and I’m the one who had to do it!

Then we had to fax copies of our drivers license, bills and bank statements. Then we were told we had to sign addendum’s to the loan. At this point, we were told we were still going through the approval process… after we were told we were approved! Sheesh!

This past Monday (This is Saturday), we were told the approval was final and the money would be sent to the 2 vendors on Tuesday. This was news to my ears as I needed 2 days for delivery. He also told me that the money could be wired in order for the vendor to get it quicker. We could finally start work on Thursday.

I called Tuesday morning to confirm that the money was sent to the vendors. It had not. I called Direct Capital to see why. He said we needed to fax another document back to him. He said there was a new tax law in the state of Arkansas that required the document. Once my wife got the document, she called to tell me it didn’t have anything to do with taxes or the state of Arkansas. We went ahead and signed it and faxed it back. I called Direct Capital back and he told me not to worry, the money would be sent tomorrow (Wednesday).

Going off his word, I told the company we’re working for that I would get the equipment and be able to start on Friday.

Again, I called Direct Capital on Wednesday to see if the money had been sent… It had not. Apparently, showing my drivers license, my wife’s drivers license, several legal documents with my address and even tax returns was not enough proof that we did in fact live at our home. Direct Capital informed me that one more verification had to take place. This meant the money wouldn’t be transferred until at least Thursday if we were lucky.

They hired someone locally to come to my home. Are you thinking what I’m thinking? Well, if you’re thinking you’d rather be at The Old Mill in Pigeon Forge, Tennessee, then we’re on the same page!

The appointment was scheduled for 3:30 PM on Thursday, which is 4:30 Eastern. He showed up around 3:45 Central time. He was told to take a picture of my wife’s drivers license. My wife also suggested he take a picture of our dump truck which has our logo on it and thought that was a great idea! Then he took a picture of the outside of our home. He called the people at Direct Capital while he was in the driveway and to report his findings and then he left.

I got a call from Direct Capital around 5:30 Eastern telling me that we were approved for the loan… and we had one more verification to do which would take place over the phone with me on Friday! By this time, I’m pulling out what hair I had left! I had to tell the company we’re working for that I wouldn’t be able to start working until Tuesday. Trucks don’t run on the weekend.

Late Friday morning, I finally got my verification phone call from a company in Colorado. I asked the lady how long it usually took for a wire transfer to go through and she informed me that a check would go out to the vendors the next day and they should have it come Monday. I told her we were supposed to have a wire sent and she informed me that she could but didn’t receive wiring instructions from Direct Capital. I quickly called my vendor and had them email her the wiring instructions.

Sometime around 4:45 PM Eastern time, I got a call from the vendor indicating that he did in fact get the money, but it was too late to ship anything out. I had to pay an extra $200 to have my saw delivered on Tuesday. Everything else would be here by Tuesday as well. The saw was just further away.

So, there you have it! The life of a man who was lied to several times who in turn had to inform someone else the results of those lies for almost a week.

So what’s the bottom line?

I didn’t have a way to get the equipment from any other source. If I had had better credit, I might have been able to go to my bank.

It’s like I said the other day, if a company comes clean, up front, and you know what it is you’re getting yourself into, there shouldn’t be any problems. However, if a company conveniently starts to reveal details after the fact claiming the forgot or thought they told you, then that’s what I would call deceitful business practices. That’s a company that has to lie and cheat and steal in order to get your business!

Once you start, you cannot get out without losing your initial investment. In this economy, every penny counts! Guess what? In any economy, every penny counts!

I’m not advising you not to do business with this company. What I am advising is that you ask questions, ask more questions and when you’re done, have you wife ask questions!  Be careful! Know what you’re getting into up front! If you find out the person you’re dealing with has lied to you, let them know you’re aware they’ve lied to you. You don’t have to be rude, just let them know.