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Review 11/20/2009
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I encountered this company through Internet while searching refinance of used car. Chad Lee of this company got my application and checked my credit and later called me and said I am approved. Then, he suggested me to get lease financing for machinery (though not existed) from his company instead of refinancing the used car and further said me to make fake invoice of purchasing equipment from my friend’s business. Then they will send fund to my friend’s business from whom I may get cash. I attempted to do so, for this legitimate leasing company guided me to do so, but I didn’t, for my friend’s business did not want to involve.
Then, Chad Lee suggested me to draft a fake check showing that I had already paid equipments then he would buy the equipments from me and lease them back to me. He had never sent a written paper that my application was approved but always verbally said I was approved. He sent me lease contract paper on which I needed to sign and demanded me to send a check in advance covering two months lease payment $2,382.42. I suggested him to deduct it from the fund he was going to make but he refused.
Finally, I sent to him my check and lease documents I signed. Fortunately, I had experience with other good leasing company who did not demand up front lease payment. I felt very uneasy with Vanguard because what Chad Lee guided me to do was to make fraudulent transaction with his company. I watched how fast Vanguard cashed my check. I thought that if they had cashed my check immediately, it would mean I was being fooled. If they had cashed in as slow speed as other financial institutions normally do while proceeding funding simultaneously, it would mean my case was being treated as sincere and normal. They attempted to cash next business day and from that point I firmly realized I was being deceived so that they could get two months lease payment $2,382.42 free and kicked me out, saying "you have made fake invoice and therefore Vanguard can't finance you and keep my lease payment in their pocket". As I had not written document from them approving my lease financing, I would have been caught by their trap if they had insisted I tried to fool them with fake invoice.
I called my bank to stop the check and then enquired Vanguard with BBB and found all complaints from other people and then I realized this company has been deceiving me to rob me of two month lease payment $2,382.42. If after they cashed my check and said they can't make funding for me, because they found my invoice was fake (though they said me to do so), I would have been helplessly ensnared and have lost two month lease payment.
Chad Lee called me and said me to send cashier's check for my check was stopped, I emailed him to give me full refund guarantee from his company in written in his company letterhead before I send cashier's check then he have never responded.
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