Business ProfileforApex Commercial Capital Corporation

THIS COMPANY WILL CHEAT YOU OUT OF MONEY AND DOESN'T COMPLY WITH CONTRACT LANGUAGE. We had a lease-to-own contract with Apex Commercial for our laser equipment. Our contract had an early payoff option after 30 consecutive payments were made, no defaults and that the request had to be in writing. We paid a higher monthly payment to have the early payoff option since we new that we would be in a position to pay it off early. The contract also stated that we were liable for not more than $100 in aggregate unpaid finance charges at that time. Apex did not honor this contract. When I requested an early payoff, ******** said that there was no discounted amount and the entire amount was due. I requested for a finance schedule, or anything official to document the finance chargers. *** refused to provide and the amount but sent this definition. "Your documents are structured as an Equipment Finance Agreement not a loan. There is a finance charge based upon a rate factor, not an interest rate, therefore interest and principal are not separated. The payment and the term are fixed so there is not an amortization schedule like there might be with a loan or a mortgage. To arrive at the amount you will pay in finance charges, you would multiply the payment by the term and deduct the equipment cost. This will be the amount you will pay in finance charges for the life of the term."They refused to adjust the payoff amount. The overall cost of the contract was $26,088. The equipment was $18,570, finance charges $7,518. With a 60 month term, the finance charges would be $125.30 per payment. That aggregate finance charges for nine payments would be $1,127.70. The early payoff agreement states that I would be liable for not more than $100 of the unpaid aggregate finance charges. My payoff should reflect that, it should only be $2,885.50 ($2785.50 for the equipment and $100 of the $1,127.70 for the finance charges). The payoff amount you sent me is over $1000 more than that.