Lease One Corporation: Scam to Sign up Brokers

Stay away from these swindlers. I was downsized and relocated my family to Florida for a more affordable lifestyle. I was looking to start my own business and I found LeaseOne interesting because it offered the cheapest possible start up cost at $19, 900. After spending time on the phone with the owner Joe Angelo and what turned out to be a list of other LeaseOne brokers who are paid a commission by Joe for every new broker who they help sign up I took a portion of my severance package and made the $19, 900 investment. I attended the 3 day training session in Boston and on the last day we visited the LeaseOne Corporate headquarters. At HQ Joe told us that the way to make money is to find folks who cann't get money anywhere else and bang them over the head with 10 points of commissions. He also promised that he had many funding sources and could get just about any deal approved. I came back to Florida excited to start but it didn't take long before reality set in. I submitted many deals and all were rejected by LeaseOne: we don't fund restaurants; we don't fund C rated customers; we can only fund up to $75, 000; owner's partner has bad credit, haven't been in business more that 5 years, etc. I finally did submit some A rated customers but the approval rates were way too high and they had huge commissions up to 5 points added. The back room support team seemed to take pride in why my deals were being turned down. I spoke to the owner, Joe Angelo and told him that the only reason I signed up is because he promised the ability to get all sorts of deals approved with good and not so good credit. It was obvious that Joe lied so he then asked me if I was interested is helping him sell the LeaseOne broker program and that he would pay me a commission for every broker I signed up. That's when I realized that LeaseOne is a scam to sign up brokers. They signed me up with the false hope of them providing support and the ability to fund all kinds of leases. It sounds great, you sell and they'll get deals approved and provide the back room support. They did neither of the two. Deals couldn't get approved and the support was horrible. On numerous occasions I couldn't get a hold of anyone and left urgent messages that went unanswered. Maybe $20, 000 isn't a lot of money to Joe Angelo but it was a lot for me and my family. I pleaded with Joe to return a portion of my money because he couldn't deliver what he promised but he said that he couldn't because he already paid a commission to the Franchise website salesperson I came in through and the LeaseOne Broker I spoke to. The nice guy who courted me to join became a callous and cold and accused me of not working hard enough. I spent hours trying to make this program work and did exactly what I was suppose to do but LeaseOne was never able to deliver. Please donâ??t make the mistake I did by buying into the scam. I read other folks suggestions to join the NAELB and have contacted them. It seem like they will indeed do for free what LeaseOne promised to do for $20, 000. Please stay away from this scam and if you want to become a Lease Broker I strongly suggest you visit the NAELB website at http://www.naelb.org/index.cfm. Whatever you do donâ??t pay $20, 000 to the LeaseOne scam.