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I am in the restoration business. I contacted Aramsco.com for the purchase of a flooring removal machine. They arranged financing through Marlin, in what they called a fair financing contract. In my eagerness to buy the machine, I did not read the entire contract. Like so many posts here, I found that I was being charged for insurance (which covers them only, at an outrageous rate of 75% (annualized) of the monthly payment.) They added taxes on the insurance fee, and tangible taxes fees for which they refused to provide proof of payment to the State of Florida.
The State of Florida levied the tangible taxes on the equipment as well, as I could not prove they made the payment on our behalf. I attempted to get this resolved over two months, with no success. They filed a UCC-1 form (i.e. lien) with the State of Florida, to ensure that the machine will be paid for before release. However, they filed the form in such a way that they claim the rights to any and all invoices generated by my company. As a consequence, we cannot use capital funding companies to purchase our invoices, to keep enough cash flow to meet our obligations: (including the payment of payroll & the monthly rental fee).
They are completely uncooperative, even though they have provided letters of subordination for the purpose of invoice factoring in the past. Buyer beware! Exhaust all available avenues to obtain funds prior to engaging this company. The flooring machine original price: $35,000. Payments year-to-date (excluding this month, which we might not be able to pay) $29,432.24. Pay off amount today: $20,839.10. Total $50,271.34. Tony Soprano could not make this much profit if he tried. He could learn a lot from Marlin!
I was sold security equipment in case of inherent problems. The equipment has been repaired three times and continues to break down... Marlin Leasing Corp. is the third party lease holder. A paper was given to me on the day of the sale, and I do not ever remember signing. Secondly, I called them so they could help me figure out what to do and they have been rude stating," It is your problem and it cannot be cancel." According to the last repair. The system is out... I have paid $5,000. for equipment that doe not work... I have had it for about 2 years and a half and it worked only for about 8 months. It is broken merchandise.
They gave me a contact number to their vendor that was disconnected. The last two salesman no longer work for the company. They claim that I still owe approx. $7,000. and the equipment is still sitting on the floor. I really pleaded with them to help me remediate or find a solution and they were screaming at me that it is my problem... At this point, they call me every day to my business, my home, my cell phone and they are sending letter to my business and my home. It is becoming a harassment and it is irritating me. That is why I believe America is falling apart. Nobody wants to do their job. According to their lease agreement, I promise to keep and use the equipment in my business, but it does not work and it cannot be repaired.
Marlin Business Services Corp. expert review by Barbara Friedberg
Marlin is a publicly held company that provides commercial equipment financing and working capital loans to businesses nationwide.
Products: Marlin offers four types of funding: vendor financing, equipment financing for business, funding stream business loans and franchise funding.
Interest rates: Various interest rates available.
Service: Easy access to Marlin is available by phone or email. Applicants can also complete an online application.
Borrower qualifications: Available from customer service representative.
Loan limits: Available from customer service representative.
Repayment options: Flexible payments and terms. No down payment and fixed monthly payments available.
Best for: Small and mid-sized businesses, local businesses, expanding businesses and firms seeking equipment leasing funding.
Marlin Business Services Corp. Company Information
- Company Name:
- Marlin Business Services Corp.
- Year Founded:
- 300 Fellowship Road
- Mount Laurel
- Postal Code:
- United States
- (888) 479-9111