Interstate Capital (also referred to as IC and ICC), a privately held company, was founded in 1993 and originally focused its factoring business in the apparel industry near the US-Mexican border. It expanded in the mid-1990s throughout North America and into the transportation, manufacturing/wholesale distribution, oilfield service and staffing industries.
WHAT IS OFFERED:
- Fuel advances available up to 50% per load. Fuel advances before delivery
- Prepare and mail invoice (postage included)
- Free Electronic Funds Transfers
- Fuel Card savings up to $.14 per gallon
- Same-day payment posting
- Highly automated collections
- “Same-Day” 100% funding if driver scans POD at truck stop by 2:00 p.m.
- Unlimited free electronic funds (ACH) transfers and one free wire transfer per week
- 24/7 on-line access to invoice images and reports
- 24/7 automated credit approval on thousands of freight brokers
- Reserve disbursement available on demand
- Load board – FreeFreightSearch.com
Overall impression of Interstate Capital – Negative
MAIN CONCERNS / HIGHLIGHTS
1) A BBB Accredited Business since 12/8/2011 – 2 complaints
2) Dishonest Sales Techniques (2)
3) $500 termination fee (5)
4) Not honoring contracts (2)
5) Poor accounting and money mismanagement (3)
6) Difficulties getting paid (6)
7) Invoicing brokers late to trigger higher rate (7)
1 – Negative Report
Negative report was filed with RipOffReport.com on 3-1-12
The dispute was over few invoices, but it mushroomed into very large report with multiple updates and rebuttal.
2 – Negative Report
Negative comment was filed on TheTruckersReport.com on 5-1-12
Former client stated:
“I don’t even know where to start…I was lied to and defrauded from the very beginning. It all started when I received a flyer outlining all of these wonderful things Interstate Capital Corp factoring could do to help assist with quick pay on freight bills and fuel advances. The only reason I signed up with them was because they promised NO RECOURSE at 5% deduction…that was one big fat lie. As soon as a greedy broker refused payment on multiple loads that were picked up and delivered on time, these sharks turned on me. They never contacted the broker for payment, they just immediately demanded that I pay.
I offered to make small payments out of each load that I hauled in an effort to satisfy the debt without working for free again after I was cheated by the last broker. At first the CEO said “yes” in writing, but as soon as the first load came across his desk he took the whole load and changed his written agreement with me instantly…stating that he had the right to send old letters out that I’d signed for them to bill a specific list of previously factored brokers instructing them to pay him and not me. The load that he stole had never been factored before, I always billed them direct. He also negated the entire deal because I told him that what he was attempting to do (since I’d never factored this broker in the past), was fraudulent and promised he’d continue to fax these old letters out to every broker he came across to satisfy the debt.
The debt is currently still in litigation between my company and the broker, but ICC got tired of waiting and decided to put a lien on me. Instead of them fighting for their client, they turn on the truckers and will try to garnish any wages you get from any brokered load they can find in an attempt to satisfy a debt they should be collecting on.
This place is terrible and if anything goes wrong…AND IT WILL DUE TO THEIR UNPROFESSIONAL BEHAVIOR…THEY’LL PUT A LEIN ON YOU AND HARRASS YOU. IF THAT DOESN’T WORK, THEY’LL SEND FRAUDULENT LETTERS TO EVERY BROKER IN TOWN TO STEAL ALL WORK PERFORMED WHETHER YOU FACTORED WITH THEM OR NOT.
If you want to factor, please stay away from these clowns!!! Find a bank who will adhere to their written agreements.”
3 – Negative Report
Negative report was filed with RipOffReport.com on 5-12-13
Former client complained about poor accounting, money mismanagement ($10,000), poor customer service.
Interstate Capital did not file a rebuttal.
4 – Negative Report
Negative report was filed on RIpOffReport.com on 10-11-13
Current client stated:
“I was blindly lured in by ICC. I was a “restart” up. I regret every moment i spent or wasted with this unprofessional company. Do not trust anything they say. They will bring your business to ruin with no clear explanation in one second flat! They JUST DID THAT TO ME! This company caused me many sleepless night. The scary thing is they had NO LEGAL REASON to stop funding our invoices. STAY TUNED FOR THE REST OF THIS HORROR STORY…..it will shock you!”
No details given.
Interstate Capital did not file a rebuttal.
5 – Negative Report
Negative report was filed with BBB on 8-21-14
Former client complained about undisclosed $500 termination fee, among other things.
6 – Negative Report
Negative report was filed on RipOffReport.com on 9-30-15
Former client reported problems with receiving payment from the company.
Interstate Capital did not file a rebuttal.
7 – Negative Report
Negative report was filed with BBB on 10-22-15
Broker complained about “late invoice” practice.
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