Report: #102142

Complaint Review: CIT Lease Financing Group

Submitted: Wednesday, August 04, 2004
Posted: Wednesday, August 04, 2004
Reported By: — Oceanside California

CIT Lease Financing Group

233 North Michigan Ave, Suite 1800 Middletown Ohio U.S.A.

Phone:
Web:
Category: Credit Card Processing (ACH) Companies

CIT Lease Financing Group ripoff Middletown Ohio

1Author 0Consumer 0Employee/Owner

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I was also burned by this company which seems to be a very frequent complaint. Essentially, this company has a leasing program for credit card swipers, mine was a Trans330.

They called it the lease-to-buy program and they prey on new business owners. They lock you into a 48 month lease for apprx $36/month. If you do the math, that comes out to about $1700. After the lease you can purchase the equipment for a couple hundred dollars more. This is not a deal b/c you can buy a new one for about $300. I found a used one for $40. You cannot get out of the lease for any reason without paying a hefty fine of over $1000.

Their excuse for such a pricey lease comes down to warranty information and how they "stand by their customers".

Ted
Oceanside, California
U.S.A.

This report was posted on Ripoff Report on 8/4/2004 1:54:45 PM and is a permanent record located here: http://www.ripoffreport.com/credit-card-processing-ach-companies/cit-lease-financing/cit-lease-financing-group-ripo-wfac9.htm. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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