Anyone who has been "victim" to Integrated Leasing Corp's "Non-cancelable Commercial Lease Agreement" I wanted to pass along some information regarding my experience with these crooks.
I too signed a non-cancellable lease on a piece of equipment that we could have out-right purchased for about $400, had I been more diligent in researching the options prior to my eagerly signing the lease on behalf of a small business I had started. My fault for not researching...bottom line...never trust anyone...you have to be pro-active when entering a business and all the facets involved (leasing equipment, etc...).
Regardless...my business recently closed and naturally the lease on this piece of equipment was still in effect (48 mos. lease @ 70.20 monthly...again...the actual equipment retails for anywhere between $350-$500). I would say this is "gross misrepresentation" on behalf of the agents who represent the lease company.
After 4 mos. of my business not paying the monthly lease amount (the lease payments were through the business account which naturally closed upon closure of my business)the lease company located me and sent me bills of past-due lease payments with penalties.
Bottom line...I did not want my good credit affected by these crooks...as I did sign a legal agreement (whether it is right or wrong...the agreement is indeed legal). I contacted Integrated Lease to advise them of the business closing..furthermore that I wanted to come to an agreement on the final balance/term still remaining. Wow...when I mentioned this and confirmed the fact that I wasn't going to "not pay"...it was let's make a deal! They are all about money...what they can bleed from you...at that point..the lease agreement simply became a negotiation tool. Although it is my honest opinion that they had already rec'd approx. $2100 for a machine that retails between $350 - $500, there remained 10 mos. on this lease, plus the equipment at the end of the lease would have to be returned or purchased (they indicated a purchase price of $500...hmmm...the retail cost of the machine on the high-end...after 48 mos. of $70 payments!). Unfortunately, I no longer had the equipment as I had a partner who basically took all the equipment from the business.
Regardless...after talking with the agent in a "calm" manner...it was indeed let's make a deal...and by the time it was over...what would have been approximately $1200.00 remaining on the lease w/the purchase of the equipment combined...ended in a final pay-off agreement of $500.00! $500 to much, but again...I had signed a legal document...and I did not want my good credit affected...so I chose the least of two evils.
My point...the company is a con...no doubt...DO NOT DO BUSINESS WITH LEASE FINANCE GROUP LLC...it's all about ripping you off to the greatest extent possible. I would hope that one day something such as "gross misrepresentation" could be applied towards agreements of this nature, but we are not there yet.
But...just be advised that although they say the non-cancellable agreement remains in effect...there is such a thing as "let's make a deal"...it worked for me.