• Report: #243890

Complaint Review: Integrated Leasing Corp.

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  • Submitted: Fri, April 13, 2007
  • Updated: Thu, July 01, 2010

  • Reported By:Rowlett Texas
Integrated Leasing Corp.
600 Sylvan Ave., 3rd Floor Chicago, Illinois U.S.A.

Integrated Leasing Corp., Lease Finance Group LLC Non-cancellable lease on merchant processing equipment Ripoff Chicago Illinois

*Consumer Comment: I too was a victim of this company

*Consumer Comment: That was not my experience with this company

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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.

Kellye
Rowlett, Texas
U.S.A.

This report was posted on Ripoff Report on 04/13/2007 04:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/Integrated-Leasing-Corp/Chicago-Illinois-60601-5802/Integrated-Leasing-Corp-Lease-Finance-Group-LLC-Non-cancellable-lease-on-merchant-proces-243890. 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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#1 Consumer Comment

I too was a victim of this company

AUTHOR: Shannon - (U.S.A.)

I signed on for a lease through a now-defunct company locally who used Integrated as their source. This was six years ago. I paid $20 a month for the lease for a $400 machine. They got $2600 from me. I was fed up with the monthly fees and called to cancel my service. They told me they needed a $100 buyout fee! I continued to pay my lease to the tune of $160 more and then called again to tell them again, I was to cancel. They told me they wanted another $100 on top of the other fee I was paying or send the terminal back. NO WAY am I sending a terminal back I paid thousands of dollars for. They have since been calling my office every day, they send letters to my home and office demanding money. I changed my bank account to avoid their fees. I demanded several times this stop and they continue to call. This is horrible !
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#2 Consumer Comment

That was not my experience with this company

AUTHOR: Tricia - (United States of America)

I had no nasty surprises in during the term of the lease on my credit card reader, which began in Jan '06 and matured in Dec '09.  Everything that was initially represented happened precisely as they said it would. 

I knew going into the lease that I would end up paying more, over the course of the lease, than I would spend were I to go out and purchase the machine from a retailer.  I was buying several benefits that would not be offered by a retailer:  1. Time payments  2. Maintenance/Repair of the machine  (if it's leased it's theirs so they maintain and/or repair it as needed. 3. Upgrade in the event my merchant service provider cannot support the model type.

The payments were debited from my account in accordance with my instructions and I was never hit with any nasty "surprise" charges. 

Now that the lease has matured I've got some options.  I could continue to lease the same machine, on a month-to-month basis.  I could buy the machine I have for an amount I might expect to see this used machine sell for on Craig'sList.  Or I could begin a new lease-term on a new machine, and because I've just completed a lease with them, they give me a lease payment which is substantially LESS than the one I just finished.  Those are all reasonable options. 

I'm sure that Integrated will make a profit no matter which way I choose.  I'm down with that.  I don't begrudge companies making a profit from doing business.  The more successful companies are the more the economy will ultimately benefit.


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