ED Magedson – Founder
Ladco LeasingKnoxville, Tennessee USA
Ladco Leasing This company will lock you into an unconscionable lease. STAY AWAY FROM THEM Knoxville Tennessee
I felt obliged to write this. I was so appaled today when I ran into this scam. I am a sales rep in the Credit Card Processing Industry. I have seen instances of merchants being taken advantage of in my day but nothing so blatant and vicious. As far as I'm concerned, this company should be banned from the Industry all together. I ran into a merchant today who placed a credit card machine in front of me. He stated that a rep from Ladco had him sign a lease for this until 2 years ago. She stated that he could only get the low rates she was offering if he leased the terminal. I have no problem with terminal leases as long as they are fair. The terminal is a Hypercom T4220. It currently sells for around $250. The lease she had him sign was for 5 years at $116/month. Anybody else do the math? That is $7000 for a $250 machine. I had him to call them while I was there because I thought it had to be a mistake. Nope! Right there on the phone he was told he had 29 months left at $116 and that his buyot was $4000. I am registered with 2 reputable lease companies in the industry and they don't allow leases over 2 years for these terminals. There is a factor form that gives you the monthly rate. I have leased this machine before to a merchant for $35 over 2 years. I even then tried to get them to buy instead of lease. I am going to do my best to help this merchant get out of this lease. I am sure it has to be illegal. Do not buy, lease, or even talk to Ladco Leasing! They are no better than those emails you get from Nigeria scamming you for your money. Scam alert! Scam Alert! Scam Alert!!!!
This report was posted on Ripoff Report on 10/08/2013 05:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ladco-Leasing/Knoxville-Tennessee/Ladco-Leasing-This-company-will-lock-you-into-an-unconscionable-lease-STAY-AWAY-FROM-THE-1090498. 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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