- Report: #323748
Report - Rebuttal - Arbitrate
Complaint Review: Lease Finance Group - CIT Financial - CMS
Lease Finance Group - CIT Financial - CMS233 N Michigan Ave Ste 1800 Chicago, Illinois U.S.A.
Lease Finance Group - CIT Financial - CMS Deceptive Practices Chicago Illinois
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This is 2 sets of processing equipment each valued at $491.76.
A salesman came into our small store in 2002, told us about this credit card processing company, CMS, Certified Merchant Services. We knew nothing about credit card processing, they provided check verification so we thought it would be a good idea to go with this company.
The salesman did not explain that there were two different companies involved, the processing company and the leasing company, we thought we were dealing with one company. He originally told us we would be in a 4 year contract, it turned out to be a 5 year contract. The fees were not really explained well to us and the contract was very unclear in the wording.
In early 2007 we decided to switch to a different credit card processing company that provides the machine at no cost. We notified the other company that we would be discontinuing our service with them, the contract was up. We believed at this point everything was done. At that time, we discovered that there was a leasing company, LFG, but believed that we would not be charged any longer since the contract was up at 60 months. Wrong they have continued to charge us.
We would never have agreed to pay $14000.00+ for equipment valued at $983.52. We would have gladly paid for the equipment outright from the start, we were not given that option, and did not know the value of the machine.
To stop billing us they want the equipment back, which I am glad to send we are not using it, even though we have paid the fair market value for it 12 times over. I want them to reimburse us for the last year that they have have been charging us for the 2 machines - $2458.80. I do not believe this is too much to ask, since the contract ended a year ago, and it was not explained to us that they would continue charging us after we had paid so much for the machines.
Admittedly, we were very naive in signing the agreement from the start, but believe we were knowingly misled.
There are other companies out there that have fair pricing, do not make the same mistake we made with this company.
To others that have been a victim of the deceptive practices of LFG, a class action lawsuit may be in order, if there are any attorneys reading this and you believe that we may have a case, please contact us through this site if you can. I plan to speak to an attorney myself, but if you are interested in attempting a class action lawsuit to recover excess charges, please contact me.
This report was posted on Ripoff Report on 04/04/2008 02:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/Lease-Finance-Group-CIT-Financial-CMS/Chicago-Illinois-60601-5802/Lease-Finance-Group-CIT-Financial-CMS-Deceptive-Practices-Chicago-Illinois-323748. 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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