ED Magedson – Founder
Lease Finance Group LLC65 East Wacker Place Suite 510 Chicago, Illinois USA
Lease Finance Group LLC Started with lies and a lease that never ends Chicago south dakota
In 2002 my gallery signed up with BB&T to process credit cards. The rep introduced us to the equipment vendor LFG who sold us on a lease for the credit card processing and talked us into "trying" a check processing machine that we could supposedly cancel and return in first 60 days. We were young and newbies to mom & pop business so we said yes to the trial.
We quickly realized we did not want the check approval machine and called to reurn it, we were told by Lease Finaince Group that we could not return it unless we bought out the 4 year lease for over $1700. We tried in vain to contact the sales person then the District Manager and then the Bank VP. At most we got one call and then never a follow up. As we were starting up our business with many many things to worry with we let the lease go assuming we were stuck.
At the end of the 4 year lease we returned the equipment and enlisted a new company and equipmenet.
What we did not realize was that Lease Finaince Group LLC continued to debit the lease aoount from our chekcing account. Using now another credit card authorization company made it very difficlut to tell what debits were for who and for what. I take the blame for naive business practices and accounting and record keeping. live and learn.
In 2014 I had to close my business account as the bank I used was closing the branch in our area. I then begin receiving calls from the LFG demanding payment. When I realize who they are and why they are calling, they tell me they never received the equipement and I learn I have been paying on the lease for 8 years. I have paid over $7000 for a $400 piece of equipment.
Had they stood by the orignal promise that I could trial the equipment and had taken it back as promised, which was a complete lie, I would have avoided this situation. They prey on small Mom & Pop business' where the principals are so busy just trying to keeo the doors open and then lie from the start. Granted I was dumb and niave starting out but now just one more hard lesson from unethical companies.
Now I see Clas Action Lawsuits settled in 2013 and many other similar complaints. Do I have any recourse for the thousands of dollars I have paid these crooks?
This report was posted on Ripoff Report on 06/19/2014 10:52 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lease-Finance-Group-LLC/Chicago-Illinois-60601/Lease-Finance-Group-LLC-Started-with-lies-and-a-lease-that-never-ends-Chicago-south-dakot-1156015. 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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