- Report: #715453
Report - Rebuttal - Arbitrate
Complaint Review: Lease Finance Group
Lease Finance Group65 E. Wacker Place Suite 510 Chicago, Illinois United States of America
Lease Finance Group Equipment Leasing is the most predatory business in this country, far worse than money lenders. Chicago, Illinois
*Author of original report: Lease Finance Group Has Filed Their Threatened Lawsuit
*Author of original report: Correction
In January 2010 my small business was approached by a representative of Trans Merchant Group (I have a Ripoff Report filed on them as well). He sold me a bill of goods on a credit card processing package in which he stated that TMG would pay off two existing lease agreements in order to get my business. They failed to pay off one lease, conveniently neglecting to name that lease company in my contract thereby giving them an out.
I had explained to TMG that my business was not in good shape financially, and that in fact it existed only to provide work opportunities to disabled people, including my son. TMG asked for a multi-year contract and I replied we likely would be out of business within months. The TMG rep replied that we need not worry because all we had to do was return our leased equipment at the time of closing and our contract would be forgiven. He conveniently left that statement out of our contract as well. The actual lease holder information was not provided at the contract signing, the explanation being that TMG works with various lease companies. Eventually we found that Lease Finance Group LLC was assigned our contract.
Suffice to say that the business did fail in June 2010 and thereafter our leased equipment was returned to LFG. We immediately began receiving phone calls from LFG demanding the full payment of our obligation as we had signed a personal guaranty I argued that I no longer had a business from which to pay them, but they did not care. I argued further that I am supporting a disabled son and had put all of my personal resources into the business, but they did not care. I explained that I am a retired professional with an excellent credit rating to which they replied that they were going to damage my credit by reporting my obligation as a " charge-off".
I made repeated efforts to appeal to any sense of decency in that I don't have the resources to pay them any longer without my business. I explained the fact the TMG had told me to simply return my leased equipment, but of course there was no written record of that statement. At this time I am left with having to face a legal fight without resources. LFG has no redeeming qualities as a business entity and exists only to take as much of your money as possible.
This report was posted on Ripoff Report on 04/08/2011 10:36 AM and is a permanent record located here: http://www.ripoffreport.com/r/Lease-Finance-Group/Chicago-Illinois-60601/Lease-Finance-Group-Equipment-Leasing-is-the-most-predatory-business-in-this-country-far-715453. 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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