• Report: #36604

Complaint Review: Metropolitan Adjustment Bureau, AKA Lease Finance Group

  • Submitted: Fri, November 29, 2002
  • Updated: Fri, February 17, 2006

  • Reported By:SANTA MONICA CA
Metropolitan Adjustment Bureau, AKA Lease Finance Group
Livingston, New Jersey U.S.A.

Metropolitan Adjustment Bureau, AKA Lease Finance Group ripoff, fraud, misrepresentative, threatening, dishonest, predators, a network of scam artists Livingston and at one time in Chicago New Jersey

*Consumer Comment: CIT is a party to the scam

*Consumer Comment: Either CIT or the 3rd party representative is responsible, and you are not liable for a false contract

*Consumer Comment: What idi you do?

*Consumer Comment: Who is Really Wrong if You Never See the Contract

*Consumer Comment: lfg

*Consumer Comment: I had the same problem

*Consumer Comment: Lease Finance Group, and the other finance companies like them, are 3rd party lenders

*Consumer Comment: Vic Open Your Eyes to CIT Lease Finance Group

*Consumer Comment: veesdad

*Consumer Suggestion: File your Report with FTC

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Shortly after I opened my business a pair of women stopped by my shop. The lead was alluring, charming and revealing.

I was offered a system that encompassed my credit card processing, an entire customer identification tracking system and a full public relations support system. I would be receiving state of the art terminals for credit and customer "rewards" cards plus a remote credit card processor. All of the above for only $150.00 a month.

On the second visit they presented a lease and said it was not really a lease, just a formality and I was put on the phone with a guy who read the terms. Okay, sounds like a lease but the girls said it was for all of the services.

They left. I thought about it and called back the next morning and asked about the "lease." I came to find the lease had nothing to do whatsoever with the company. If the girls disappeared I would still owe the lease. " What? That's $8000.00! for $900.00 worth of stuff. I want to cancel." "You can't," he said. IT WASN'T EVEN 24 HOURRS AND I COULD NOT CANCEL THE LEASES.

Then the equipment came. Not what was in the pictures. The another girl showed up with my customer cards. "No, you can't have anything on the back. No we don't do e-commerce processing. No, no, no, the sales girls are always new and don't know what they're talking about." Then, they tried to draw extra funds out of my account and I had to have the bank put a stop payment on them. It has been endless and now, some lawyer has the audacity to say they're taking me to court and that I threatened to kill someone. There are no word to describe Lease Finance Group, they're processing company in Orange County, CA, their collection agency or their Customer Card front company. It is unfathonable that a company like that can stay in business, but then there was a Hitler and an Osam Bin Laden so I suppose anything is possible.

FRANK
SANTA MONICA, California

This report was posted on Ripoff Report on 11/29/2002 07:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Metropolitan-Adjustment-Bureau-AKA-Lease-Finance-Group/Livingston-New-Jersey-07039/Metropolitan-Adjustment-Bureau-AKA-Lease-Finance-Group-ripoff-fraud-misrepresentative-36604. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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#1 Consumer Comment

CIT is a party to the scam

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

I too was a victim to an unscrupulous credit card processing company (NPMG) who used total lies and fradulent claims to obtain my accounts and that of many others. Canceling their service agreement was easy but then I was left to deal with CIT equipment lease. Reading other letters on the ripoff report it is clear that CIT uses disreputable companies to sell their leases. CIT is very much a part of the scam.

The writer of a newsletter called "Leasing News" had an article titled something like CIT at it again. Evidently CIT is a former subsidiary of TYCO....and we all know how that company operated....so they are not strangers to fraud and deception in their dealings. It is not a coincidence that almost all the companies who they "finance" the processing machines for have many complaints against them for fraud. The author of the Leasing News says that the credit card scam is fairly rampant but the dollar amounts are not yet high enough so that the gov't will pursue a case against CIT....Perhaps if everyone files claims with the Chicago Attorney General's office and the FTC...they will take some action.

My lease was signed in October of 2005 and I am refusing to pay CIT and plan to take legal action...I will post something online with a contact no. if anyone else would like to pursue this. Or if anyone else has an attorney who is pursuing a case against CIT and would like to share his or her contact no. please post it on line.
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#2 Consumer Comment

Either CIT or the 3rd party representative is responsible, and you are not liable for a false contract

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

First of all, in regards to the 'Read your contract' comments, in my case w/ CIT and their 3rd party representative who did a disappearing act about a month after making the arrangements -- in my case, and in the case of several other people, there was NO contract for CIT/Lease Finance Group (and Lease Finance Group IS the group claiming responsibility for the equipment -- not for the credit card processing service, but for the equipment itself). In my case, I had never heard of CIT until months later after I had cancelled (without problem) my credit card processing services. Months after this, CIT contacts me claiming I owe them thousands, and faxes me a copy of a falsified contract, nothing resembling which I had EVER seen in this particular transaction or set of transactions. So...no, you quite often can't read the contract because there's no contract to be read! Consumers are called with promises of a 'zero long-term equipment rental agreement' only to find out much later that they are being charged exorbitant rates by a company they've never heard of! Do I know if CIT/Lease Finance Group, who according to their text provides the credit card processing equipment for lease, is personally responsible? I don't know...in my case I don't know who created the fake contract -- CIT or their 3rd party representative. In either case, CIT is the one attempting to collect thousands of dollars, and I kind of find it hard to believe that CIT/Lease Finance Group has NO knowledge that some of their 3rd party representatives are engaging in illegal practices. I don't know that for certain, but if there is case after case of a 3rd party tricking people into either misleading or downright fraudulent contracts, they should do a slightly better job of following up on their lease cases. At best, CIT/Lease Finance Group is being incredibly sloppy in their business practices. At worst, they may be complicit in the practices done by their 3rd party representatives. In either case, especially when there is NO contract for a consumer to read until months later when a contract magically appears during collections, the consumer is not responsible for a 3rd party's fraudulent actions.
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#3 Consumer Comment

What idi you do?

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

Has anyone ever been able to beat these guys. Gloria, they have done thesame thing to me! I said I did not sign the contract and they said "yes you did" This is hurting my credit. Everytime I dispute it they just keep putting back on! These guys are the bad guys...what can be done?
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#4 Consumer Comment

Who is Really Wrong if You Never See the Contract

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

First I have tried to contact the Sales Rep. Secondly, I have contacted the Company to rectify this situation. Incidently, in my seach I found that this company has changed its name, but are still peddling POS equipment.

You keep saying READ THE CONTRACT. I never saw the contract from CIT at the time of presentation. (my name was forged or copied on this and there was even a witness signature). It was only until after the fact about 3 months that I received harrassing phone calls from CIT.

So in essense there was misrepresentation and fraud and now who pays for this since ALL INFORMATION WAS NOT DISCLOSED AT the original signing of the sales reps contract and not CIT. ESPECIALLY THE "NON CANCELLABLE LEASE".

Again, do you think I would have even considered ordering a machine, if I knew there was such a clause.

I'm probably not even getting to you to understand since you are hung up on READ the CONTRACT. One can not read if the contract is not there...
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#5 Consumer Comment

lfg

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

Have you contacted Experian or any of the bureaus? If you lodge a complaint with them, they are required to send you a dispute form and then require the company to justify the debt.
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#6 Consumer Comment

I had the same problem

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

Hi

I had the same problem with the credit card machines in my fast food stores in 1998...I have been fighting Metropolitan Adjustment Bureau and Lease Finance group since 2001 unsuccessfully to get this off my credit report even though the debt has been satisfied! Both these companies are dishonest.

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#7 Consumer Comment

Lease Finance Group, and the other finance companies like them, are 3rd party lenders

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

Again, you are misinformed. Lease Finance Group, and the other finance companies like them, are 3rd party lenders and have NO sales reps calling on merchants and are NOT THE PROVIDERS OF THE EQUIUPMENT. They buy paper from sales agencies who are the equipment providers. I don't know where you are getting your information but it's wrong!

I agree that people need to be informed but THEY need to read their contracts. That will stop unscrupulous salespeople from taking advantage of them.
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#8 Consumer Comment

Vic Open Your Eyes to CIT Lease Finance Group

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

This is in response to Vic's comment to read the contract. First of all CIT has been using Independant Representatives to sell their POS equipment well over 5+ years. If you do a search on Lease Finance Group, you will see that there have been complaints to the RipOff report since 2000. Reports of Trickery, Fraud, and even Forgery to get a person to sign a contract. Haven't you heard of truth in lending, upfront listing of "TOTAL COSTS", and just plain ethical practices???? Need I go on.

I am fully aware that the Collection Agency is not the one to go to and also one should talk to the person who contacted you. But in so many cases this person has misteriously disappeared and CIT has a "non cancelable lease" against you. In my case, I didn't even know or even saw a contract with CIT until I was harrased by CIT saying we had a contract and that we owed about 2000 for a machine that markets for 200 or less.
I bet you didn't realize that 40% of CIT Multibillion dollar company is for POS equipment??? Most of the equipment leased is about 1000% of the Fair Market Value.

You say, READ THE CONTRACT. However, the printing on the back requires a 10X lense to read. That is why under the "Truth in Lending" critical things like "Non Cancellable Lease" are required to be up front and in big letters, so there is no confusion. CIT only did this on their contact a few months ago. I asked my local REpresentative if we could cancel at any time and he said we could.

So Vic wake up and smell the roses, if you think CIT doesn't have a hand in this Trickery....Have a wonderful day...
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#9 Consumer Comment

veesdad

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

the people making these claims are justifiably irate. the problem is they are directing their anger to the wrong party. in the case of metropolitan adjustment bureau, they are only a collection agency who the account was assigned to. lease finance group, a division of cit, is only the company used to finance the transaction(purchase of the credit card processing equipment). they should be contacting the agency that set them up with the credit card equipment and processing. lease finance group is only one of approximately 15 other companies that finances small ticket items. problems with equipment and or representations by sales people is the responsibility of the sells organization, not the lender. read your contract. thats the way to insure you dont get "ripped off"
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#10 Consumer Suggestion

File your Report with FTC

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

Hi,
I am not sure if this is CIT Lease Finance Group, but here is what I have been telling everyone else:
Hi,
You may want to send a complaint to FTC (Federal Trade Commission) . I did and received a response saying they don't do individual cases. However, if they log enough complaints, they will start an investigation and possibly legal action. So here is the link: https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01 to the FTC complaint form. I've told many people about it, so you may want to do the same. Make sure you give specific examples or even let them know you have documentation of deceptive or misleading information. Also, if possible, please scan & send copies of these documents to me at [DELETED]. I haven't given up, but it does take a while for the squeaky wheel to be heard.

As far as CIT, here is their main site: http://www.cit.com/main/default.htm . Also, within this site, I found e-mails and have sent copies of my rip-off report, including a copy of all the complaints listed under Lease Finance Group in the Rip-Off site. Here are some e-mail addresses, you may want to send your concerns to: investor.relations@cit.com, corpcomm@cit.com, directors@cit.com,

I did get the Rip-Off Report Do-It-Yourself Guide and it did have some good steps to follow. However, it was a little lacking in the cyberspace rip-offs. I've been paralleling the thoughts or ideas in this Guide to try to apply them to the internet. For example, instead of sending faxes, send e-mails. So every web site I am interested in, I look for e-mails and make up a group listing & start bombarding them with e-mails and include my rip-off report, plus any other rip-off concerns.

I hope this helps. Thanks, G for California
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