LeaseSource LLC Northern LeasingLease Financial Group Non-cancellable lease, providing out dated equipment, charging long after lease expired with out contact New York Nationwide

     Back in 2004 - yes 2004, our bank set us up with a Lease for a credit card processing device for 48 months. At the end of that lease I called LFG and was told that we were unable to get out of the lease as it was a Non-Cancellable lease. My options were to a) pay a "buy-out" fee of $252.29 or b) continue on a month to month, which would protect me with service. I was not knowledgeable at the time of my options and felt I had no choice and needed the equipment. So under distress , we continued on with a month-month.

    Until 2013 when the equipment broke down. I called again and this time was told again we had a Non-Cancellable contract and all they could do was send out an updated machine, but I would have to sign another Lease agreement for another 48 months. Again - ignorant of my options and the laws,  I agreed and signed another 48 month lease. They sent me "new" equipment (refurbished - is what I received). I sent back the non functioning processor. That was two years ago.

   So now to date - I have paid eleven years at roughly $60.71 a month. A massive total of $8,013.72 for equipment that costs retail any where from $300-$400 dollars.

   I mailed and sent a letter asking them to stop the lease as the equipment is not compliant with EMV regulations going into full effect as of October 1, 2015. I have sent back the equipment. Howoever, their only response to me was a letter stating " Important Notice" this letter confirms that (the owner of our practice), as the "Personal Guarantor" , has enetered into a non-cancelable lease agreement....

 The equipment was Verifone Vx. Which the Verifone Vx platform was considered "end-of-life" as of July 2013. This was before I even received the equipment. Now it is not EMV compliant and I, as the merchant , could be at risk and responsible if we were to accept or process any fraudelent cards.