CIT Group Equipment Leasing ripoff I have to fight CIT from taking food money for my son for cars that I have never sat in and never driven. Tempe, Arizona & Los Angeles, California

I only took the time to write this as I read the comments of others that basically told this woman that the law is on the side of The CIT Group and therefore she has no right to complain.
I have dealings with this company and simple things like slipping in a "no buy back to return clause" on a copier lease without informing customers that were accustomed to having a buy back option or definitely over inflating values is not uncommon.

Folks, you can ride a motorcycle in New Hampshire without a helmut. It's legal.....but it doesn't make it right. The large corporations like The CIT Group have laws that have been bent in their favor over the years and lots of lawyers. My franchise is owned by UPS and I can tell you that UPS's lawyers enter the board room and leave their consciences at the door. The question is not "what is right?" but "what can we get away with?"

A company should not have the right to arbitrarilly inflate the value of a commodity. The CIT Group needs to reposses the cars and leave the woman alone.

That was an interesting question. Why in the world would anyone lease an item, be it a vehicle or a machine or as we all have noted, a credit card machine for 5 to 10 times the buying price in favor of a lease? Good question. There are some tax advantages to leasing. Deduct the lease as a business expense. You can save some start up capital, when you are just starting a new business, you don't have to shell out limited funds, until the money starts rolling in. Just be aware of what you are getting into. Read the FINE PRINT. Know the terms of the agreement(LEASE). Know what the ACTUAL COST will be. Compare those costs with the costs of BUYING said item, outright. Any PENALITIES and FEES to include END OF LEASE FEES or BUY OUT FEES. Most important, KEEP COPIES OF ALL SIGNED DOCUMENTS. That way, if there is a disagreement, you have your copy as proof.

When you are married to someone (legally married, estranged does not matter) you are responsible for their debts as they are for yours.

I do not know the circumstances surrounding your estrangement, but the best thing to do if you do not want to worry about things like this is to get a divorce./ Trust me, I watched my mother go thru the same thing.

As far as charging for cars that are only worth $8000...the lease was originally written for the total value of the cars, not what they would be worth later.

If your husband agreed to pay that amount, then he needs to pay it..period.
I am sorry that you are a single mother and in this predicament, but the debt needs to be paid by your husband.

CIT has it's own lawyers to tell us what is legal or not..what are your qualifications? We do not charge 1000% for fair market value. Also when lease is signed, there is an option to purchase equipment at the end of the lease for $1 so if you do not choose this option, that's your fault.
The next time you try to tel someone what is illegal or not, be sure to include the name of the university that you received your law degree from.

I am in agreement with the person that filed this original Rip-off Report Complaint. I will be filing a seperate report on the major ripoff of leasing POS credit card equipment. The same company but a different address:

Lease Finance Group
PO Box 4263
Chicago, IL 60693

We also did not sign a contract with CIT but only an "Incomplete" form with another group called MSI Merchant Services, Inc. Not to mention that MSI has had a Class action suit against them... Also, the sales representative said we could have service month to month & cancel at anytime. However, we later found out that he had "Forged" a contract with CIT. Now CIT us trying to collect lease payments.

In addition CIT charges about 1000% of the "Market Value" of a product. One can buy a charge machine out right for $300 or less. CIT lease program charges $3000 plus...

So Big Tom S. just because your family works with a company doesn't mean the company is squeaky clean. So do the math.. We certainly can afford $300,, but $3,000???.. So who is ripping who????????

I am in agreement with the person that filed this original Rip-off Report Complaint. I will be filing a seperate report on the major ripoff of leasing POS credit card equipment. The same company but a different address:

Lease Finance Group
PO Box 4263
Chicago, IL 60693

We also did not sign a contract with CIT but only an "Incomplete" form with another group called MSI Merchant Services, Inc. Not to mention that MSI has had a Class action suit against them... Also, the sales representative said we could have service month to month & cancel at anytime. However, we later found out that he had "Forged" a contract with CIT. Now CIT us trying to collect lease payments.

In addition CIT charges about 1000% of the "Market Value" of a product. One can buy a charge machine out right for $300 or less. CIT lease program charges $3000 plus...

So Big Tom S. just because your family works with a company doesn't mean the company is squeaky clean. So do the math.. We certainly can afford $300,, but $3,000???.. So who is ripping who????????

I am in agreement with the person that filed this original Rip-off Report Complaint. I will be filing a seperate report on the major ripoff of leasing POS credit card equipment. The same company but a different address:

Lease Finance Group
PO Box 4263
Chicago, IL 60693

We also did not sign a contract with CIT but only an "Incomplete" form with another group called MSI Merchant Services, Inc. Not to mention that MSI has had a Class action suit against them... Also, the sales representative said we could have service month to month & cancel at anytime. However, we later found out that he had "Forged" a contract with CIT. Now CIT us trying to collect lease payments.

In addition CIT charges about 1000% of the "Market Value" of a product. One can buy a charge machine out right for $300 or less. CIT lease program charges $3000 plus...

So Big Tom S. just because your family works with a company doesn't mean the company is squeaky clean. So do the math.. We certainly can afford $300,, but $3,000???.. So who is ripping who????????

I am in agreement with the person that filed this original Rip-off Report Complaint. I will be filing a seperate report on the major ripoff of leasing POS credit card equipment. The same company but a different address:

Lease Finance Group
PO Box 4263
Chicago, IL 60693

We also did not sign a contract with CIT but only an "Incomplete" form with another group called MSI Merchant Services, Inc. Not to mention that MSI has had a Class action suit against them... Also, the sales representative said we could have service month to month & cancel at anytime. However, we later found out that he had "Forged" a contract with CIT. Now CIT us trying to collect lease payments.

In addition CIT charges about 1000% of the "Market Value" of a product. One can buy a charge machine out right for $300 or less. CIT lease program charges $3000 plus...

So Big Tom S. just because your family works with a company doesn't mean the company is squeaky clean. So do the math.. We certainly can afford $300,, but $3,000???.. So who is ripping who????????

I Know That CIT is infact a very professional business, being that my father, and my best friends father, have been working there for about twenty years now. The CIT Group Yes, is Equitment leasing, They Lease Learjet, Caterpillar, and Tourbusses ect.

My point is, The family claims that CIT is at fault, but CIT is pretty much a bank, and this party must of "over-withdrawn into bankruptcy"
The CIT Group Is a Business that works with other businesses these accusations are very poor. If CIT was to Have "loaned" the Limo and Hearse, or even a 1976 geo metro the point is they bought something that they couldnt afford.