Complaint Review: CIT Lease Finance Co - Chicago Illinois
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- Author Confirmed
- CIT Lease Finance Co 233 North Michigan Ave Suite 1800 Chicago, Illinois U.S.A.
- Phone: 312-980-5600
- Web:
- Category: Small Business Services
CIT Lease Finance Inadvertantly signed a 48 month non-cancellable lease for equipment. The equipment is worth about $350.00 but after paying off the lease I will end up paying about $4000.00!! What a complete rip off. Chicago Illinois
*Consumer Suggestion: I Was Taken Advantage of,Just Like You
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As the owner of a brand new business I had no idea what credit card processing equipment cost. I signed on with Cardservice International for my c/c processing, they set me up with the equipment. They sent me a 48 month non-cancellable lease which we signed not realizing the implications. By the time we are fininshed paying this lease we will have paid $4000.00 for equipment that is outdated and I could buy right now for $350.00. How can this possibly be legal???
I understand that I should have investigated it more, buy this is ridiculous!! Even after I pay the 48 months of payments I either have to send the equipment back or pay it off. So disappointing!!! Something should be done so that other unsuspecting individuals won't be ripped off like this!!
Tracy
Seaside, California
U.S.A.
This report was posted on Ripoff Report on 09/27/2007 11:42 AM and is a permanent record located here: https://www.ripoffreport.com/reports/cit-lease-finance-co/chicago-illinois-60601/cit-lease-finance-inadvertantly-signed-a-48-month-non-cancellable-lease-for-equipment-the-276220. 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. READ: Foreign websites steal our content
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#1 Consumer Suggestion
I Was Taken Advantage of,Just Like You
AUTHOR: Jim - (U.S.A.)
SUBMITTED: Friday, September 28, 2007
Hi Tracy
After 4 months of only $500.00 in Visa sales and Lease Finance and Abanco taking out over $60.00 per month out of my business checking account I finally realized that it cost me over $400.00 in cost.I wrote a letter to both companies saying I wanted out because the rep that sighned me up said it would only cost me around $30.00 per month and that having a credit card machine I would increase my sales.Well it fell on deaf ears and both companies would take out each month what ever they wanted.I finally had to close my business checking account and then the fun began.Over 20 calls per day from Lease Finance for over 17 weeks!I finally blocked there phone number and filed a complaint letter to the Minnesota Attorney General.The calls stopped and in less then 2 weeks a letter of apology from Lease Finance.Abanco on the other hand wanted over $2,000 to close there end of the deal and then offered to close for $280.00 which I flatly refused.Since then they turned it over to American Recocery Systems who I think gave up because I blocked there phone number.You need to play "Hard Ball" with these rip off companies.
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