Report: #92726

Complaint Review: CIT Lease Finance Group

  • Submitted: Mon, May 24, 2004
  • Updated: Tue, August 14, 2007
  • Reported By: Hudson New York
  • CIT Lease Finance Group
    223 N. Michagan Ave. Suite 1800
    Chicago, Illinois

CIT Lease Finance Group ripoff dishonest lease terms deceptive bankcard usa lies Chicago Illinois

*UPDATE Employee: BankCard USA Rebuttal

*Consumer Suggestion: File your Report with FTC

Show customers why they should trust your business over your competitors...

I set up an online store last December with Bankcard USA. I was told the account could be cancelled ANYTIME. I was told that the setup time for this would be one day. The rep faxed me some forms and I trusted him. He filled everything out and I signed what needed to be signed. (He actually called me back and told me what pages needed to be signed so he could get set up the account immediatly).
It took 2 weeks before I heard anything from them again. During that period I kept calling and was told I had to speak to the rep, but he was never available.

I received a credit card terminal, and was told it was part of the account. I called and said that I didn't need it as it was an internet business, I would never be dealing physically with a customer. I was told that was fine, I could send it back, but I had to activate it to start the merchant account.

I did this, and waited. I never got the business off the ground, and meanwhile I started getting more and more charges taken from my account. I called in April and cancelled the account. Next I start getting calls from CIT telling me that I was late on payment. I told them I had cancelled the account and was in the process of sending the equipment back.

I was given an address and told to enclose a letter stating why I was sending it back. I sent the equipment to them with delivery confirmation. If I was going to have to continue paying off the 48 month lease, why was I given an address to return the machine to. My conversation with her led me to believ that after sending the equipment back everything was over and done with.

After a few days I started getting phone calls from CIT and I informed them that I had sent it back. It was then I was informed that it was a non-cancellable lease and had to continue to pay them until the 48 months were up.
Since then I have been getting calls about 5 times a day. I informed them that I had been told I could cancel the account anytime. They said that I couldn't. The way the rep made it seem in the beginning was that I could cancel at any time, but that I could not have my account closed by the company for no reason after having paid them for so many months.

In other words if I paid them for 47 months they couldn't up and demand the equipment back before the lease officially ended, leaving me with nothing to show for the almost $3000 I would have paid,one month short of the lease ending.

I have been paying about $60/month since December. I closed my bank account because of the payments being withdrawn. They will not accept that I was told I could cancel the account anytime. I went back through my paperwork and saw that I had signed the lease hidden in among other things. Does anyone know what I can do about this? I really feel like I've been naive and been taken advantage of. I will have to pay about $3000 over the next 4 years for a $250 machine that I never needed nor would ever have a need for.

The reps from CIT have been harassing and rude, to the point of being beligerent. They have been told numerous times not to call back but have continuously been doing so.

If there is a class action suit against this company please contact me immediately as I think something needs to be done to stop these merchant account businesses and "lease" companies from getting away with their dirty business practices.

Hudson, New York

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This report was posted on Ripoff Report on 05/24/2004 11:39 AM and is a permanent record located here: 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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Updates & Rebuttals


#1 UPDATE Employee

BankCard USA Rebuttal

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

This merchant's issues have been resolved. BankCard USA closed their first account-in which they had a credit card terminal and re-opened another merchant account that was an internet account. A new merchant number had to be re-issued to differentiate the 2 merchant accounts.

Thank you,
Sharon Tan
Operations Department
BankCard USA
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#2 Consumer Suggestion

File your Report with FTC

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

You may want to sent 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:$.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: . 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:,,,

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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