Report: #433148

Complaint Review: CIT Technology Finacial Serv., Inc.

  • Submitted: Wed, March 11, 2009
  • Updated: Thu, July 07, 2011
  • Reported By: Fullerton California
  • CIT Technology Finacial Serv., Inc.
    P.O. Box 550599
    Jacksonville, Florida

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

We origninally signed an agreement with Citicapital who transferred the agreement to Citicorp Vendor Finance, and subsiquently to CIT. There was no notice from Citicorp that the rental was being transferred.

The new billing from CIT appeared fraudulent because we had no record of doing business with CIT.

CIT used all kinds of tactics to not allow the lease to sunset. They refused multiple attempts by me to return the equipment as stipulated in the documentation and insisted on continuing to add charges after the rental's end.

Do not choose this vendor as they continue to act in bad faith.

If you have a lease agreement that lets the lender transfer the lease without notice--cross that stipulation off of the agreement. Apparently, CIT purchases a lot of paper from other reputable companies and then abuses the lender.

Fullerton, California
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This report was posted on Ripoff Report on 03/11/2009 02:32 PM 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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#1 Consumer Comment

CIT Financial is a rip off

AUTHOR: KellyC21 - (USA)

We leased phones and we used CIT.  They said they switched companies right after we signed up and therefore our payments more than doubled.  They said it was because they had to pay the interest out so we have to make up for it.  Our 'final' payment to them for this system more than doubled!  It took us over 2 months (calling daily) to get someone to talk to us.  The person we spoke with was no help.  We have turned in a complaint to our congressman.  I wish I had known to check companies out BEFORE getting taken to the cleaners.  We are looking for an attorney who can help us.
Thank you.
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#2 Consumer Comment

CIT shows a pattern of bad faith

AUTHOR: Joe F - (United States of America)

I notice that one of your complaints is that CIT has "refused multiple attempts by me to return the equipment".  The same thing is happening to me.  They refuse to give me a return address and yet still add charges each month to my invoice for my presumed use of their equipment (I haven't used their equipment since last December because I went with a different company).  I have reported CIT to the Minnesota Attorney General's Office and they are presently investigating.  CIT are shysters, using mafia-type tactics to get what they want.  They distort facts when reporting their side so don't believe everything you read from them.  They are in severe need of federal regulation, not that I typically like expanding government but I will make an exception in their case.  Buyer beware of CIT.  You are shaking hands with the devil.
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#3 Consumer Suggestion

YOU agreed to the assignment of the lease

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

When the lease agreement was signed. READ your lease agreement, it states the lease can be assinged to another leasing company. You DID receive a notice the lease was being transfered, all lessees did.

What do you mean, "allow the lease to sunset?" Do you mean end the lease early and return the equipment? Your lease is NON-Cancellable and you cannot simply end it early and return the equipment. This is also stated in your lease agreement.

If you do not notify the leasing company of your intent before the end of the lease, it automatically goes into renewal and you owe the additional payments... also stated in your lease agreement.

Next time, read your lease agreement. I see NO ripoff here.
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