FDGL First Data Global Leasing Deceptive leasing habits Coral Springs Florida

We have spoken to many many merchants and they all seem to be unaware that they are signing a lease agreement for a very long period of time with regards to their merchant services machines.  

On many occasions the leasing part is either hidden within the merchant processing agreemtn details of the merchant is left to believe in order to qualify with the processing company they (the merchant) need to go along with the FDGL lease and terms within.  

Feeling pressured and uneducated within this field the merchant goes forward with the agreemtn not realizing they have so manyh more options that have nothing to do with leasing at all.  Actually this method of leasing is not only out dated but horriblyhcostly to the merhcnat at hand.  

Many times the merchant is sold a "Bill of Goos" and equipment leasing is part of the package.  So many merchants have told us that they were informed that they can "Write-Off" the lease in whole and therefore they really are paying nothing at all for the leaee in the end.  

This is  such a lie...Depending on the tax bracket the merchant is within (20-30% is quite common) than on that percentage bracket (25% example) is all that is able to be writtne off.  Such as a lease payment of $500 annually can only have $125 written off not the entire $500.  Therefore this method of selling is quite dishonest and hurtful to the merchasnt in question.

Any honorably merchant service representative should tell this to the merchant but most themeselves have ben trained that the entie lease is a write off andf therefore are only quoting and re-gurgating what they have ben taught by the upper managment trainers.  

What a mess this is for all concerned.  While the manager/trainer is looking to haul in large profits from the lease agremtn commissions the merchant is stuck and suffers the dis-honest consequences of such deceiving practices on the part of the merchant/leasing companies that make this part of their "pitch" to the merchant (s).

We are so sick and taired of this practiec and strongly believe that legislation should be passed to change such practices.  Home loan legislation, car loan financing has g=ben revised...how long will we wait for this type pf practice to be put to a halt and stopped forever???

Anyboby with this same problem should announce their complaint so that all our voices may be heard!!