I wish I would've known about The Ripoff Report website back in 2004 when I got duped by BankCard USA and Lease Finance Group, aka CIT Financial USA.
In August of 2004 I was in need of online credit card processing services. After some research and endless phoning of processing companies I finally came across BankCard USA and a crafty salesman by the name of Cliff Zone. He promised that BankCard could fulfill all my needs and was eager to send me the contracts to sign.
He was also eager to make my company look bigger and better than it was in order to get me approved. He inflated the age of my business, monthly bankcard volume, average ticket sales and also reworked the purpose of my company so that it fit into the mold of what BankCard and Lease Finance would approve.
After reviewing the contracts I asked why I needed the equipment since I would be processing orders online. I told him this was the only thing holding me back from signing. He stated that it would be good to have in order to "key in" orders from the phone and if I ever processed orders in person, BUT if I changed my mind he said I could cancel the equipment contract at ANYTIME. I believed him and signed the contract.
A month later my company dissolved and I no longer had use for any services from BankCard or Lease Finance. I phoned Cliff and told him my situation. He suggested just "postponing" my business start date, which I did. I then tried to cancel the equipment rental, but Lease Finance was non-negotiable quoting the contract as non-cancellable. I told them about Cliff and the promise he made that I could cancel. They had no sympathy and told me I would have to pay or go to collections.
I then phoned Cliff back hoping he could help me cancel the equipment lease. He actually LIED and told me he never said I could cancel the lease. He laughed at me when I was in tears as to what I could do and that I didn't have the money to continue paying $56.28 per month for 48 months. His only offer was a nonchalant "maybe you can find someone else to lease it" response. I was horrified!
I didn't know what else to do, but continue to pay on the lease since Lease Finance had threatened to collect any way they could. I was funding my checking account with credit card checks and borrowed money while Lease Finance automatically withdrew $56.28 every month.
I have phoned Lease Finance a few times over the past three years begging for a way to be released from the contract. Their only response is continue to pay then purchase the machine with a 10% buyout at the end or find someone else to lease it, but I would still be responsible for any default the other someone did since the contract could not be transferred. The final option was to go ahead and return the machine, BUT I would still be required to pay two thirds of the contract price in order to do end the contract and stop the auto withdrawals from my account. Huh?
I have paid $2000 so far with another $1000 to go.
I am taking matters into my own hands after finding this site and reading other similar horrifying stories. I have cancelled my checking account to prohibit any further withdrawals from my account. How sad is that? I would rather have a negative mark on my credit report than have to pay these lieing thieves one more penny.
I am sending the equipment back. I am writing all of the Attorney Generals I can think of that would care. I have filed reports with the FTC. I am sending emails and complaints to each of the companies and anything else I can think of.
I advise anyone who is considering these companies or a credit card machine to PLEASE reconsider!! Do your research on this site and DO NOT sign with a company until the contract states what YOU want it to say.
Where is the class action lawsuit against these companies? We are honest small business people looking for a solution, but getting into even more debt before we can make a dime!