• Report: #323748
Complaint Review:

Lease Finance Group - CIT Financial - CMS

  • Submitted: Fri, April 04, 2008
  • Updated: Mon, April 07, 2008

  • Reported By:Macon Illinois
Lease Finance Group - CIT Financial - CMS
233 N Michigan Ave Ste 1800 Chicago, Illinois U.S.A.

Lease Finance Group - CIT Financial - CMS Deceptive Practices Chicago Illinois

*Consumer Suggestion: If no refund, Contact FTC and State Attorney General

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To date we have paid $14,752.80 for equipment that is valued at $983.52
This is 2 sets of processing equipment each valued at $491.76.

A salesman came into our small store in 2002, told us about this credit card processing company, CMS, Certified Merchant Services. We knew nothing about credit card processing, they provided check verification so we thought it would be a good idea to go with this company.

The salesman did not explain that there were two different companies involved, the processing company and the leasing company, we thought we were dealing with one company. He originally told us we would be in a 4 year contract, it turned out to be a 5 year contract. The fees were not really explained well to us and the contract was very unclear in the wording.

In early 2007 we decided to switch to a different credit card processing company that provides the machine at no cost. We notified the other company that we would be discontinuing our service with them, the contract was up. We believed at this point everything was done. At that time, we discovered that there was a leasing company, LFG, but believed that we would not be charged any longer since the contract was up at 60 months. Wrong they have continued to charge us.

We would never have agreed to pay $14000.00+ for equipment valued at $983.52. We would have gladly paid for the equipment outright from the start, we were not given that option, and did not know the value of the machine.

To stop billing us they want the equipment back, which I am glad to send we are not using it, even though we have paid the fair market value for it 12 times over. I want them to reimburse us for the last year that they have have been charging us for the 2 machines - $2458.80. I do not believe this is too much to ask, since the contract ended a year ago, and it was not explained to us that they would continue charging us after we had paid so much for the machines.

Admittedly, we were very naive in signing the agreement from the start, but believe we were knowingly misled.

There are other companies out there that have fair pricing, do not make the same mistake we made with this company.

To others that have been a victim of the deceptive practices of LFG, a class action lawsuit may be in order, if there are any attorneys reading this and you believe that we may have a case, please contact us through this site if you can. I plan to speak to an attorney myself, but if you are interested in attempting a class action lawsuit to recover excess charges, please contact me.

Macon, Illinois

This report was posted on Ripoff Report on 04/04/2008 02:42 PM and is a permanent record located here: http://www.ripoffreport.com/reports/lease-finance-group-cit-financial-cms/chicago-illinois-60601-5802/lease-finance-group-cit-financial-cms-deceptive-practices-chicago-illinois-323748. 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.

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#1 Consumer Suggestion

If no refund, Contact FTC and State Attorney General

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

I truly hope you get reimbursed, since it seems you are a person who has paid your contract obligation in full. Yes, a class action suit would be in order. However, even the many that have reported to ripoff, are only a drop in the bucket to the thousands that have been ripped off and/or finally realized they were.

I have been making this suggestion to many other people being RippedOff by CIT & Independent Reps. So far, I have received no additional calls since I did this plus told CIT that this was FRAUD & FORGERY. But who knows???? So check this out>>>>
You may want to send 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: https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01 to the FTC complaint forms. 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. Please remember if things weren't CLEARLY disclosed at time of sale, this may be FRAUD in most states

Also, you may want to file with your State Attorney General. I haven't given up, but it does take a while for the squeaky wheel to be heard.

The lease finance group did file to the credit bureau as a lost debt. However, I recently refinanced my home. I showed the Financing Company all the correspondence I had with this company, plus the many RipOff Reports, and she had a great laugh and I got my loan at a very low interest rate.

As far as CIT, here is their main site: http://www.cit.com/main/default.htm . 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: investor.relations@cit.com, corpcomm@cit.com, directors@cit.com, Support@LFGNet.com Just to let them know how you feel about their fraudulent relationships with Independent Sales Representatives.

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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