ED Magedson – Founder
Lease Process Equipment Leasing4251 Kipling St. Ste 425 Wheat Ridge, Colorado United States of America
Own a Specialty Auto Service Center and was considering purchasing some new equipment for the shop. A couple of equipment Leasing Companies had previously been soliciting me via fax....advertising super low rates for leasing equipment. Lease Process was one that I contacted and eventually signed a lease with for $6,800 worth of equipment. They hit you with a teaser deal....get your financial information...and tell you that they will get back to you next day. They then inform you that you didn't get the Teaser Rate...but they fought for you and got you approved for the next tier down. They then give you the payment that you will pay per month and inform you that own the equipment when the lease is over....and they are faxing over the paperwork now to sign. Never do they explain how much the Loan will cost...there are no "truth in Lending" documents supplied. It was later that I realized that this $ 6,800 loan was costing me close to $ 5,000.00. To top this off they sold my deal off to another Leasing Company (Pacific Leasing). People at both leasing Companies tell me that everything that was done was legal...and that "Truth in Lending" disclosures are not necessary in the Commecial Leasing Business. There should be some government regulation over this industry (and I am not a big fan of Govt. regulation!).....I'm sure that other unsuspecting businesses are also falling prey to their tactics. I never thought that I would get scammed like this. They appeared very professional...but the documents lacked the information that you would expect to see showing the Interest Rate or Cost of the Loan. I assume that I was vulnerable because I wanted to rush this equipment along..and didn't want to wait for bank financing to go through..or use a credit card. i will never "lease' anything again.
I plan to contact the Attorney General's office in the States that both of these Leasing Companies are headquartered in.
This report was posted on Ripoff Report on 10/25/2010 08:51 PM and is a permanent record located here: http://www.ripoffreport.com/reports/lease-process-equipment-leasing/wheat-ridge-colorado-80033/lease-process-equipment-leasing-misleading-lending-practices-wheat-ridge-colorado-655170. 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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