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Report: #206308

Complaint Review: CIT Lease Finance Group - Chicago Illinois

  • Submitted:
  • Updated:
  • Reported By: New York New York
  • Author Confirmed What's this?
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  • CIT Lease Finance Group 233 North Michigan Avenue, Suite 1800 Chicago, Illinois U.S.A.

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Shortly after opening our "brick and mortar" store, we were contacted by a person regarding credit card processing.
Seeing as how not accepting credit cards would have killed our business, we opted to give the company a go.

After a lengthy discussion on how much less expensive it was than other vendors my partner went ahead and signed the lease, unknowingly signing us into a 4 year non-terminating contract to "lease to own" our equipment.

A few years down the road we opted to just go online instead of having the over head that a normal clothing store would have. I contacted the leasing company after a lengthy time trying to find any contact info since we never received a finalized lease or any sort of contact info from CIT Lease Finance group.

They informed me of how this was a non-terminating lease and we could opt to buy out for something along the lines of 3K. After determining that it was much cheaper to just pay the monthly fee for the remainder of the lease we decided to eat it, and they agreed to inform us when the lease had ended.


Fast forward another year and a half.
This past June we realized that our lease should have been finished, and yet we were still being debited the 68.55/mo for a machine we hadn't used in well over a year. So I contact the company again (this time by writing) informing them that we would like to cancel our lease since we were moving from Michigan to New York and they would no longer be able to debit our account.

We didn't hear back from them until July when a man called me to tell me that our lease was terminated and he would be sending us the info on where to send back our equipment (?)
As you should remember from previously, the man we spoke with (as well as the CIT website) states that this is lease to own equipment. But, it is definitely NOT lease to own equipment. You lease it and have an option to buy after you have already paid 3,290.40 for this $300 piece of equipment.

THEN, I contact the company again and discover that our lease ended in DECEMBER and that they decided to just flip us to a month to month lease instead of contacting us as we were told we would have been.

So, now we supposedly owe for July even though we contacted them in writing and told them we wanted to cancel in June. AND we've paid since December an extra $411.30 that had they just contacted us we wouldn't have had to pay. We SHOULDN'T have had to pay that.

So to anyone who feels this is wrong. Let them know at 888-692-7177.

Thaylin
New York, New York
U.S.A.

This report was posted on Ripoff Report on 08/15/2006 07:34 PM and is a permanent record located here: https://www.ripoffreport.com/reports/cit-lease-finance-group/chicago-illinois-60601-5519/cit-lease-finance-group-rip-off-leasing-scam-avoid-at-all-costs-chicago-illinois-206308. 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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REBUTTALS & REPLIES:
0Author
7Consumer
0Employee/Owner

#7 Consumer Comment

Fight these scammer need to be agressive.

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

POSTED: Monday, August 21, 2006

Hi
It is sad when all of us may be so nice victims. File BBB just a small step to make these scammer aware of. They may have hundreds or may be thousands complain like this already.

I use scare tactics, which why they have to settle my case in short time. These company scare of publication, so if you let them know what you can do to widen your communication, they will very unhappy to know.

Write to all Attorney Office in any State relate to those company, file with FTC, write any blog, forum, newspapers, get it as the plan to fight, do not need to contact them, they will contact you if they feel you may damage them publicly.
Record all phone calls, mail only with registered mail. Your local Police Dept may also helpful for information.

If you get enough evident, file the law suit, the cost may be the same if you let them damage your credit or have to pay them full term.
These people will start to contact you, because how they can win in the court of law.
We are he one makes up Jury system, not you or me but all of American are. So what you and we feel, they are too.

I want to unite but it may take time, together we will get this company get justice.
Let get some hope.
Have a nice day.

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#6 Consumer Comment

thnx

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

POSTED: Thursday, August 17, 2006

Thanks Phu for backing me up. He's right. A large percentage of people don't fully read through a document before signing on it, trusting instead on the representative thy are speaking with to be telling them the full truth.
Sure, in retrospect had I been there at the lease signing I would have possibly wanted to peruse the document.

But I would have taken the reps word to be the truth as well. The problem is, is that with speaking with a rep there is no real evidence as to what you say they told you.

Initially before I wrote this report I tried to get into contact with Joe Leone, the Chairman/ VP of finance, in hopes that he may have been ale to help me, but just like the rest of the company he didn't want to help. Instead, his secretary gave me the run around when I called, after I emailed him.

So I filled this out and a report to the BBB. I am still awaiting response from the BBB, CIT has until the 25th of this month to respond (not sure what happens after that though). I'll keep this updated as to what happens.

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#5 Consumer Comment

thnx

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

POSTED: Thursday, August 17, 2006

Thanks Phu for backing me up. He's right. A large percentage of people don't fully read through a document before signing on it, trusting instead on the representative thy are speaking with to be telling them the full truth.
Sure, in retrospect had I been there at the lease signing I would have possibly wanted to peruse the document.

But I would have taken the reps word to be the truth as well. The problem is, is that with speaking with a rep there is no real evidence as to what you say they told you.

Initially before I wrote this report I tried to get into contact with Joe Leone, the Chairman/ VP of finance, in hopes that he may have been ale to help me, but just like the rest of the company he didn't want to help. Instead, his secretary gave me the run around when I called, after I emailed him.

So I filled this out and a report to the BBB. I am still awaiting response from the BBB, CIT has until the 25th of this month to respond (not sure what happens after that though). I'll keep this updated as to what happens.

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#4 Consumer Comment

thnx

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

POSTED: Thursday, August 17, 2006

Thanks Phu for backing me up. He's right. A large percentage of people don't fully read through a document before signing on it, trusting instead on the representative thy are speaking with to be telling them the full truth.
Sure, in retrospect had I been there at the lease signing I would have possibly wanted to peruse the document.

But I would have taken the reps word to be the truth as well. The problem is, is that with speaking with a rep there is no real evidence as to what you say they told you.

Initially before I wrote this report I tried to get into contact with Joe Leone, the Chairman/ VP of finance, in hopes that he may have been ale to help me, but just like the rest of the company he didn't want to help. Instead, his secretary gave me the run around when I called, after I emailed him.

So I filled this out and a report to the BBB. I am still awaiting response from the BBB, CIT has until the 25th of this month to respond (not sure what happens after that though). I'll keep this updated as to what happens.

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#3 Consumer Comment

thnx

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

POSTED: Thursday, August 17, 2006

Thanks Phu for backing me up. He's right. A large percentage of people don't fully read through a document before signing on it, trusting instead on the representative thy are speaking with to be telling them the full truth.
Sure, in retrospect had I been there at the lease signing I would have possibly wanted to peruse the document.

But I would have taken the reps word to be the truth as well. The problem is, is that with speaking with a rep there is no real evidence as to what you say they told you.

Initially before I wrote this report I tried to get into contact with Joe Leone, the Chairman/ VP of finance, in hopes that he may have been ale to help me, but just like the rest of the company he didn't want to help. Instead, his secretary gave me the run around when I called, after I emailed him.

So I filled this out and a report to the BBB. I am still awaiting response from the BBB, CIT has until the 25th of this month to respond (not sure what happens after that though). I'll keep this updated as to what happens.

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#2 Consumer Comment

Dear Mr Doug you may be right but....

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

POSTED: Thursday, August 17, 2006

I am myself was scam by this company too.
It may not "Business owner" but any one have to read before sign any paper work, you are exactly right about it.

But i consider Mr Doug is an lucky one, have any one read all document before you sign any thing? (may be a day of work) or just trusting on people whom you are engaged.

I did have all evident even phone conversation tape, so they quickly to cancel my contract and refund my money back, most victims was never have that much evident to take them to the court.
I wish Mr Doug never get scam, but when he does he will know it is hard lesson to learn.


These victims wrote in this site not for barking right or wrong tree, but they want to share their matter to get other voided to learn lesson.
I you do not think CIT is scammer, remember this word, wait and see.

I try to get my website ready, so we can get all victims together for class action lawsuit, so unitedtofight them.

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#1 Consumer Comment

CIT not at fault here...

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

POSTED: Wednesday, August 16, 2006

Any "business owner" should know enough not to sign ANYTHING without reading it!!

You are barking up the wrong tree. Look in the mirror to find out who is at fault here.

I hope this is a lesson learned.

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