CIT Merchant Sevices - Lease Finance Group Ripping me off and lots of new businesses that eager to accept credit cards. This can't be legal!! ripoff Chicago Illinois

I am an ex-employee of CIT-Lease Finance Group in Chicago, IL. I have read the complaints about this company and I see that alot of people are mis-informed about what goes on.

First, CIT is not affiliated with any bankcard services or credit card processing companies. It is the same thing as getting a car loan. If you go through your local dealer, the loan and car is sold to the finance company. If you buy the CC terminal from the sales rep, your machine and lease is through CIT.

True, there are some very dishonest sales reps out there, Ive dealt with them, and it is hard to find the ones that are preying on the small business owner, but when they do, Ive seen many companies cancelled because of that.

As soon as equipment is installed, CIT contacts the customer to verify that the equipment is installed and working properly. They also go over the terms of the lease and that it is Non cancellable. 95% of the people do not object. And if they do, CIT will not fund the lease to the sales rep, same if the equipment is not working, we do not fund it, and the sales rep will not get paid.

There is a 3 day cooling off period from the date of installation that you can cancel. That was the case a few years ago, and you can transfer the lease.

Yes, the prices are very high to lease a CC terminal, and myself, I would never lease a terminal that would cost you 2000+ when you can buy one for a few hundred, but I guess you get lower processing rates when you lease, but CIT does not do processing, so that would not be their fault.

For those of you that were scammed from the sales rep, I would take it up with that company. Obviously, if you dont pay the lease agreement, they will start collections procedures and adversly affect your credit report. Just like a car loan, if the car stops working, you still have to make your car payments...same thing applies here.

All are the same stories as many victims posted in subject "NPMG". Go search "NPMG" & there are many same victims falling into CIT & NPMG's scams.

One important advise ! Write directly to Ill. state attorney's office, go directly to their website & printout the compliant form and certify & mail your compliant & with any back up documents. Printout stories of victims in this website and attach to your letter. Any "threats" & "harrasement" encountered with CIT employees you need to spell it out in the letter. document every phone calls & events that happened with CIT. If they hang up on you, document it in your letter to the state attorney's office. Again threats or harrasements.....BE specific ! Request in the complaint form that you want to "terminate the fradulant contract obtained through unlawful sales rep. representation"

The state attorney's office will refer your compliant within its department "consumer protection" division. This division will request CIT to response to the complaint. It takes about 3 weeks to hear from the state attorney's office.

Successful outcome has been CIT agreed to terminate the contract !

Close your bank account.

Again, be specific !!

Good luck !

If I were in your shoes I would ....

1. Close your account.

2. Mail the equipment back to Chicago with delivery confirmation with signature.

3. Send a letter certified mail after you recieve delivery confirmation on return of the equipment stating you will no longer make any payments on this equipment that they now have in their posession. List when it was delivered and who signed for it date and time.

4. They will continue to call and send idle threats, starte your position be polite and document who you spoke with and what they offered you.

Good Luck .... It will drag on for years, if it affects your credit be open and explain to the creditor.

Cit/LFG is a great company. They just have a bunch of crooked, lying reps(ISO's) that they buy the "paper" from. We went through this before. There was that "Amy" who was posting for them. The reps were telling the newbies one thing and the contracts said something TOTALLY different. New business people aren't savvy to cons, crooks and scams. They would believe what the reps told them and would sign on the bottom line, many not even reading what they signed. Then they get to deal with CIT/LFG who would "have no knowledge" of what the rep(ISO) had said. In some cases business were leased credit card machines costing $400 or $500, for $3000 or $4000 or more over 48 or 60 months.

First of all I would like to clarify that I am NOT an employee of CIT/LFG. I do however do business with them. A couple of key points I would like to point out are that:

A) CIT/LFG Does not have Sales Representitives. They are strictly a leasing and finance company. The representitive was almost certainly from whatever Merchant Account Provider you are using. You may want to start there. While Visa/Mastercard both have VERY strict guidelines, both for procedure and ethics, the individidual sales reps do not always adopt the same code of ethics. Plain and simple...it was the rep who lied to you, not CIT/LFG. Non Cancellable...means just that.

B) Be VERY Careful what you sign, most documents regarding commercial equipment leases are legally binding documents that even the shrewdest of lawyers will notbe able to get you out of, which I assume you are now finding out.

CIT/LFG is actually regarded as one of the, if not the most reputable Leasing Companies servicing the Bankcard Industry. I have personally dealt with them for a number of years and have found them to be very ethical and very customer service oriented. I think the problem you are facing here is that the representitive from the Merchant Processing Company was less than reputable and you may want to bring his/her actions to the attention of whatever ISO they work for.

First of all I would like to clarify that I am NOT an employee of CIT/LFG. I do however do business with them. A couple of key points I would like to point out are that:

A) CIT/LFG Does not have Sales Representitives. They are strictly a leasing and finance company. The representitive was almost certainly from whatever Merchant Account Provider you are using. You may want to start there. While Visa/Mastercard both have VERY strict guidelines, both for procedure and ethics, the individidual sales reps do not always adopt the same code of ethics. Plain and simple...it was the rep who lied to you, not CIT/LFG. Non Cancellable...means just that.

B) Be VERY Careful what you sign, most documents regarding commercial equipment leases are legally binding documents that even the shrewdest of lawyers will notbe able to get you out of, which I assume you are now finding out.

CIT/LFG is actually regarded as one of the, if not the most reputable Leasing Companies servicing the Bankcard Industry. I have personally dealt with them for a number of years and have found them to be very ethical and very customer service oriented. I think the problem you are facing here is that the representitive from the Merchant Processing Company was less than reputable and you may want to bring his/her actions to the attention of whatever ISO they work for.

First of all I would like to clarify that I am NOT an employee of CIT/LFG. I do however do business with them. A couple of key points I would like to point out are that:

A) CIT/LFG Does not have Sales Representitives. They are strictly a leasing and finance company. The representitive was almost certainly from whatever Merchant Account Provider you are using. You may want to start there. While Visa/Mastercard both have VERY strict guidelines, both for procedure and ethics, the individidual sales reps do not always adopt the same code of ethics. Plain and simple...it was the rep who lied to you, not CIT/LFG. Non Cancellable...means just that.

B) Be VERY Careful what you sign, most documents regarding commercial equipment leases are legally binding documents that even the shrewdest of lawyers will notbe able to get you out of, which I assume you are now finding out.

CIT/LFG is actually regarded as one of the, if not the most reputable Leasing Companies servicing the Bankcard Industry. I have personally dealt with them for a number of years and have found them to be very ethical and very customer service oriented. I think the problem you are facing here is that the representitive from the Merchant Processing Company was less than reputable and you may want to bring his/her actions to the attention of whatever ISO they work for.

First of all I would like to clarify that I am NOT an employee of CIT/LFG. I do however do business with them. A couple of key points I would like to point out are that:

A) CIT/LFG Does not have Sales Representitives. They are strictly a leasing and finance company. The representitive was almost certainly from whatever Merchant Account Provider you are using. You may want to start there. While Visa/Mastercard both have VERY strict guidelines, both for procedure and ethics, the individidual sales reps do not always adopt the same code of ethics. Plain and simple...it was the rep who lied to you, not CIT/LFG. Non Cancellable...means just that.

B) Be VERY Careful what you sign, most documents regarding commercial equipment leases are legally binding documents that even the shrewdest of lawyers will notbe able to get you out of, which I assume you are now finding out.

CIT/LFG is actually regarded as one of the, if not the most reputable Leasing Companies servicing the Bankcard Industry. I have personally dealt with them for a number of years and have found them to be very ethical and very customer service oriented. I think the problem you are facing here is that the representitive from the Merchant Processing Company was less than reputable and you may want to bring his/her actions to the attention of whatever ISO they work for.

Hi,
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 form. 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. Also, if possible, please scan & send copies of these documents to me at [DELETED]. I haven't given up, but it does take a while for the squeaky wheel to be heard.

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,

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