CIT Lease basically contracts individuals for a credit card machine for two years whether or not you use the machine. Returning the machine in the event your business closes influences the penalty very little. I ended up owing almost $2000 for a $50 credit card swipe machine. My attempts to return the machine and negotiate a reasonable settlement were rebuffed by CIT. Simon Possum is the Supervisor of that operation. This debt should be listed as over seven years but is listed as only five years since CIT considers the end of the contract for a start date rather than the end of service thus giving two more years of negative reporting for credit purposes. I attempted to negotiate a settlement but the company would only discount this already outrageous amount by a few hundred dollars. Obviously, they are interested in profiting from businesses that return their equipment.
I recommend the attorney generals of all states doing business with CIT consider this and the many other examples of their predatory business practices to investigate this company. As for potential customers - you would be well advised to avoid this company that is clearly designed to scam small businesses.
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