For all victims out there, please check out this website:
This website is dedicated to Northern Leasing's parent company MFI that lost in court three years ago, but the crooks are still operating in other states and under different business names which btw.includes our beloved fellas from Northern Leasing.
Here's an excerpt from this website:
The Gangsters at 10 M Commerce Way, Woburn, Massachusetts have done an excellent job of disguising MicroFinancial Inc. Aka Leasecomm Corp. As a legitimate organization that specializes in financing microticket business equipment.
The TRUTH is that they are Ring-Leaders, Organizers and Financiers of the biggest Criminal Scam network in the country.
The TRICK is that they loudly proclaim that they have no sales dept. And depend entirely on outside vendors for all of their business, and that they can't be held responsible for any illegal or questionable behavior of the vendors, but, make no mistake about it they "OWN" and control their vendors, a huge network of them.
[click on The Big Lie for full clarification]
Show them a good scam and they'll set you up in business, train your sales staff, organize, advertise, and run your scam seminars, and advertise your scam product [they love virtual products, you know, like the virtual terminals that they've sold so many of, the customer never sees them because they never existed so the profit margin is really great! ], train your employees in every respect, especially in properly filling out the paper work, including their equipment lease! They own you in every respect but NAME!
AH The Lease! Now That's a Real work of art! 18 inches long, printed both sides, solid [no paragraph breaks] in 5 point narrow, about 5/8 the size of this (8 point normal width) (8 point - normal width) on paper with a dark pink background, and jammed full of legalese that locks you into their tangled web Forty ways from Sunday! (typical lease, not all are the same)
Just an "industry standard" equipment lease... Riiight!
Did I mention that the lease is Non-Cancelable?
I know what you're thinking;
The lease is unconscionable.
Yes, at the first sign of trouble, Leasecomm says, you should have read the lease (in addition to "don't blame us, we only financed it")... And... Most people buy that!
Yes, the Lease is unconscionable and illegal in many ways, but, That's not what's important!
The terms of the lease are totally irrelevant!
What, you ask then, is relevant?
This is what's relevant! ;
1. They have your signature on the lease. They don't even know or understand what's in the lease themselves, but they're going to interpret it to mean anything they want it to mean, when they want it to mean it! They regularly violate the terms of their own unconscionable lease!
2. They have access to your bank account (that was a requirement so that they would have a means to pay you the credit card receipts from your business). Riiight!
The lease was just a TOOL, like a burglars pry-bar, to gain access to your bank account. Now they are free to make regular and frequent visits to your account and withdraw whatever they please in the guise of various and sundry bogus charges and fees!
How do they think they can get away with that?
The answer is simple... Percentages!
Most people have already bought into the idea that it's their fault for signing the lease. The rest are either;
1.intimidated by the (mostly illegal) tactics used by the collections dept. Of Leasecomm. Threats, Intimidation, Extortion, etcOR;
2. Without the funds to hire an attorney to defend themselves... OR;
3. Without the funds to travel to the court in Massachusetts (the forum clause), AND to hire an attorney. Heck, Most of them don't even know they are being sued until it's a done deal and they've lost the case by default!
Bottom Line: This operation is so profitable that they can afford to lose an occasional case and still keep an army of cheap, unscrupulous lawyers on retainer to keep their legal wheelhouse going (as referred to by the Boston Heralds Cosmo Macero),
Icing on the cake;
Leasecomm proudly proclaims that 25% of their income is from extended leases, claiming that this represents "satisfied" customers. Hidden obscurely within the bowels of their unconscionable lease is a requirement that the lessee give written notice to Leasecomm of the lessees intention to terminate within 60 days of the end of the lease.
If the lessee doesn't catch this and send in his notice, the lease automatically renews for a like term, or, in some cases, converts to a month to month. This allows Leasecomm to continue to relentlessly pursue the lessee even after the terms of the lease have been fulfilled (until the lessee catches on). NOTE: You'd better use certified mail or they'll claim they never received it.
Mike
Omaha, Nebraska
U.S.A.
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