First Data sold me noncanceable four year lease for approximately $60 per month for a machine that retails at approximately $700. The cost of the machine was never told to me or given an option to purchase this machine. This contract was entered into November. The machine - a wireless 8000 Nurit was not used until April. My bank account was not charged for the monthly lease on this machine until May. If this lease had been charged on a timely manner, I would have cancelled the lease immediately and sent the machine back. They have stated that they would have had to cancel the lease if the machine had never been used. But they deliberately did not charge by account until the machine had been used.
If I fulfill this contract, I will have paid out over $2800 for a machine that costs $700. When I called the leasing company after three months of payment, they stated that it would cost me @2961.73 if I purchase the equipment, and $2676.46 if I send the equipment back. Therefore, it is assumed that the FMV of this equipment if approximately $300. Simple interest calculation, they are receiving 75-80% interest rate. This is outrageous and I need help on what my options are.
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