Lease Finance Group LFG, CIT Financial USA, Inc./Merchant Services, Freedom Charge, Gloria Gray
Lease Finance Group, LFG, CIT Financial USA, Merchant Services, Freedom Charge, Gloria Gray Deceptive Practices for Credit Card Machine Terminal Leases, Aggressive Collection Methods Ripoff

I have been stuck in a 48-month "non-cancellable" lease with Lease Finance Group (a division of CIT Financial USA, Inc.) for a credit card machine terminal that I could have purchased out-right for $250-$500. As a new small business owner, I was not yet aware of their fair market value and got suckered into a lease for 10 times the value.

I was promised a package deal that consisted of: a free check service, free custom designed business cards and a free customized & designed website. I felt the value of the lease lay in the customized cards, checks and website.

I made several attempts to contact Gloria Gray, the Account Executive, about my website and business cards. I was alwasy referred to someone else. The web development individuals there were less than helpful and after a few attempts to work with them on my website, I gave up and abandoned the prospect of getting my business cards, site, or checks.

After 1 year of paying the lease, I called to cancel it only to be told that the only way to get out of the lease was to get someone else to take over my lease or pay a buy-out amount of $2,107.56. I mentioned that I would return the equipment to them seeing as I had already paid more than it was worth. I was told that if I did that, I would be turned over to a collection agency for breaking the lease.

I recently moved out of state and went out of business, so I closed my business bank account. Once they found that they couldn't automatically collect on the lease, I began to receive several calls daily from them. To make matters worse, I had given them my cell phone number as a contact number and they continue to use it to this day when my payments are late. Even when I tell them that a check is in the mail, they still call. One time, I told them to please stop calling and they hung up on me. At other times, I get calls and answer them only to hear music on the other end.

It's been 2 years now that I've been paying for this equipment. I continue to make the payments for fear of hurting my credit score. My payments are currently $57.29 per month which is made up of the lease payment ($49.99), a $2.50 fee for not having the terminal insured (ridiculous), sales taxes ($4.05) and a property tax management fee ($. 75).

I want others in my situation to know that they're not alone. What CIT/Lease Finance Group/Freedom Charge Merchant Services is doing to unsuspecting business owners is deceptive and wrong and should therefore be considered illegal. I have read the advice in this site and will also take similar action in writing to the Attorney General of Illinois.

Company: Lease Finance Group LFG, CIT Financial USA, Inc./Merchant Services, Freedom Charge, Gloria Gray
Country: USA
State: Illinois
City: Chicago
Address: 233 North Michigan Ave., Suite 1800
Phone: 8883212307

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