I purchased three Soltech 28 tanning beds, one Catalina 32 VH/R, and Suntouch Software from Sun Power Source which cost $20,000.00. Sun Power Source referred me to a brokerage called LEASE PROCESS who then brokered my deal to PAWNEE Leasing. I was charged fees and security deposits totaling $2,363.20, which I paid to Lease Process. The contract that was presented to me by Lease Process, only stated the deposit due and the monthly payment of $1,019.10 for a term of 33 months. It did not state the interest being charged. I was never given any Truth In Lending Disclosures, Amoratization Schedules, or Estimates of Good Faith explaining just how much this lease was actually going to cost me.
Caught up with the opening of my business and a deserate need to get this equipment delivered and installed I signed these leases and requested further documentation from Lease Process.in fact, I have made numerous requests to Pawnee Leasing and to Lease Process for these disclosures. They did not supply these disclosures at my request nor are they willing to. My accountant has also called and requested this information in an effort to calculate my taxes. They were unable to supply the accountancy firm with any useful information. Pawnee was unable to even suppy me with copies of my lease agreements and directed me to pursue Lease Process with my request.
According to my calculations I will have paid Pawnee over $36,000 for leasing $20,000.00 worth of equipment. That's a horrific difference of $16,000.00 almost double the financed amount. I now understand why they will not disclose this information up front to their borrowers. With preditors like this, how does any business ever stand a chance of survival?
Juls
fullerton, California
U.S.A.
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