I purchased a Matrix V28 tanning bed, a 50 ft. Cable and 3 Tmax timers from Sun Power Source for my new tanning salon. I was reffered to LEASE PROCESS to obtain financing for approx $32,000.00. They brokered my deal to PENTECH Financial. No where in my contract did it specify an interest rate. I was not given any Truth In Lending disclosures, Good Faith Estimates, or Amortization Schedules. Their contract dosent even specify the exact amount financed. I had requested these documents and information from both Pentech Financial and Lease Process numerous times as I needed this information for my accountant to caluculate my taxes. Both companies were unable and unwilling to provide these documents or information to me regarding my lease.
I paid a "security depoist" through Lease Process to Pentech for $4,520.75 and will have to pay monthly payments of $1,137.75 totaling over $71,500.00 to lease $32,000.00 worth of equiptment. That's a difference of $39,000.00 which is more than what I originally financed (I think).
I see why they do not want to disclose their outrageous rates & fees to their borrowers. I never would have signed this lease had the agent properly disclosed the rates and total costs for this lease. How is a small business supposed to succeed when such gouging is allowed by Banks?
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