I purchased $49,900.00 worth of tanning equiptment from Sun Power Source for my new business. I was referred to LEASE PROCESS which brokered my deal to LYON Financial (now US Bank, Manifest Funding). The contract stated the "security deposit due and the 60 month term for $ $1,348.61 per month. They did not provide me which any disclosures specifying just how much this lease was going to cost me. There is no interest rate information disclosed in my contract. I was not provided with any Truth In Lending disclosures, Good Faith Estimates or Amoratization Schedules dispite my requests for them.
I needed to supply this information to my accountant to process my tax returns and I have made countless efforts to obtain these documents from Lyon / US Bank and Lease Process with no success. They do not have this information or will not release this information to me. I paid the intial "security deposit" $5,376.73 to Lease Process for Lyon Financial and was required to set up autopay through my checking account.
In the days following the commencement of my lease Lyon Financial deducted extra fees ($1,589.71) from my checking account that were over and above my required monthly payment. These fees were not explained they were just zapped from my account. I understand why these companies did not want to disclose their fees and interest rates to me because it's just a horrific amount.
For leasing equipment totaling $49,900.0 I will have paid $87,883.04. This is a difference of $37,983.04 almost double the amount financed. I never would have signed this lease if these amounts were disclosed to me. What hope of exsistence does any small business have when there are preditors such as these on the loose?
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