I purchased the equiptment for my new tanning business from Sun Power Source and I was referred to Lease Process Equipment Leasing & Financial Soultions. I was financing $101,000.00 with perfect credit (720 FICO score). Lease Process divided and brokered out my deal to three different lending institutions. Lyon Financial, Pawnee Leasing and Pentech Financial. Lease Process drafted the lease agreements for each lender and collected fees and security deposits up front (3 separate cashiers checks made out to Lease Process) on behalf of the three lenders totaling over $13,000.00, plus other unexplained fees in excess of $2,000.00, payable to Lease Process, prior to the execution of my leases.
I was excited and under a lot of pressure to get this equipment installed and my business up and running after months of issues and setbacks with the city, contractors, inspectors and training of new employees etc. With no other options and no more time, I signed the leases. Lease Process presented me with contracts that were extremely vague on details. Dispite multiple requests, I was never given any Truth In Lending Disclosures, Good Faith Estimates or Amoritization Schedules. None of the three lease agreements furnished to me had any Inerest Rate Information. The contract for Pentech Financial does not even state the amount financed. I was required to set up Auto Pay for the monthly lease payments which allowed Lyon Financial to zap my account for any amount that they pleased over and above my required monthly payment.
Had these contracts been explained to me properly with the required legal disclosures I never would have signed them. I have made multiple attempts as has my accountant to aquire the information for tax purposes. It is my right to have these disclosures however, these four agencies don't have or will not provide this information to me. I can understand why they do not want to disclose the actual terms and amounts to their clients as they are Extremely Outrageous! They are really taking advantage of people and ripping them off.in my case I leased $101,000.00 worth of equiptment & will have paid to Lease Process, Lyon Financial, Pawnee Leasing, and Pentech Financial a total of $197,486.15 (or more). That's a difference of about $96,500.00 that's almost double! How can this be legal! How is a small business owner supposed to survive when this type of preditory financing is allowed?