Eight months ago we negociated a 5 year loan for $50,000.00 with Leaf funding, Inc. It was to be used for buying equipment for resale. Over the phone we where quoted an 8.9% apr and "no penalty for early payoff". Both very specific questions I asked and noted on my paperwork.
We now know that we are actually paying 15.23% and when we called about an early payoff amount we where told we would have to pay the full amount of the 60 month loan. That would have been over $71,736.00. After arguing that we had already paid 8 payments of $1195.60, totaling almost $10,000.00, they reduced the payoff to $54,640.16. I had my CPA calculate the actual payoff at the promised 8.9% and it should have been $42,812.00. That's nearly a $12,000.00 difference and that's a Ripoff.
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