Our experience with MBF Leasing is similar to that of the others.in our case, I had delegated responsibility to shop for a better credit card processor to my Office Manager. He came up with a proposal from Fifth Third Bank. From his summary, it sounded like a good deal and since I had invested in Fifth Third, I assumed it was a straight forward proposition. WHAT A BIG MISTAKE! In fact, our subsequent experience on this lease convinced me that Fifth Third was associated with a bunch of crooks and that was the strongest reason for my dumping the stock. I would never again get near that institution in any way or any other bank which bought them. They're corrupt to the core.
We did manage to drop Universal Merchant Services which was the processor which palmed off this lease. But when we also tried to cancel or buyout the lease we learned that we were locked in. We appear to be stuck with a 48 month contract where we are paying at least 10 times the retail cost of the equipment.
I admit we were careless in not carefully reading the lease. We were concentrating on the processing costs and the equipment costs seemed to be incidental. We also trusted at that time the Fifth-Third sponsorship. What a big mistake!
We would be happy to join any class action law suit against Northern Leasing/MBF Leasing.
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