I was promised an 8% interest rate on a purchase of Laundry Equipment. Through-out the whole process I was told by their rep Drew out of their Mass office that "the rates would appear on the final paperwork" and that "the interest rate would be no higher than 8%". I never even recieved any such paperwork. My goal, that was clearly explained to Drew was to purchase the new equipment in order to sell the business.
So, the interest rate had to be good, the terms would have to have no pre-payment penalties and could be transferable. I was promised all of that, but after all the paperwork was filled out I recieved nothing explaining what was borrowed, what the terms or the rates were or anything. Come to find out the rates are nowhere near the 8% I was promised. One lease is 12.06%, another 12.83% and the third 22.05%.
Now I have an offer on the table for the sale of my business that is sure to be rejected by the buyer because no one in their right mind would take these leases over. I am appauled that the BBB would deal with a company such as this!!!
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