We engaged the services of time payment through us food services upon the opening of our small business.
This was a lease agreement for total sales of 5536.46 to be paid in monthly installments of 250.00 for a total of 48 months. Which means we would actually be paying 12,000.00 after all is done.
We received a letter last month telling us our lease agreemant would be up in april and we could either 1- redo contract or 2- pay the remainder. We contacted timepayment by phone and was told that the pay-off would be 981.00 or could renew a contract for 1700.00 or ship the equipment back to them. One of the pieces of equipment broke down this past august and when contacted they told us we would have to fix it ourselves.
The second call placed to them over the bill we received someone different to talk to. Was told if wanted to keep the equipment would have to pay 10% of price of each piece of equipment. When asked why we owed more when we had already paid double were told it was in the agreement. When asked why, if we were leasing they did not fix the piece that broke down was told it was in the agreement.
The third call to them we were told we did not have an option, to pay for the equipment again or send it back.
This was supposed to be a lease to own agreement in the beginning. We have paid our payments faithfully for 46 months and paid over double the amount for the equipment.
After sitting down with the original invoice of the prices of the equipment if we paid 10% of what the original cost was it would be 558.00 they told us it would be 1700.00 when we have paid 12,000.00 for 5,590.00 worth of equipment how can we owe more?
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